Foreign Exchange
Cater Allen customers abandon sterling as euro offers safer return
With the official exchange rate showing that the pound sterling is continuing to devalue against the Euro, research from Cater Allen Private Bank has found that an increasing number of its clients have been making use of the bank's multi currency account and shifting their cash out of pounds and into euros.
Sterling weakens to €1.0595 to £1, but airports offer below parity
Commenting on the Sterling rate, Stephen Heath, Chief Executive of FairFX.com, said: "Sterling has fallen to just €1.0595 to £1, and is at its weakest rate ever today. The question is now when, not if, we see the Pound fall to just €1 to £1, and perhaps slip even lower.
How low will it go? Sterling fall to €1.1096 to £1
Commenting on the Pound falling to just €1.1096 to £1, Stephen Heath, Chief executive of FairFX.com, said: "For the first time since the launch of the Euro, Sterling has fallen below €1.11 to £1, and at €1.1096 to £1 it is at its weakest position.
Brits flying from Birmingham airport get just €1 to £1
Travellers flying from regional airports could find buying their foreign cash comes at a hefty price tag. New analysis from FairFX.com reveals changing £200 at Birmingham Airport will only get holiday makers €199 after charges – less than €1 for £1
Savvy shoppers exchanging foreign currency for sterling at M&S
As the pound continues to fall in strength against foreign currencies, Christmas shoppers have been digging-out their old foreign currency and exchanging for sterling.
Is Sterling set for a winter of discontent?
Commenting on the future of Sterling after yesterday's base rate cut, Stephen Heath, Chief executive of FairFX.com, said: "Yesterday was key for understanding where the Pound is heading. All the key technical indicators show we might see Sterling strengthen against the Dollar.
BoE rate decision leaves sterling likely to continue underperforming
Marc Cogliatti, Currency Strategist at HiFX comments "After intense speculation, the Bank of England slashed interest rates by 1.00% today, bringing the UK base rate to 2.00%, as the Central Bank attempts to prevent Britain falling into a prolonged recession.
Cash Generator and No1 Currency fill the service gap
It’s been four months since the Royal Mail announced the closure of 44 of its Post Offices and Bureau de Change outlets across Scotland, as it continues to downsize its retail network.
Foreign currency coins to make a change for charity
The Post Office is urging people to donate their leftover foreign coins to Barnardo’s children’s charity, as it reveals that more than £510 million in unwanted foreign cash is lying around in UK homes – an average of £11.07 per adult.
Trading into multi currencies to buy property overseas
Baydonhill PLC, the FX, overseas property and international mortgage specialists, have highlighted the risk involved in trading Sterling into other currencies in order to buy property abroad.
Emigrating to escape economic gloom?
The prospect of escaping to foreign climes and starting a new life abroad still holds real appeal for many people in the current economic climate but as the pound continues to be battered in the foreign currency markets, HiFX warn that British émigrés could be risking losing as much as £850 million a year when transferring their assets abroad.
The secret spending habits of the business traveller
Passport? Check. Toothbrush? Check. Clean underwear? Check. Foreign currency...? Apparently this is a familiar scenario for many British business travellers. And those without foreign currency at hand are more likely to be women than men according to a new study by Travelex.
Record sales of Dubai currency as QE2 prepares to leave UK
As the QE2 leaves the UK for the final time before becoming a floating hotel in Dubai, figures from foreign currency expert M&S Money suggest that the region continues to be a popular winter destination for Brits.
What next for sterling as Bank of England cut rates by 1.5%?
Marc Cogliatti, Currency Strategist at HiFX comments, "After one of the most hotly debated rate decisions in recent times, the Bank of England delivered its largest interest rate cut in 15 years today, slashing the UK base rate by a full 1.50% to 3.00%, in an effort to shield the ailing British economy from the fallout of the global credit crisis.
Get more for your travel money with Opodo and FairFX.com
Online travel provider Opodo.co.uk has teamed up with FairFX.com to make customers' holiday Pounds go further with market leading exchange rates using the FairFX.com Currency Card.