Canny holidaymakers heading for the beaches of Spain, Italy or Greece are rushing to buy euros months before they are due to travel as the currency hit a seven year low.
Customer demand for euros over the past four weeks is almost double that of 12 months ago and since the beginning of January has risen by 160%, figures from Debenhams reveal.
The Greek threat to renege on its debts has resulted in the euro plunging to its lowest value since 2008.
£1 will buy 1.32 euros today compared with 1.17 at this time last year and only 1.06 in 2009. The value of the pound against the euro has soared by 4.5% in the past three weeks alone.
For every £100 converted, Eurozone holidaymakers are getting over €19 extra spending money compared to this time last year.
Debenhams, frequently praised as offering one of the best exchange rates on the High Street, said the increase in people stocking up on euros coincides with the traditional peak in holiday bookings.
“Not only are people taking advantage of cheaper holidays to Eurozone countries, they have recognised they can also get more by buying their currency early. The typical saving over what they were getting last year will help the holiday budget go further”, said Mike Hazell, Director of Personal Finance, Debenhams.
“Rates do fluctuate and currencies move up and down in value against each other but it’s clear at the moment that many customers who plan to holiday in Europe later this year are taking advantage of the value of the pound against the euro.”
Debenhams offers over 60 currencies and gives cardholders an additional preferential discount on the advertised rate. Pre-paid cards in Euros and US dollars are also available plus an exclusive, additional 10% free when customers load their leftover currency onto a Debenhams gift card. The bureaus also offer MoneyGram money transfers.
Past reports reveal how an estimated 850,000* holidaymakers lose out by buying currency at the last minute at airports, where exchange rates are traditionally much poorer.
*Holiday Confidence Index quoting a YouGov survey of 2500, said 4% of travellers get money at the airport or port 21m people go abroad figures from annual Travel survey from Office of National Statistics 2013, 4% of 21m equates to 850,000
Notes to Editors
Debenhams Travel Money
Debenhams offers travel money at 59 stores with a further 14 stores due to open in coming months:
Find out more about Debenhams Travel Money at www.debenhams.com/travelmoney
Debenhams is a leading international, multi-channel brand with a proud British heritage which trades out of over 240 stores across 27 countries. Debenhams gives its customers around the world a unique, differentiated and exclusive mix of own brands, international brands and concessions.
Debenhams has been investing in design for over 20 years through its exclusive Designers at Debenhams portfolio of brands. Current designers include Abigail Ahern, Jeff Banks, Jasper Conran, Sadie Frost and Jemima French, Patrick Grant, Henry Holland, Betty Jackson, Stephen Jones, Ben de Lisi, Todd Lynn, Julien Macdonald, Jenny Packham, Ren Pearce and Andrew Fionda, Aliza Reger, John Rocha, Ashley Thomas, Justin Thornton, Thea Bregazzi, Eric Van Peterson and Matthew Williamson.
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