Currency Rate Changes Affect British Holidaymakers
The recent losses suffered by the pound on the international currency exchange markets looks likely to negatively impact on British families heading abroad for the Easter holidays.
moneyHaving fallen more than 5% against the euro since last March, holidaymakers travelling to Europe will be getting less for their spending money once they reach their destinations.
It isn’t only against the euro that sterling has weakened, with falls in relation to the dollar and other currencies also affecting the value of holiday spending money in a number of countries.
The figures for mid-March this year as compared to mid-March 2012 make for grim reading, with the pound down 5.4% against the euro and 5.5% against the US dollar. Other local currencies that have performed well against the pound include those of Sweden, Norway, Turkey, Bulgaria and Poland.
Andrew Brown of Post Office Travel Money said: "The sterling fall in recent weeks makes it doubly important for UK holidaymakers to choose destinations where resort prices are low."
Finding favourable exchange rates means looking further afield, with South Africa, Argentina and Japan topping the list of countries where the pound is good value. Egypt, Jamaica, Sri Lanka and the Czech Republic are also places where the pound has held up well.
Britons visiting South Africa now will get approximately 17% more rand than a year ago, 11.7% more Argentinean peso and 11.6% more Japanese yen.
Mr. Brown commented: "With the falling value of sterling, we advise holidaymakers to budget carefully and to take enough spending money to cover all costs.”
Not everyone will be worse off though, as Mr. Brown explained.
“The one positive of a weaker pound is that anyone who is hoarding leftover foreign currency could find they will get more pounds in their pocket if they exchange it back into sterling now,” he stated.
UK families can turn to Travel Money if they want to take care of one financial headache while they are away; it can be a much easier way to do your spending while you are abroad.