Pound battered by bank bailout

The Pound has suffered another awful time this week, as investors lose confidence in the UK economy following the government’s second round of banking bailouts this week.

Euro exchange rates are tumbling towards their all-time low set 2 weeks ago, while buying US dollars has become the most expensive since the 1980s.

Transferring money to Canada, South Africa and Dubai is also now much more expensive.

With no sign to the end of Britain’s economic troubles, we are unlikely to see dramatic improvement in the short term. If you need to buy a large quantity of currency, for example for an overseas property purchase, make sure you are in touch with a specialist currency company to discuss your options.