An analysis of exchange rates has revealed where British travellers can get the most for their money this summer – and Egypt’s Red Sea coast and ancient pyramids are well worth the visit.
Research by No1 Currency shows that sterling gained against 93 per cent of top travel currencies, using the May 2024 monthly GDP estimate by the Office for National Statistics.
The foreign exchange service provider says the pound has risen against 50 out of 54 currencies of popular holiday destinations in 2024 with Egypt the best-value currency for UK travellers.
Tourists headed to the affordable holiday destination in North Africa are in luck as sterling has surged 56.3 per cent against the Egyptian pound since January.
In light of the rate, Brits exchanging sterling for Egyptian pounds at No1 currency stores increased by 108 per cent in the first six months of 2024 compared to the same period in 2023.
Aside from Egypt, the pound has leapt against the Japanese yen, Argentine peso and Turkish lira – all of which have seen a sterling gain of more than 10 per cent.
On Thursday (11 July), sterling also soared to its highest level against the US dollar since last July, around the $1.30 mark.
No1 Currency said: “While the UK’s clear election result has boosted the pound, the opposite has happened on the other side of the Channel”, after the French election ended with a hung parliament.
However, the euro – the most used currency of British travellers – has stood strong against the pound.
With just a 2.6 per cent gain for sterling this year, the euro is only the 29th best value currency for UK holidaymakers in 2024.
As for the destinations where the pound has fallen; in Kenya, Sri Lanka, South Africa and Kuwait holidaymakers will find that sterling is worth much less.
The pound is down 17 per cent, a fifth of its value, against the Kenyan shilling, and buys six per cent less Sri Lankan rupees.
Simon Phillips, managing director of No1 Currency, said: “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.”
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