Holidaymakers who are heading abroad during this summer have been in a hurry to get Euros before the EU vote.
The Post Office Travel Money that accounts for 1 in 4 of all the UK foreign exchange transactions said that the currency sales have gone up by 75 percent on a year-on-year basis since this weekend.
It states last week that the sales of the Post Office branch increased by around 49 percent on the same period one year ago and the online purchases went up by almost 380 percent.
The pound’s value has been going up in spite of all the uncertainty. The pound has been making some good gains in the recent past and it has been rebounding from two month lows against the dollar and the euro a fortnight ago when the Brexit concerns sent it plunging. There have been many warnings that the Vote (Brexit) could trigger further drop in pound value and some of the holiday makers are probably hedging their bets by changing the money before the voting.
The Post Office meanwhile saw an increase in the currency sales during the month of May (Bank Holiday) weekend and it stated that the kind of growth has been constant since then. The Post Office Travel Money stated that the currency sales have been good and has increased to 35 percent year-on-year basis for the month of June to date in Post Office branches, other online platforms and also via the purchases on the advance paid travel money card. This increases to a huge growth of 155 percent for the currency purchases that are made online.
In spite of the increase in demand, the Post Office stated that it has saved up and it has euros, which are available for purchase in all its branches and it is available online as well. The International money transfer specialist HiFX stated that there has been an increase in the number of holidaymakers purchasing Euros and US dollars. The increase is approximately 45 percent since last weekend.
The Chief Economist at HiFX Mr Chris Towner stated that the prepaid currency card can be used by people who want to lock into the current exchange rate. He went on to add that the voting day is nearing and thereby there has been proper fluctuation in the pound value.