Sterling gains mean good deals for holidaymakers
Sterling has gained value on seven out of the top ten currency destinations since last summer, which is great news for Brits travelling overseas this summer. Holidaymakers are also proving savvy when it comes to making sure they're getting value from their travel money with sterling gains evident in the ranking of the top ten destinations.
While the Eurozone remains holidaymakers' top destination, with sterling gaining nearly 12 per cent (11.8 per cent) on the euro over the last 12 months, the Australian dollar and South African rand have also moved up one place each, with the pound gaining 2.3 per cent over the Australian dollar and over 17 per cent against the rand. The Mexican peso has also moved into the top ten currency destinations with the pound gaining 11.2 per cent on the peso.
As Brits continue to look for low local costs, as well as favourable exchange rates, Thailand continues to prove a popular holiday destination with the Thai baht moving from ninth to eighth place, despite sterling dropping 1.2 per cent against the baht.
Paul Stokes, head of travel money at M&S Money, commented: "We're seeing a very different picture to this time last year, as the value of sterling has increased against so many of the UK's top holiday destinations. If holidaymakers choose their holiday destination carefully, looking at the best currency destinations, as well as local costs, they can make their travel money go much further this year. "
Follow Paul's travel money tips:
Plan your holiday budget so you know how much your holiday is going to cost and how much foreign currency you need, remember to factor in currency to cover taxis, tipping and any extras even if you're going all inclusive
Do some research to find out whether tickets for the activities you are planning are cheaper if bought in advance
If you're getting your currency on the high street choose a provider with a large number of currencies on demand
Don't rely on internet rates if buying in-store - many providers have different rates online and some change their rate throughout the day
Don't leave your holiday money until the last minute - airport bureaux often offer less competitive rates and may not have a wide variety of note denominations