Euros (2)

There has been a surge in the number of people exchanging their money into foreign currency in the final days before voting in the EU referendum closes.

No.1 Currency has recorded a 70% rise in business on Wednesday compared to this time last year, with queues forming outside many of its 100 stores.

The company said customers were a mix of those travelling abroad in the coming weeks and those travelling later in the year, not wanting to risk less favourable exchange rates in the event the UK votes to leave the European Union.

No.1 Currency also recorded its busiest ever day for online sales, and a 300% increase in orders for home delivery of currency.

Simon Phillips, retail director at No.1 Currency, said: “Demand has rocketed for all foreign currencies, but Euros and Dollars are proving especially popular.

“Our network of high street stores came close to running out of the most popular currencies on Wednesday, and as high demand continues today we’ve dramatically increased stock levels to cope with the surge in demand during the final hours before the result is announced.

“What began as brisk demand from holidaymakers keen to bag a good rate on their currency is increasingly resembling panic buying as people rush to buy now before the result is known.

“With Sterling predicted to fall by as much as 20% if the Leave campaign wins, buying now could make a huge difference to how far their holiday money goes."