A strong sterling has been a major boon for British travellers, as 4 out of 5 tourist destinations were found to have a weaker currency.
According to a report by Post Office Travel Money, four out of every 5 major tourist destinations have a currency weaker than sterling. This has been a great money-saving option for UK tourists. For instance, sterling has performed the best against the Chilean peso, rising by 19% in the past 12 months. It means that for every £200 bought in Chile, British tourists would get an extra £35 compared to the previous year. Other currencies that went weaker compared to the sterling were South African rand (down by 11%) and Mauritius rupee (down by 9%). Even against the euro, sterling registered strength of 4% in the past 12 months. Status quo with the US dollar remained more-or-less the same, with sterling only getting 1% stronger to USD.
Forty global currencies were analyzed for the report, among which only eight strengthened against the pound in the past year. However, apart from Egyptian pound (10% growth), all other currencies displayed only single-digit growth. These include Costa Rican colon (7%), Russian ruble (3%) and Swiss franc (2%).
Nick Boden from Post Office Travel Money said that a strong sterling is certainly good news for UK tourists. Travellers can also pick countries with a lower cost of living, thus benefitting dually from both stronger currency and lower prices. But Boden also warned that things are still uncertain for the British economy post-Brexit, so we can expect more fluctuations in the currency over the year. Boden’s advice to future tourists is to keep an eye on the countries whose currency gets weaker compared to the sterling.