The pound to euro exchange rate currently stands at €1.14187, a short fall from yesterday’s €1.1421, but an increase from Monday’s €1.128.
So with the pound wobbling, how can holidaymakers make sure they’re getting the best rate?
Martin Lewis’s latest blog post on the Money Saving Expert website reveals five tips to maximise your every penny.
His first tip is to ask yourself, “Would I be content with today’s rate?”
He wrote: “Currency moves are complex. Anyone who says they know what’ll happen is a liar. I certainly don’t.
“If you’re worried, buy roughly half at today’s best rate, locking that in, and the rest at the best rate when you travel. If your real fear is rates plummeting, making your holiday unaffordable, play safe and buy more now.”
Martin also suggests getting a specialist overseas credit card.
He said: “Personally I just spend on my specialist overseas credit card which gives top rates as I spend. As these cards don’t add the usual three per cent ‘non-sterling exchange fee’ you get the same near-perfect rates banks get. Just ensure you repay in full each month.” (For more information on the best travel cards, visit http://www.moneysavingexpert.com/travel/travel-credit-cards).
Next, get a prepaid card. Apparently, unlike credit cards which require you to pass a credit check, anyone over 18 can get a prepaid card.
His fourth tip is to find top rates for foreign cash by using the Money Saving Expert TravelMoneyMax Holiday Comparison tool.
Martin said: “Travelex and Moneycorp let you book rates for collection now, up to 14 days ahead, but cancel for free. So if the rate gets worse, you’re up. If the rate gets better, just cancel and buy at the new rate. Yet these generally aren’t the cheapest bureaux.”
For more travel money tips, visit the Money Saving Expert website.
Martin has also warned taxpayers of a “HM Revenue & Customs” scam on Twitter this week, and urges anyone who’s experience it to report it straight away.
He retweeted a post by HM Revenue & Customs warning customers of a direct message offering tax refunds.