Tourists rushing for foreign currency stock-up before EU referendum

Published on : Wednesday, June 22, 2016

EU referendumThe latest reports from Post Office found that the UK vacationers are rushing to get foreign currency ahead of the EU referendum.



On a comparison with the same time of the last year, the Post Office has seen surge of sales of currency up to 74%.



The holidaymakers are rushing to get cash and lock it before the vote which, according to the industry experts can wipe more than 20 per cent of the value of the pound.



Post Office Travel Money, which accounts for one in four foreign exchange transactions in the UK, has found that branch sales of foreign currency were up 48.8 per cent on last year. At the same time, the online purchases of currency were as high as 381 per cent.


Ahead of the May Bank Holiday, sales started to ascend and remained consistent.



The Post Office assured it is handsomely funded and is not worried about a shortage of foreign cash.


According to a pre-paid currency card, FairFX, there has been a 300% rise in the holidaymakers exchanging money expecting a good rate but the businesses were holding back.



A money transfer website, Transferwise has decided to suspend all pound transfers before the vote given the volatility of the currency.


Predictions about the value of the pound following the referendum have been a major debate all over. According to some industry experts, the pound could fall to parity with the euro, where £1 equals €1. On the other hand, some specialists think if Britain votes to stay in the EU, pound might spike to its highest level this year.

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