Martin Lewis shares advice for exchanging euros before Brexit
Martin Lewis appeared on This Morning to share his money saving tips. He shared an update on what Brexit could do to the exchange rate and how the deal will affect if it is good or bad news for those hoping to exchange money.
Martin will often share his latest money saving hacks and financial advice on the small screen.
While appearing on This Morning, he took questions from viewers.
One woman asked if she should get rid of spare euros before the Brexit outcome is announced.
The viewer asked: “Should I cash my euros in before Brexit?
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“I’ve got some euros of around £1,400. What should I do?”
Many Britons may have been left with excess foreign currency as coronavirus put travel plans on hold this year.
However, Martin revealed there is no simple answer for handling unwanted euros.
The Money Saving Expert explained it is difficult to tell what will happen with the exchange rate.
The exchange rate will change depending on the outcome of Brexit negotiations.
Until then, Martin said it is not obvious what to do when exchanging cash.
He commented: “If you’re trying to play the markets, the markets factor in what they know so that price is already in.
“It’s likely if we have a no deal Brexit, the markets don’t like that and the pound will get weaker.
“That will be good for you if cashing your euros in so you’d want to wait.
“If we have a deal, the pound will get stronger which will be bad for you.
“I don’t know which one of those is going to happen.”
The expert suggested the pound to euro exchange rate is likely to change after Brexit but it is not known if it will be beneficial for those with unwanted euros or not.
The pound to euro exchange rate can change daily depending on the economy and what is happening in the world.
Continuing Brexit talks have caused the rate to flicker this week.
Speaking to Express.co.uk, currency expert at Caxton FX Michael Brown commented on the latest figures today.
He said: “Sterling had a choppy day on Wednesday, before slumping overnight.
“The UK-EU leaders dinner ended with the Brexit can being kicked down the road once more, this time to Sunday.
“Today, while Brexit remains the focus for the pound, the ECB are expected to deliver a significant stimulus package, and deliver their opinion on the value of the euro, which will be a bigger focus of the day.”
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