How Brexit could impact your next holiday
One word has dominated the UK’s political and economic landscape for more than two years now: Brexit. After the 2016 referendum, and the significant drop in the Pound that followed, many saw an opportunity to head to the UK and take advantage of a cheaper trip (as shown by the record number of tourists). But what about those in the UK who have a holiday planned in Europe in 2019?
With recent events in the UK triggering currency volatility like May’s most recent deal being voted down by parliament at a record 230 votes, the Pound/Euro rose from 1.12 that day, to 1.36 just 48 hours later. With this kind of volatility comes the potential rise in costs for a holiday to Europe. So, it’s important to be mindful of how these changes will impact your trip so you get the most value for your money.
Will Brexit change how I travel to Europe?
In the event of a ‘no-deal’ Brexit, the UK Government indicates that new rules will apply for UK passport-holders when entering Schengen countries. This means that you’ll need to make sure your passport has been issued within the last 10 years on the date of arrival in a Schengen country.
In the case of a no-deal Brexit, UK travellers will also have to pay €7 for a travel permit to Europe, and if travelling with pets, will likely need further documentation from a vet to proceed. The European health insurance cards (Ehic) that UK citizens have enjoyed access to is predicted to cease. Along with this, many air travel industry bodies have called for solid aviation agreements in an event of a no-deal Brexit to ensure flights continue running.
Can I travel with confidence to Europe post-Brexit?
Given Europe is a massive tourist destination, especially for UK travellers, it’s unlikely that will change. For travellers to feel confident in booking a trip in 2019, it’s best to do so with the intent of ensuring security.
One way this can be done is by considering a package deal holiday. Package holidays have come a long way since the 70’s; allowing you to choose how luxurious or thrifty you want to be. Since 1 July 2018, The Package Travel and Linked Travel Arrangements Regulations 2018 applies to all booked travel arrangements. This is to ensure that the holiday you paid for in advance is the one you receive, or you’re refunded if anything changes.
How can I make the most of exchange rates?
Another way to make sure you have some security in the rate of exchange during this time, is by working with a trusted currency specialist to transfer your money overseas at a great rate. Say for example, you’re heading to Europe for an extended trip, or more permanently for retirement. If you have a UK bank account, you can use a service like OFX to lock in a great rate now, and then use that rate to transfer at the time you arrive to your destination. This gives you peace of mind and helps you budget with confidence.
So whether it’s a short-term holiday you crave, or a longer stint overseas, you don’t need to wait until after March 2019 to make plans. Don’t let Brexit put a damper on your travel plans, there are many ways to get the most out of your money when travelling abroad. You just need to plan ahead, stay informed and work with the right currency specialist to make sure you can budget for your travels with confidence.
About OFX- Foreign Money Transfers Made Easy
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