13th February 2015
If you’re thinking about your summer holidays already, the eurozone is looking like a good bet thanks to the strengthening pound buying you more bang for your buck.
The cost of package holidays are falling and when it comes to spending money British holidaymakers are getting 12% more for their sterling than a year ago.
Sterling has hit a high against the euro, with £1 now buying 1.35, a level not seen since the financial crisis in 2008. Now £500 spending money will translate into 675 compared to 605 a year ago. Sales of euros have been up 220% this week as holidaymakers buy their spending money quickly.
While the pound is strong against the euro, the biggest boost has been against Scandinavia and Eastern European currencies, according to Post Office Travel.
Sterling will buy 20% more Swedish kroner and 14% more Norwegian kroner than a year ago – although tourists need to factor in the high cost of living in these countries.
The Croatian kuna, Czech koruna, Danish, kronet, Bulgarian lev, and Hungarian koruna have all fallen more than 10% in value against the pound, making these good choices for a cheaper holiday.
The only non-European currency that has fallen against the pound, according to the Post Office Travel data, is the Japanese yen, which has reduced 8.3% in value.
The organisation said both Cyprus and Greece offer good value for holidaymakers.
On the opposite end of the scale, the pound has weakened against the Thai bart by 7.3% and it has also fallen against the Hong Kong dollar, Barbados dollar, UAE dirham, East Caribbean dollar and the US dollar.
Andrew Brown of Post Office Travel money said: ‘There is no doubt that UK tourists can look forward to getting more travel cash for their pounds this year in Europe but people planning trips further afield could get caught out by falling rates for sterling in some countries.
‘The best way to avoid this is to consider a holiday swap to a resort where the pound still stretches further and check to see how prices for meals and drinks compare in a range of destinations.’