Currency fluctuations may impact Brits' holiday plans
As the pound's value declines, would-be British holidaymakers are being encouraged to think outside the box and travel to destinations where their coin is considerably stronger than the local currency. This comes as many Britons already seek to cut leisure costs by taking 'staycations'.
In August 2018, the pound fell to its weakest point against the US dollar in 11 months, leading forecasters to warn that going on any last-minute holiday could cost people much more than they initially planned for. While people may not be able to predict such fluctuations in advance, experts are encouraging would-be travellers to order their foreign currency well in advance to avoid added fees at the airport and 'dynamic conversions' that occur when using cards abroad. "Trying to time your holiday money purchase is a pure gamble and probably not the best way to make things more affordable," says Harry Rose, the editor of Which? Money. "The best thing you can do is make sure you’re not getting a double whammy of things that penalise you when you’re on holiday."
Financial worries are typically a factor when making holiday decisions, and Britons are already price-sensitive when booking trips. It's part of the reason why 66% of the UK population said they were planning to take a 'staycation' in 2018. But fintech brands are helping people to make the most of their money when they do decide to holiday internationally. WorldKoins, for instance, enables people to convert their leftover holiday currency instead of leaving it unchanged, while Revolut's card cuts high transaction fees to ensure that users get the best rate while spending overseas.
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