Holidaymakers unable to exchange money abroad following Brexit vote
- Credit: PA
People on holiday in Bulgaria have not been able exchange currency after the pound dropped to a 30-year low following the Brexit vote.
One tourist from Norfolk on holiday in the Balkan country said that British holidaymakers have been unable to exchange pounds for the Bulgarian lev due to volatility in the rate and have even had their British cards refused at the tills.
She said: 'Just seen news and holidaymakers can't exchange money as no rate is known about the pound.
'In shops people are rejecting British people's cards while the pound exchange rate is stabilised.'
There was a similar story on the Greek island of Kos where the pound couldn't be exchanged at one holiday resort as the resort did not have an official exchange rate from the central bank.
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It comes as the pound dropped to a 30-year low after the majority of Britain voted to the leave the European Union.
Ian Strafford-Taylor, chief executive of currency provider FairFX, said the reaction of the pound to Brexit could signal 'longer term volatility', with holidaymakers 'directly impacted'.
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He went on: 'Those consumers who did not stock up on their holiday money may find their holiday now becomes more expensive this year, if weak pound-euro rates continue into the summer.
'For example, yesterday consumers exchanging £1,000 would have received 1,306 euro but today they would only receive 1,231 euro - a difference of 74.60 euro (£60.61).'
Andrew Brown of Post Office Travel Money, which accounts for around a quarter of all UK foreign exchange transactions, urged holidaymakers to 'watch currency movements very carefully'.
He said: 'For those who have not yet booked their holiday but are planning to travel abroad during the summer or later in the year, it will be well worth doing some homework before making a decision.
'Choosing a destination where sterling is strong and also where the local cost of living is low could make a significant difference to how far the holiday budget will stretch.'