Flash currency sale: could you bag a better rate on your holiday money?
Until 8am Monday 8 August, Asda said it will offer even better rates on some of the most popular currencies as part of its flash sale.
If you’re heading away on holiday soon, the value of sterling has dropped by about 13% against the euro and 11% against the dollar since the start of the year, according to foreign exchange specialists, Caxton FX.
Following yesterday’s cut in interest rates to 0.25%, it said GBP/EUR was trading around 1.19 just before noon, then fell 1.17% initially and is now down around 1.17, a drop of 1.5%.
GBP/USD was trading around 1.33 just before noon yesterday and then fell 1.2% initially and is now down around 1.31, a drop of 1.4%. As a result the Asda money sale may be able to give you a boost on the falling value of the pound.
The sale is available online and over the phone (0800 260 0355) and it’s on all currencies, including the euro, dollar, Croatian Kuna and Mexican peso.
You can collect the currency from a local Asda Travel Money bureau for free or you can opt for free home delivery for orders over £500. For orders between £50 and £499.99, its will cost £3.95 for delivery.
If you have an Asda Money currency card, you can also take advantage of the sale.
How does it compare?
Based on today’s rates, if you’re exchanging £500, you’d receive €580.65 at Asda, compared with €572.15 at M&S, €577.45 at the Post Office, €576 at Sainsbury’s and €576.55 at Tesco.
However, it’s always best to compare currency before you exchange to ensure you snap up the best rate.
How to get more foreign currency for your pound
Holidaymakers could consider getting a prepaid currency card which allows you to pre-load currency on to the card and lock in the exchange rate on the day of the transaction, which could be good if the value of the pound spikes at a particular time.
Using your everyday debit or credit card abroad can be expensive – it can add between 3% and 10% on top of the cost of buying goods and service. See YourMoney.com’s Pick the right plastic for your summer holiday to save a packet to find the best cards for overseas spending.
One final tip: avoid airport bureaux at all costs as recent research revealed that some offer near parity rates for your pound. Being captive markets, airports tend to take a much higher margin for foreign currency, as this is the consumer’s only option. Even if the rate is just 2% higher, this could be as much as £40 on the average family’s holiday spending money.