Strong pound boost for forex sales

Strong pound boost for forex sales

Foreign currency brokers are reporting a surge in sales prompted by the strength of the pound.

Thomas Cook reported both a jump in the number of customers and the amount they are spending.

The number of euro transactions it completed between the end of February and early March was up by over a third on the same time last year. Sales by value were up 65%.

Cook says it has sold £22.8 million worth of euros in the last two weeks.

Head of foreign exchange, Fraser Millar, told BBC Radio 5 live: “Some customers are forward buying for holidays they have already booked, while others are buying now before they have even booked their holiday.”

The Post Office said that online sales of euros are up by more than a half on this time last year. In one week in late January, when the pound hit 1.34 to the euro, sales rose 363%.

Saga Travel reported euro sales were double between February and April than the same period last year, while Asda Money said they were up by 20%.

Andrew Brown, of Post Office Money, said customers are increasingly choosing their holiday destination based on where they can get the best return.

“[Sterling’s] biggest gains have been against the Scandinavian and Eastern European currencies,” he said. “People seem aware of this and are picking places like Mexico and Mauritius, where they know they can get more for their money.”

Post Office says its sales of the Croatian kuna in April were up 91% on the same month in 2014.


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