British holidaymakers who are planning on taking a holiday in Europe have been advised to buy their euros now. The pound against the euro has hit a 20 month high price which could benefit Brits heading to Europe on their holidays. The exchange rate for sterling to euro transfers has risen 2.7% since the start of last month.

People were able to buy euros online for 1.19 euros to the pound on Friday and are being encouraged to stock up on euros now if possible to make the most of the great exchange rates. Elisabeth Dobson, head of private clients at World First, the currency transfer specialist said:  ‘We’ve seen a 50 per cent increase in sterling to euro transactions since the pound started to climb at the start of last week.’

‘Many people are keen to lock into this high rate and are taking a forward contract – the option to buy euros at a later date at this rate. This is beneficial for those about to buy a European holiday home, for example.’