As the value of sterling has fluctuated, analysis from M&S Money shows its worth has slumped against five of the UK’s top 10 most popular currency destinations1 in the last year. This means Brits will have to work harder to get more from their holiday money this summer.
The analysis shows sterling has dropped by 9.5 per cent against the euro for the year-to-date; and with eight of the UK’s top ten most visited countries2 in the EU, many Brits will feel the effects of this decrease. The research reveals sterling has also dropped 17 per cent against the Swiss franc, over 15 per cent against the Australian dollar and more than five per cent against the South African rand.
However, there is good news; those travelling to Turkey will benefit from the pound gaining 12 per cent against the lira. UK holidaymakers have become savvy to this and the Turkish lira has become the third most popular currency purchased in 2011 to date1. Similarly, sterling has gained over 11 per cent against the Egyptian Pound.
Those travelling to the US and the UAE will also be able to stretch their holiday budget further with the pound increasing seven per cent against both the US dollar and the United Arab Emirate Dirham.
James Yerkess, Head of Travel Money at M&S Money, commented: “With the pound dropping against many currencies, it is essential to plan your spending overseas to make sure you get as much value out of your holiday money as possible, particularly as commission charges can have a significant impact on your spends.
Follow James’ top tips to ensure you get the best deal on your travel money:
· Always research the rates on offer and remember not all providers offer the same rate in-store and online - If you’re getting your currency on the high street make sure you check the in-store rate
· Leave enough time to arrange your travel money - airport exchange rates are often very poor so leaving it to the last minute will inevitably leave you out of pocket
· Check currency availability - making multiple trips to order and collect your currency will impact your budget, especially with rising fuel prices, so go to a bureau with a large number of currencies on demand
· Ask for a variety of note denominations, ensuring you’ve got enough smaller notes to pay for taxis and tipping once you arrive