According to a recent study by travel money specialist FairFX, Turkey is the best choice for UK holidaymakers, as the pound is up 137 percent against the Turkish lira. This translates to £577 more per every £1,000 exchanged as of April 29, 2022.
Based on currency rates on April 29, 2022, Sri Lanka comes in second, with holidaymakers getting £462 more per £1000 exchanged compared to previous years.
Egypt, Costa Rica and Mauritius all offer good value for money; securing Britons an additional £123, £116 and £102 respectively, for every £1,000 exchanged.
According to the study, the best destinations for those looking to get away from Covid restrictions are Costa Rica and Hungary.
These two countries offer great value for money and no vaccination or testing is required to enter.
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Travel money specialist at FairFX also shared their best tips for making the most of the holiday money.
Experts at FairFX explained: “Keep a close eye on currency movements to help you buy at the optimum time. Set up a currency tracker such as the FairFX Rate Alert which will notify you when rates are on the rise, so you can take advantage.”
The expert recommended travellers make sure they plan ahead.
“Load a prepaid currency card ahead of time to lock in rates and protect yourself from any potential future decline. If you’re happy with the current rate on offer, buy your currency now to guarantee that rate,” they explained.
FairFX advised against leaving “changing your travel money until the last minute”.
“Exchange rates at airports can be over 20 percent more expensive meaning you could lose over £200 of cash for every £1,000 you change.”
Debit and credit cards are good backups but holidaymakers should be aware of ATM and transaction fees as well as the exchange rate they will be forced to use.
Instead, an international card for overseas spending guarantees the lowest transaction fees.
Always use the local currency
The travel money experts said: “If you have the option of paying – or withdrawing cash – in pounds rather than the local currency, always say no.
“This allows the other party to decide the exchange rate, a process known as Dynamic Currency Conversion, and it’s unlikely the rate they decide on will be in your favour. A FairFX investigation found that unsuspecting holidaymakers collectively paid out £881million in currency conversion fees according to data from 2019.”
Ian Strafford-Taylor, CEO of travel money specialist at FairFX, said: “Currency rates have fluctuated throughout the pandemic as countries have adapted to respond to the crisis. Now, two years on from the UK’s first lockdown, the pound is faring better in certain destinations; with Turkey being the best value for Brits, while destinations like Cuba offer more than 10 percent less for every £1,000 exchanged.
“Popular holiday hotspots closer to home, like Greece and certain Portuguese islands, boast hassle-free travel for UK travellers, with no testing or vaccination requirement, although mask requirements may remain in place. But travellers should be warned that the pound is currently down one percent against the euro compared to pre-pandemic levels.”
Britons are advised to check the currency exchange rates before travelling as these are constantly changing.