Christmas Travel Costs Have Soared Since 2015 – So How Can You Get the Best Holiday Money Exchange Rate?

According to research by EasyFX, a travel money provider, those travelling in Europe this Christmas will be hit by an increase of nearly 30 per cent in general travel costs compared to three years ago (the December before the Brexit vote). Families spending 2000 Euros on a holiday in the EU this festive season will pay, on average, £395 more than they would have spent in 2015.

What with the current mess in the Brexit fiasco, it is difficult to predict how the pound could behave over the coming weeks. Theresa May is still in charge, and in receipt of the confidence of her party, yet considerably weakened by the results of the confidence vote (in which 117 of her own colleagues voted against her). The future of the government is uncertain.

The postponement of a meaningful vote on the Brexit deal, discord amongst all political parties and factions, and the doubt that the EU will concede on the backstop mean that it is difficult to predict a positive outcome. All this political uncertainty means uncertainty when it comes to currency exchange. This costs families in many ways, including when it comes to holiday money.

December is already one of the most expensive times of the year. So if you are heading off to Europe over the Christmas season, it is vitally important to make sure that you are not spending more than you need to when getting your travel money sorted out. Shopping around for the best currency exchange rates, using comparison services like that provided by Money Pug, can save you as much as £100 on your holiday money.

To save the most on travel money this Christmas:

  1. Leave enough time to shop around for currency exchange.
  2. Keep an eye on the political mess and don’t fall prey to the fluctuations of the volatile pound.
  3. Don’t be caught out by ‘no commission’ deals which bundle the costs into a worse exchange rate.
  4. Look out for hefty withdrawal fees on your credit or debit cards.
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