How Brexit Will Effect Travel
Credit: Christopher Furlong/Getty Images

It just got a lot cheaper to travel to Britain.

The country's startling decision to split from the European Union will have far-reaching effects—including an immediate impact on travelers’ wallets.

The British pound hit a 30-year low this morning, dropping to just $1.32—almost 20 percent lower than its value around this time last year. For travelers from the U.S., that means everything in the U.K., from food to fashion to hotel rooms, is on sale.

The Brexit also knocked the euro down a bit—around 4 percent—making other European destinations cheaper for Americans.

If you’re planning for a trip, you might save money by buying pounds and/or euros before the currencies recover. Make sure to account for any fees that might make it more expensive to get currency at home than through an ATM once you arrive at your destination. And, of course, keep in mind that the pound and euro could continue to decline.

If you’re already traveling, you won’t be able to get any money back on airfare or hotels stays that are paid for. But The Points Guy has a great tip for travelers who haven’t paid their hotel bill yet—when you check out, ask that it your bill be processed as a new transaction, to take advantage of the new exchange rates.