Home Finance Soaring pound means holidaymakers going to these destinations making a killing

Soaring pound means holidaymakers going to these destinations making a killing


Holidaymakers are set to get more for their money this summer with the value of the pound rising against 93 percent of hot spot currencies.

Visitors to Egypt with its mix of historic sites and coastal resorts will see the biggest difference with sterling worth 56 percent more against the Egyptian pound than at the beginning of this year.

Looking at popular short-haul destinations for British families, the pound is worth 12.4 percent more against the Turkish Lira.

Sterling is up 7.4 percent against the Swiss Franc and 5.4 percent against the Czech Koruna.

Looking at long-haul destinations, the pound is worth 15.2 percent more than the Japanese Yen, 14.2 percent more than the Argentine Peso, and it is up 6.4 percent against Thailand’s Bhat.

And for those visiting the USA, the pound is at the highest level against the dollar for a year after bouncing up to just under $1.30.

The figures come from exchange rate experts No1 Currency, which said: “Holidaymakers are enjoying a windfall as the Pound has risen against the currencies of 50 out of 54 of the most popular travel destinations in 2024 so far.

“Since the start of 2024, sterling has risen fastest against the Egyptian Pound, climbing in value by 56 percent.

“This has dramatically boosted the spending power of Britons heading to Egypt’s perennially popular Red Sea coast resorts and its ancient Pyramids.”

The evidence that Egypt is now good value for UK holidaymakers has seen purchases of Egyptian Pounds in No1 Currency’s network of more than 200 high street stores more than double –  up by 108 percent – in the first half of 2024 compared to the same period in 2023.”

Sterling work: top 25 best value currencies for UK travellers in 2024 so far

Rank

Currency

One Pound on 1st Jan 2024

One Pound today

Sterling gain

1

Egyptian Pound

39.34

61.47

56.3%

2

Japanese Yen

179.53

206.9

15.2%

3

Argentine Peso

1029.27

1175

14.2%

4

Turkish Lira

37.53

42.2

12.4%

5

Mauritian Rupee

56.04

61.08

9.0%

6

South Korean Won

1648.74

1773.46

7.6%

7

Swiss Franc

1.07

1.15

7.4%

8

Chilean Peso

1118.87

1198.3

7.1%

9

Taiwanese Dollar

39.12

41.78

6.8%

10

Thai Baht

43.81

46.61

6.4%

11

Vietnamese Dong

30891.9

32860.6

6.4%

12

Indonesia Rupiah

19607.1

20800.5

6.1%

13

Philippine Peso

70.53

74.68

5.9%

14

Norwegian Krone

12.95

13.68

5.6%

15

Mexican Peso

21.61

22.79

5.5%

16

Czech Koruna

28.49

30.04

5.4%

17

Hungarian Forint

442

465.6

5.3%

18

Swedish Krona

12.84

13.51

5.2%

19

New Zealand Dollar

2.02

2.11

4.5%

20

Colombian Peso

4931.44

5136.59

4.2%

21

Canadian Dollar

1.69

1.75

3.6%

22

Fiji Dollar

2.79

2.88

3.2%

23

Chinese Renminbi

9.03

9.32

3.2%

24

Malaysian Ringgit

5.85

6.02

3.0%

25

Singapore Dollar

1.68

1.73

2.9%

Explaining the boost, the firm said: “It’s more to do with increased investor confidence in the Pound and the UK’s improving economy, which grew at its fastest rate in more than two years during the three months to May.”

The firm said the increase in the value of the pound against the Euro this year is a more modest 2.6 percent.

Looking ahead, it said: “While the UK’s clear election result has boosted the Pound, the opposite has happened on the other side of the Channel.

“After France’s election at the weekend delivered a hung parliament, fears of policy gridlock in the Eurozone’s second biggest economy have impacted the Euro.

“Nevertheless, the Euro – the most popular of all foreign currencies among British travellers – has shown resilience against the Pound.”

The data shows Sterling has not had it all its own way. It is down 17 percent against the Kenyan Shilling and it buys 6 percent fewer Sri Lankan Rupees.

Holiday not spots: the four destinations where the Pound has fallen

Rank

Currency

One Pound on 1st Jan 2024

One Pound today

Sterling gain

1

Kenyan Shilling

199.41

165.04

-17.2%

2

Sri Lankan Rupee

412.39

388.84

-5.7%

3

South African Rand

23.29

23.14

-0.7%

4

Kuwaiti Dinar

0.39

0.39

-0.2%

Simon Phillips, Managing Director of No1 Currency, said: “Britain’s new Prime Minister isn’t the only one enjoying a moment on the global stage. British holidaymakers can be winners too, thanks to the rising value of sterling.

“Our analysis reveals that compared to the start of the year, the pound in your pocket now goes further in the vast majority of countries typically visited by British tourists.

“With Sterling gaining ground against so many popular currencies, millions of Britons heading abroad this summer will see a welcome boost to their spending power.

“Whichever destination you pick for your holiday, cash is your friend abroad. Using foreign currency – notes and coins – helps you keep track of your spending and avoid unexpected card charges.

“The price you see is the price you’ll pay, and cash is still king in many countries – so you can be sure it will be accepted everywhere.

“However don’t forget that exchange rates can differ a lot between different travel money providers, so make sure you shop around to get the most competitive quotes and never leave it to the airport to pick up your holiday money.”

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