Sterling rally boosts holiday budgets to most popular destinations

Analysis of Bank of England exchange rates by Sainsbury’s Bank Travel Money suggests that Britons could continue seeing their holiday money go further. In the past year alone, the Pound has strengthened against four of the supermarket bank’s five most popular currencies.

The most dramatic increase is against the Turkish Lira; year on year the pound has risen by 16% against the Lira and over the past three years by 49.3%.

In the last year, the Pound has also gained 13% against the Australian Dollar, 10.9% against the Euro, which is the currency used in around three quarters of holidays from the UK and 6.4% against the Canadian Dollar.

The only top currency that the Pound hasn’t gained against is the US Dollar, where holidaymakers are getting 7% less than they did a year ago. However, Sterling is still marginally (2%) stronger against the Dollar than it was three years ago.

Simon Taylor, Head of Sainsbury’s Bank Travel Money said: “The strength of the Euro against Sterling has been widely reported but our analysis shows that holidaymakers are also getting a better deal on the Australian Dollar, Canadian Dollar, and even more for their money on Turkish Lira. Shopping around for the best rate before you jet off can make all the difference.”

Sainsbury’s Bank has around 180 travel money bureaux in Sainsbury’s stores across the UK and offers 0% commission on foreign currency. There are over 50 currencies available to order. Open seven days a week and with handy parking, Sainsbury’s Bank offers customers the convenience of taking out a Sainsbury’s Bank Multi-currency Cash PassportTM and collecting travel money whilst shopping. Customers can also order currency online and collect from a travel money bureau, or receive free delivery for orders of £500 or more.