Travel Money Maximiser

The pound has dropped following yesterday's general election, as a hung Parliament causes uncertainty on the currency markets. And with summer holidays on the horizon, many are asking if they should be buying travel cash now.

If you've a prepaid travel card with My Travel Cash you've until 4 October to withdraw or spend your money, after the firm announced it's scrapping the cards.

A former director of Crown Currency Exchange – which went bust in 2010 leaving thousands of traders and travellers without £20 million of their money – has been jailed for more than three years.

The pound's hit it's best rate against the euro for eight years, meaning holidaymakers tripping to Europe find it far cheaper than in recent memory. Currently it's hovering around £1 buys €1.43 - €1.44, a year ago it would've bought you just €1.24.

The euro has weakened even further over the past week. It now sits at a paltry £1 buying €1.33 at the spot rate (and £1 buys €1.33 at the best travel money rate too). This would've been unthinkable last year when you'd have done well to get €1.20 and two years ago when €1.15 would've been worth whooping about.

If you're planning on booking a holiday in what is one of the most popular months of the year to do so, new research reveals you'll get the most bang for your buck – or pound, to be precise – in Bali.