The Fixer: Brexit forex fears

When should I buy my holiday spending money?

Have you been left out of pocket due to poor service or sharp practice? Do you have a money problem that won't go away?

It can seem impossible to get a fair result when you are battling a financial issue alone. But never fear! The AOL Money Fixer is here to help.

Dear Fixer,
I am going on holiday to France in July. I have already booked my flight. But while I have booked a hotel, I will be paying for my stay at the end of the week by cash or card.

I also need to change all my spending money into euros. I am very cross with myself for not doing it before the referendum, but I truly expected Britain to vote to stay in the European Union (EU).

Should I change money now or is it worth waiting to see what happens over the next week or so?

F Wells, London

Dear Ms Wells,

The value of the pound has been hit hard by the referendum result.

The drop in its worth against currencies such as the dollar and the euro was amplified by the fact that, like you, the financial markets expected Britain to vote "remain" - promoting the pound to reach a 2016 high before the result was announced.

At the time of writing, it is trading at about €1.20 to £1, down from more than €1.30 to £1 last Thursday.

And whether the rate recovers or continues to fall is largely dependent on what happens over the next few weeks.

If, for example, George Osborne says that we are going to have another recession as a result of Brexit, the pound will fall against the euro.

But if other EU countries announce plans to stage their own referendums, the euro may fall back again against the pound.

Some currency traders are advising clients to "wait for the dust to settle" where possible. It's very difficult to predict what is going to happen though!

Fortunately, there are ways to ensure you get the best possible deal whenever you change your holiday money.

Firstly, shop around for the best exchange rate. Online brokers such as TransferWise often offer a better deal than high street banks and bureaux de change.

If you plan to use a credit card while you are away, it also makes sense to get one that does not impose overseas usage fees.

Cards that are good for overseas spending include Halifax Clarity and Post Office Platinum.

Just remember not to overspend on them, as you will incur interest charges on any debt not paid off in full each month.

The Fixer

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