HOLIDAYMAKERS travelling abroad are facing price hikes for foreign currency following the EU referendum.
Markets uncertainty in the wake of Brexit has seen the pound plunge in the past 24 hours.
Sterling was down yesterday against every single major currency group - falling to its lowest level since 1985.
Anyone who bought their Euros before Thursday is in a better position than they would be today.
Customers exchanging £1,000 yesterday would have received €1,231, compared with €1,306 the previous day - a difference of £60.61.
The pound also crashed 10 per cent against the dollar to 1.33 US dollars - a low not seen in 30 years.
Tourists heading to America could have cashed in £100 in exchange for $144.80 before the referendum.
However, following the vote, the same deal would give just $133.
There were warnings last night the reaction of the pound to Brexit could signal "longer term volatility" with holidaymakers "directly impacted".
Thomas Cook suspended its travel money website yesterday due to "unprecedented customer demand".
It said its immediate priority was to ensure it has "enough currency in store to fulfil outstanding orders" and hoped to be "back up and running as soon as possible".
Ian Strafford-Taylor from currency provider FairFX also said: "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".
Andrew Brown of Post Office Travel Money urged holidaymakers to "watch currency movements very carefully".
"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," he said.
"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."
But the Association of British Travel Agents (Abta) last night said while spending power will be affected, holidaymakers due to travel this summer will see just "little immediate change to their holiday".
"Once the UK formally notifies the EU of its intention to leave, the remaining member states will have up to two years to offer the UK a deal for a future trading relationship and during this period holidaymakers will not see any immediate changes," it said.
"However, the fall in the value of the pound will have an immediate impact on holidaymakers and their spending power overseas."
There are also fears that the UK decision to leave the EU could lead to an increase in air fares and a reduction in the number of flights.
