Tourists stock up on euros for March 29 withdrawal

HOLIDAYMAKERS have been stocking up on euros as Brexit draws nearer, figures suggest.

Post Office Travel Money, which accounts for one in four UK foreign exchange transactions, said there has been “strong demand” for euros in recent months, suggesting there is still a significant appetite among holidaymakers to travel to Europe in the months ahead. Euro sales are up 3 per cent year-on-year in 2019 so far, compared with January to midFebruary in 2018, figures showed.

Sales of the euro also surged by 5 per cent year-on-year in November and December 2018, compared with the same months in 2017.

As well as planning holidays to Europe, some holidaymakers may be considering changing their money now because they are unsure about potential future currency swings in the uncertain political and economic climate.

Sterling remains resilient against the euro, around 2 per cent up on its position last year.

Post Office Travel Money said sterling has strengthened over the past year against 18 of its top 40 best-selling currencies.

Post Office Travel Money expert Andrew Brown said: “There is little doubt that the strength of sterling will exert some influence on holiday choice in the coming months and that is why it is important for people to do their homework before booking.”

Sterling has also strengthened compared with a year ago against the South African rand, the Swedish krona, the Russian rouble and the Brazilian real.