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British holidaymakers will be pleased to learn that a strong pound is offering much better returns on foreign currencies so that their holiday cash will stretch further.
According to current data, the Great British Pound (GBP) has strengthened against four of the five most popular international currencies over the past 12 months.
This means tourists travelling as far as Australia or as close as Europe will get more for their money.
Making the most of your money
For those planning a holiday to Turkey, positive exchange rates are up 16% against the pound to offer much better value.
The Australian dollar has also risen by a similar amount, growing 13% over the last year, while more bang for your buck can also be gained in Europe where you typically get €1.40 per £1 – up 11%.
Even the Canadian dollar has witnessed growth in the last year with exchange rates up 6% while the only major currency to not offer Brits more for their money is the American dollar.
Those planning a trip to the USA will actually receive 7% less on their currency although the exchange rate has stabilised recently to offer a still decent $1.57 per £1.
While these exchange rates mean many travellers will be able to get more spending money for their holidays, it is still important to shop around for the best deal.
Consumer Intelligence found that the average tourist can get an extra €29 for each £500 they exchange simply by searching for the best exchange rates on the market.
Despite this, most travellers are reported to use the Post Office to get their holiday money – even though they only get an average of €680 per £500 with better rates often available elsewhere.
The current strength of the pound against other currencies is thought to be largely influenced by the ongoing Greek financial crises.
Holidaymakers may therefore want to get their holiday cash in advance of any planned or booked trips to ensure they get their money while exchange rates remain in their favour.
Arranging travel insurance in advance is also advisable for those with holidays planned or booked this year and there are plenty of European travel insurance and long-haul options available
Date Created: 01/07/2015