Pound to euro exchange rate: Sterling 'pulls back' with the market 'rudderless once more'

This is down to the “ongoing uncertainty and travel restrictions caused by the COVID-19 pandemic.”

Travel experts advise keeping hold of the money rather than exchanging it.

“If you have got hold of foreign currency in cash, I’d recommend keeping it in a drawer if you can afford to do so,” said James Lynn, co-CEO and co-founder of travel debit card Currensea.

“The exchange rate has already hit the pound badly because of the third lockdown and if you go on a holiday later in the year you’ll be hit again converting your money back into the currency you need.”