The British pound’s rise offers UK travellers increased spending power at these destinations

Brits planning a getaway are in for a treat as the pound has soared against 93 percent of top holiday currencies.

Egypt is the standout bargain with the British pound now 56 percent stronger against the Egyptian pound compared to the start of the year, making the country’s ancient wonders and beach resorts even more appealing.

For those eyeing a shorter trip, the pound has risen by 12.4 percent against the Turkish Lira. The Swiss Franc and Czech Koruna have also seen the pound strengthen by 7.4 percent and 5.4 percent respectively.

Looking further afield, the pound has gained 15.2 percent on the Japanese Yen, 14.2 percent on the Argentine Peso, and increased by 6.4 percent against the Thai Bhat. Stateside trips are looking up too, with the pound hitting a one-year peak just shy of $1.30 against the US dollar.

These encouraging statistics were provided by No1 Currency, who highlighted: “Holidaymakers are enjoying a windfall as the Pound has risen against the currencies of 50 out of 54 of the most popular travel destinations in 2024 so far.”

“Since the start of 2024, sterling has risen fastest against the Egyptian Pound, climbing in value by 56 percent. This has dramatically boosted the spending power of Britons heading to Egypt’s perennially popular Red Sea coast resorts and its ancient Pyramids.”

The evidence that Egypt is now a good value destination for UK holidaymakers has seen purchases of Egyptian Pounds in No1 Currency’s network of over 200 high street stores more than double – up by 108 percent – in the first half of 2024 compared to the same period in 2023.”

Explaining the surge, the firm stated: “It’s more to do with increased investor confidence in the Pound and the UK’s improving economy, which grew at its fastest rate in more than two years during the three months to May.”

The firm noted that the increase in the value of the pound against the Euro this year is a more modest 2.6 percent. Looking ahead, it commented: “While the UK’s clear election result has boosted the Pound, the opposite has happened on the other side of the Channel.”

“After France’s election delivered a hung parliament, fears of policy gridlock in the Eurozone’s second biggest economy have impacted the Euro.” Nevertheless, the Euro – the most popular of all foreign currencies among British travellers – has shown resilience against the Pound.”

The data reveals Sterling hasn’t had it all its own way. It is down 17 percent against the Kenyan Shilling and it buys 6 percent fewer Sri Lankan Rupees.

Simon Phillips, Managing Director of No1 Currency, remarked: “Britain’s new Prime Minister isn’t the only one enjoying a moment on the global stage. British holidaymakers can be winners too, thanks to the rising value of sterling.”

“Our analysis reveals that compared to the start of the year, the pound in your pocket now goes further in the vast majority of countries typically visited by British tourists. With Sterling gaining ground against so many popular currencies, millions of Britons heading abroad this summer will see a welcome boost to their spending power.”

“Whichever destination you pick for your holiday, cash is your friend abroad. Using foreign currency notes and coins helps you keep track of your spending and avoid unexpected card charges. The price you see is the price you’ll pay, and cash is still king in many countries so you can be sure it will be accepted everywhere.”

“However don’t forget that exchange rates can differ a lot between different travel money providers, so make sure you shop around to get the most competitive quotes and never leave it to the airport to pick up your holiday money.”

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