With talk of the United Kingdom leaving the European Union, the news brought down the value of the pound. Bad news for Brits, good news for travelers looking to cash on the exchange rate.
At close of business today, the rate fell to between 1.40 and 1.42. The last time it was that low was the end of 2008 during the U.S. economic crisis. As you can see in the chart below, the average is about 1.60.
As I mentioned last summer, it was a perfect time to stock up on Euro notes during their economic crisis with Greece. The rate was almost equal to the U.S. dollar at 1.06.
Even if you don’t plan on going to England, Scotland or Northern Ireland, buy them now and save them when you are ready. Then, when the market eventually gets strong for the U.K., you will have saved a nice chunk of change by buying now.
I always go through my bank and have it taken out of my checking account. They have the same rate if you go through AAA and you pay the same shipping. Plus, your bank is probably close to where you live or work.