Pound to Euro exchange rate: Britons face SHOCK 88 cents for £1 at airport this weekend

POUND to Euro exchange rate: Britons travelling this weekend are being offered measly rates by airports, with some giving just 88 cents for £1.

The Bank of England explains the exchange rate

Cardiff airport was offering the poor rate following a tough week for sterling which saw it fall to its lowest level for eight months to €1.114.

Holidaymakers flying out of Gatwick and Birmingham on Friday were also offered less than a euro per pound, unless they had pre-booked their currency.

Meanwhile the Travelex foreign exchange booths at Heathrow, Manchester and Glasgow were offering almost exactly one euro for one pound, the Guardian reported.

Ian Strafford-Taylor, CEO of FairFX, said: “Political and economic uncertainty in the UK and elsewhere has an effect on the strength of the pound.

We have seen how the pound has been subject to volatility since the Brexit referendum and how some currency providers look to be taking advantage of it

Ian Strafford-Taylor, CEO FairFX

“This week’s discussions about Brexit have caused sterling to dip as Liam Fox stated that Brexit would go ahead regardless of whether the UK strikes a trade deal with Europe or not.

“These reasons will be of little comfort to holidaymakers heading on holiday this weekend now most schools are out for summer.

“Time and time again, we have seen how the pound has been subject to volatility since the Brexit referendum and how some currency providers look to be taking advantage of it.

“Our analysis of airport rates today showed consumers are being offered as low as 0.96 euros to the Pound, well below parity, just as the nation heads off for the great summer holiday getaway.

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Pound to Euro exchange rate: Airports are offering some of the lowest rates in months to Britons

“The only way consumers can protect themselves from this profiteering is to plan their currency ahead of time and don’t risk getting it from the airport where they will pay a premium for their currency.”

This is not, however, the lowest sterling has been against the euro in the past twelve months - in November last year it sunk to 1.106 against the euro.

Britons are facing dire rates compared to just two years ago, as in the first week of the school summer holidays in 2015, travellers to Europe received more than €1.41 for each pound.

Giving advice on how to avoid the worst rates and make the most of your money, FairFX said:

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Pound to Euro exchange rate: Travellers should avoid changing their money at the airport

Never pay in pounds. If you’re given the option to pay in pounds, always say no – this is a trap called Dynamic Currency Conversion which often offers poorer rates and additional fees.

Avoid the airport. Buying currency at the airport means you’re likely to be faced with the worst exchange rates in the country.

Use the right plastic. Make sure you know the charges for using your card abroad – will you face both a transaction fee and non-sterling fee? Planning in advance and making the right choices such as considering a prepaid currency card, will help you avoid fees every time you use your card.

Don’t forget your change. It’s easy to forget your leftover currency when you get back from holiday but don’t waste it! Be wary of poor buy-back rates and try selling on to a friend, donating to charity or remember to take it away with you next time. If you have a FairFX prepaid card, you can withdraw leftover currency in sterling when you’re back in the UK, spend it in the shops or use it on your next holiday.

Don’t leave it too late. FairFX research reveals one in 10 of us leaves buying currency until the last minute which means you’ll have no choice over your rates. Start monitoring rates as soon as you can and buy when the rates move in your favour to lock-in the best value – a free tracker from FairFX will do this for you.

Consider an alternative. Prepaid currency cards allow you to guarantee your exchange rate in advance and are free to use in shops and restaurants when you’re abroad, meaning you have full control over what you’re spending.

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