THIS is where the Pound goes furthest on holiday this summer, according to a foreign exchange expert.
Brits planning a last-minute summer getaway are being urged to look beyond the headline cost of flights, with an expert saying the biggest savings often come from choosing destinations where the Pound stretches furthest.
While many holidaymakers focus on finding cheap package deals, exchange rates and local living costs can make a significant difference to the overall price of a trip, particularly for families eating out, shopping and paying for excursions.
The Pound has strengthened against several major currencies in recent months, giving British tourists more buying power overseas than they had earlier this year.
However, where you travel matters just as much as the exchange rate itself, with local prices for food, drink and entertainment varying significantly between destinations.
Tony Redondo, Founder at Newquay-based Cosmos Currency Exchange, says the Pound remains in a strong position against several major currencies, at around €1.17 and $1.35, opening up opportunities for better value holidays.
The foreign exchange expert said: “The Pound touched a 13-month high against the Euro on 15 July, has since slipped 1.4% but still sits above the 12-month average. Against the Dollar it hit a two-month high the same day, down just 0.4% since.”
Redondo says travellers should think beyond exchange rates alone and consider what their money will actually buy once they arrive.
He added: “For anyone booking a last-minute summer trip, the real savings aren’t in the flight price, they’re in what your money buys once you land.”
Savings
For holidaymakers determined to stay within the Eurozone, he says some destinations continue to offer much better value than others.
Redondo said: “Within the Eurozone, the Algarve and coastal Spain remain the value picks, with cheap dining and groceries offsetting steep accommodation.”
However, he believes those willing to venture outside the single currency area can stretch their budgets even further.
He continued: “Step outside the Euro and Bulgaria’s Sunny Beach or Tirana go further still.”
Turkey is currently offering some of the best value of all, according to Redondo, thanks to the strength of Sterling against the Turkish Lira.
He added: “The standout story is further afield. The Pound has never bought more Turkish Lira than it does right now, and against the Yen it’s sitting at levels not seen since 2007.”
That means holidaymakers could find their spending money goes significantly further on meals, drinks, transport and attractions than it would in many traditional European hotspots.
