Pound stretches further for holidaymakers to Turkey, new data reveals

British holidaymakers visiting Turkey will get around 73% more local currency for pounds than a year ago – the equivalent of almost £211 extra on a £500 currency purchase.  

This rises to 113.5% – or £266 extra – over two years due to the rising rates of sterling.

This means that travellers can look forward to getting more for their money in the vast majority of holiday destinations this year, according to new exchange rate analysis by Post Office Travel Money.

Sterling has strengthened in value against 21 of the company’s 25 bestselling holiday currencies over the past 12 months.

But the amount by which Britons can hope to benefit varies between destinations.  

While travellers can expect to receive 3.8% more than a year ago when changing pounds into euros and 5.5% more US dollars, they will get  more for their money when visiting Turkey, Kenya and Japan.

Sterling has gained almost 21% in value against the Kenyan shilling and 15.7% against the Japanese yen compared with a year ago.  

Although the dramatic fall in value of the Egyptian pound reported a year ago has bottomed out, it is still 6.3% weaker than last March.  

Cumulatively, this means visitors will receive around £234 (88%) more on a £500 currency transaction now than two years ago.  

Mombasa, Kenya; Tokyo, Japan and Sharm el Sheikh, Egypt all feature in the best value top 10 in the latest Post Office barometer of costs, with prices down on spring 2023 levels.    

There have also been sterling gains against the currencies for the Czech Republic, plus 12.7%; Thailand, plus 9.9%; and South Africa, plus 9.2%, while those visiting Australia will get 8.5% more holiday cash for their pounds.

Only four currencies – the Polish zloty, Mexican peso, Costa Rican colon and Swiss franc – have gained ground against sterling.  

Post Office head of travel money Laura Plunkett said: “Sterling’s current buoyancy against most leading holiday currencies – including the euro and US dollar – provides a great incentive for Britons considering trips abroad in the coming months. 

“Most currencies have weakened against the pound in the past year, and many of these are for destinations that traditionally offer the cheapest prices for meals, drinks and other tourist staples.  

“Good examples of this range from Turkey and the Czech Republic in Europe to Kenya, Thailand and Vietnam further afield.”  

Reviewing sales for January, the company saw Caribbean currencies achieving  the most dramatic year-on-year growth among its 20 bestsellers.  

In particular, it found that East Caribbean and Barbados dollar purchases rocketed by 103% and 64% respectively in January – outperforming growth levels by rival destinations in the Far East. 

The euro and US dollar remain by far the most popular holiday currencies, topping the chart for the past year as they have consistently done – and a sales increase of nine per cent in January made the euro the tenth  fastest growing currency for the month.   

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