Holidays to Malta have just become more expensive for British tourists.
Sterling has fallen to a new eight-year low at €1.08 – and Brexit worries are being blamed.
The value of the pound has also slipped well below €1 at some airport exchange providers for the first time, ramping up costs for those heading on holiday to Malta and other Eurozone countries.
Travellers changing their pounds to euros at Moneycorp branches at Heathrow, Gatwick, Glasgow, Edinburgh and Southampton were reportedly getting just 87 cents for every pound on Thursday – the worst rate since the financial crisis.
The pound has plunged more than 15 per cent against the euro since Britain voted to leave the EU last year.
Simon Phillips, retail director at No1 Currency, said: ‘The euro’s strength and the fragile pound have conspired to leave British holidaymakers who are planning a trip to Europe with the weakest exchange rate for eight years.
‘With no sign of significant relief against the euro, many will surely be considering travelling further afield to locations outside the Eurozone, where the pound will likely go much further.
‘Those still planning to head to Europe must be savvy and shop around to make sure they get the best currency deal and minimise the effect of the current foreign exchange markets.’
Why do exchange rates change?
Tourist exchange rates change when the demand for a currency goes up or down. Demand could change for many reasons, such as increased business activity or rising interest rates in a country.
How can I ensure I’m getting the best value for my money?
Avoid currency exchange counters at airports, stations and hotels. Although they’re convenient, they offer the worst rates. There’s a good chance you may also have to pay commission.
Order your currency online in advance to ensure you are getting a favourable rate. In many cases, you won’t need to pay commission – like when you order foreign currency online from the Post Office.
Read more: The Independent