How to secure your travel money against COVID-19 quarantine rules.

How to secure your travel money against COVID-19 quarantine rules.

As the UK Government continue to introduce quarantine measures for certain countries, those who have already bought travel money before their destination was placed on the quarantine list are being left heavily out of pocket.

Many holidaymakers like to buy their travel cash in advance when rates are particularly good. This is normally a sensible thing to do as you can take advantage of a rise in the value of the pound against the Euro for example.

However, if you have already bought travel cash for a planned trip which is now cancelled due to quarantine rules, you'll be left with the prospect of losing hundreds of pounds if you try to sell it.

So, what can you do to make sure you are not out of pocket?

Paul Brewer, CEO of Currency Online Group, advises people to buy only half of their cash upfront to mitigate potential exchange rate fluctuations. He said:

"Many people buy their holiday cash at a time when the rate is favourable even if that is months ahead of their actual trip. In normal times, this is very sensible as it locks in a good rate meaning they get more for their money. However, with unexpected changes in the quarantine rules week by week and with so much other uncertainty, this can leave you stuck with thousands of pounds worth of currency you can't use.

The best thing for people to do is to buy half of your travel cash early at a good rate. Then nearer the time of your holiday, weigh up the risks and potential for disruption to your travel plans. Governments will normally be making noises about which countries they are considering to place on the quarantine list before they actually do so. If things still look ok for the country you are travelling to, then buy the rest of your cash."

Many currency exchange firms offer a buy back service where you can sell your unwanted travel cash. However, the rate won't be the same as the rate at which you bought it. This means that some people can lose out through no fault of their own if they can no longer travel and need to sell their currency.

One of the best ways to guard against this is to use an online service which usually have far better buy back rates than operators on the high street do. For example, Currency Online Group are currently offering buy back rate of 1.14 on the Euro whereas the Post Office are offering 1.21. If you wanted to sell €1,000 that's a saving of £53.

As COVID-19 continues to disrupt travel plans, the best advice is to weigh up the risks and the take the best precautions you can by buying half early at a good rate and half later on and using an online service to get the best value if you do have to cancel your plans.

Ends.


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About Currency Online Group Limited

Established in 2016, we have grown quickly to become the UK’s best rated currency provider. Our technology expertise enables us to provide market beating rates whilst keeping excellent customer service at the heart of our business. We offer a range of services to cater for all currency needs, from travel cash to international money transfers.


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