Hungary is Currency Destination of the year
Thursday 10, May 2012
The pound is at one of its strongest points for two years, allowing UK holidaymakers to gain up to 18 per cent more for their money in holiday destinations around the world.
Yet many continue to throw £s down the drain simply by incurring high cash machine and credit card fees, according to ChangeGroup – one of the worlds largest online currency exchange providers.
Comparing exchange rate data of 75 currencies from this time last year (18 April 2011), the destination where the pound goes furthest is Hungary, where travellers can now gain 18.49% more Forint to the pound. The Brazilian Real (14.81%) and Turkish Lira (14.64%) make up the top three best exchange rate improvements on lastyear - see notes for top ten list. Behind Peru (-7.28%), the most popular destinations to fair worst for Brits and the pound are New Zealand (-5.35%), China (-4.89%) and Japan (-2.63%) where the pound is weaker than it was last year.
Furthermore, the pound is 7.04% stronger against the euro since this time last year and 8.2%stronger than 2010. However, the pound is 1.5% weaker against the US dollarthan a year ago but still 4.1% stronger than in 2010.
Sacha Zackariya, CEO at ChangeGroup, said: “Exchange rates have generally improved over the past year so there are some great destinations for Brits to make their money go that little bit further.”
But many of those looking to reap the benefits of this currency boost continue to counteract this bonus by using ATMs abroad or gaining their currency from amore expensive place than necessary. A staggering £130 million* could be needlessly lost by Brits heading to the eurozone who exchange their money at higher rates thanneed be.
Almost half (17 million per year) of the 43 million Brits who travel to Europe each year head to Spain - undoubtedly the most popular destination for British holidaymakers. While the average British holidaymaker spends £298 on each trip, ChangeGroup.co.uk estimates that half (£150) of that money is cash, used to buy such items as refreshments, taxis and other everyday items.
The latest ChangeGroup.co.uk data shows that one of the most expensive ways to exchange money is to do so while abroad through an ATM via a debit or credit card. By doing so for £150, the recipient would loss €8 through fees and inflated exchange rate per holiday – however, by planning ahead and buying currency online, a holiday maker would gain €178.2 – because of the better exchange rate this year, €13 more in a travellers pocket.
Zackariya concluded: “Getting the best exchanging rate for your money is vital as part of making your money go as far as it can however it can be baffling for holidaymakers. It’s so easy to get it wrong, but just as simple to get it right. Plan ahead and buy your euros or other currency online – it’s by far the cheapest way with as much as €16 being gained by simply buying online, enough for dinner out.”
*Based on comparisons of 75 currencies across the world. Not all currencies will attract holidaymakers.
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