British holidaymakers face painful holidays as airport exchanges offer the worst rate ever – just 88 euro cents to the pound.
Travellers flying out of Gatwick,Luton and Birmingham yesterday were being offered less than a euro for pound, the worst rate in eight months.
But they weren’t as unlucky as those hoping to change their money at Cardiff airport, who received just 88 euro cents to each pound.
This means as Britons descend on Europe for the holidays, they facing an expensive trip.
British holidaymakers face painful holidays as airport exchanges offer the worst rate ever – just 88 euro cents to the pound
On the flip side, those visiting Britain are finding their money stretch even further – resulting in a mini tourism boom, according to experts.
The pound has suffered a tough week on the foreign exchange markets, falling to its lowest level in eight months to €1.11.
The rate described as terrible by economic experts has given airport foreign exchange providers the opportunity to slash prices even further.
For unlucky holidaymakers flying from Cardiff yesterday, they were caught out if they didn’t change their money ahead of their trip.
The Forexchange was offering a walk-up rate to the pound that would buy just 88 euro cents.
Experts say this is possibly the worst exchange rate ever seen at the UK airport.
Meanwhile booths at Heathrow, Manchester and Glasgow were offering almost exactly €1 to the pound.
Speaking to The Guardian, Ian Strafford-Taylor, chief executive of the currency firm FairFX, said economic uncertainty since had weakened the pound, and British holidaymakers are now paying the price.
He told the newspaper: ‘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 shows that consumers are routinely being offered as low as 0.96 euros to the pound, well below parity. It couldn’t come at a worse time just as the nation heads off for the great summer holiday getaway.’
In the first week of the school summer holidays in 2015, Britons travelling to Europe received more than €1.41 for each pound.