Greece has voted "no" in a referendum about debt reforms, sending the markets into turmoil and leaving a real question about whether the country can stay in the euro or even the EU.

But for Brits there is some good news - the euro exchange rate hasn't been better for more than seven years!

This morning £1 could buy you €1.41 - this time last year it wold have got you just €1.25.

In fact, it's not just cheap holidays, there are a string of ways you can cash in on the cheap euro.

How many euros you get for £100

Correct as of 17/07/2015

Will it get better or worse?

Greece needs to borrow money to pay for vital services, not to mention pensions and the like. But it's creditors are demanding big reforms before they hand over any more cash.

As a result, the country had a referendum on July 5 to decide whether it accepts the terms offered by lenders or not.

Greece's people voted no.

"The 'no' vote by the Greek people means we are now entering uncharted territory. With another repayment due in two weeks, the likelihood of Greece being forced out of the euro has undoubtedly increased," said Chris Williams, chief executive of Wealth Horizon.

"Greece can now either decide to issue its own unsecured loans to its banks without the European Central Bank's permission, or create a new currency to provide vital finances to its banks and the wider economy."

Whether this is good news or bad for the euro exchange rate in the long term is unclear. Some people will see it as the currency losing an unreliable member state - making it stronger. Other see this as calling into question the entire future of the euro - if Greece can leave, then who else?

But either way, the current uncertainty is sending the euro down and the pound up at the moment.

Take advantage of the cheap euro

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Image:
Reuters)

The crash in the euro means booking a €500 room is £100 cheaper than it was five years ago and £61 cheaper than last year - that's a lot of extra spending money.

“Those heading to the eurozone will find their money going further than at any time in almost 7 years so it makes sense to take advantage of the rates on offer," said Koko Sarkari, from currency exchange firm ICE.

You can either order your euros now, or load them onto a pre-paid currency card at today's rate - which is free to use overseas and means you won't have to worry about carrying large amounts of cash.

“More and more holidaymakers are getting wise to this tactic - as rates have improved, the volume of cash being loaded to our prepaid euro currency card has gone up too," Sarkari said.

We've rounded up the best ways to change money here, to ensure you get the best rates, while this is where to book to make the most of the strong pound.

Even if you don’t want to change huge amounts of cash right now, you can take advantage of the cheap euro by booking hotels and activities ahead of time.

Buy things directly from Europe

In the old days you might have to jump on a ferry to bag a bargain. But according to myinternationalshopping.com's Nick Beeny, online shopping can help you save up to 40% on UK prices.

There are three things you need to be careful of here, firstly delivery costs. Check what the price for sending something to the UK is before you buy, and make sure that doesn't outweigh the savings.

Secondly, card fees. Many cards will charge little for use overseas, but several charge a fair bit and a precious few charge nothing at all. Check what yours are.

Thirdly, make sure to pay in euros, not pounds, when you have the option. While the exchange rate changes, the "price in pounds" for many shops doesn't have to reflect that.

But given the collapse in the euro, you can still save a fair bit even after these things are taken into account.

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