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Brits flock further afield to take advantage of strong pound

22nd July 2014 Print

The strongest pound since 2008 will see Brits flocking to far-flung holidays to countries such as Mexico, Thailand and Morocco, as the increasing trend of holidays away from Europe and North America continues, according to analysis by currency exchange specialists, ChangeGroup.co.uk.

British visitors to France have dropped nine per cent – from 9.7m to 8.8m - in the past five years, as a strong pound has helped to spur a huge rise in trips to countries such as Mexico (133 per cent), Morocco (52 per cent), Tunisia (24 per cent) and Thailand (17 per cent).

The influx of tourists to Mexico has brought an avalanche of £338 million worth of Pesos to the beaches of Cancun and other resorts - £220 million more than was spent in 2009.

Although the Pound is at a strong position against the Euro, it fairs just as good and sometimes better against other currencies. The Pound is at its highest against the Thai Baht at 55.3 to the Pound, while in Mexico, a Pound will get you 22.4 Pesos.

According to ChangeGroup.co.uk’s internal data, the Thai Baht and Mexican Peso have been the fourth and fifth most requested currencies over the past month as Brits prepare for the great summer getaway.

The figures also reveal Brits shying away from places like Egypt, which has seen a drop-off of 46 per cent in visits from UK residents since 2009.  This resulted in £200 million pounds less being spent each year.

Paul Crombie, General Manager at ChangeGroup.co.uk, said: “It’s clear that Brits are not only seeking out holidays in increasingly large numbers, but venturing further afield for unique travel experiences. A quarter of a million additional tourists jetted off to warmer climes and cheap beer in Mexico in the past few years. This has been reflected in the volume of Pesos being bought online through our service.

“Regardless of the strength of the pound, Brits are savvy travellers and are looking for the best value when planning holidays, which is making Thailand, and the Thai Baht, very popular indeed. Travellers must check to see whether they can gain the local currency before they travel as increasingly, places such as Morocco only allow tourists to buy currency when they arrive.”

It’s no secret that using an ATM to withdraw cash abroad, or turning to a credit or debit card spending while away is the most expensive way to spend. Excessively high exchange rates and hidden charges confirm this. Planning ahead and shopping around online for the cheapest currency rates is imperative.

Crombie concluded: “Getting the best exchange rate for your money is vital as part of making your money go as far as it can; however, it can be baffling for holidaymakers. It’s so easy to get it wrong, but just as simple to get it right. Plan ahead and buy your travel money online.”