Your holiday spending money

By | Category: Travel news

It hasn’t been the best week for the pound. Or even the best summer.

That means that if yo are going to one of the euro countries or anywhere where the US dollar is the currency of choice you will have less spending money than you would have had a month ago.

Readers are saying that it is almost parity between the pound and the euro at some bureau de change in Spanish resorts which is much lower than the £1= €1.05 to €1.06 that holidaymakers are being quoted online in the UK.

Since the middle of June, the pound has fallen from about €1.145 to €1.11  and from about $1.33 to $1.295. It may not sound very much but it adds up as most of us change anything up to £2,000 for holiday spending money. And these are the best rates; you will get a lot less if you just walk up to a bureau de change at an airport/port/railway station.

There are some countries where the pound has appreciated against the local currency and one such destination is Turkey where the rate has altered from about 6.1 lire in mid-June to almost 7 to the pound. The Tunisian dinar has declined against the pound as well so you can now get about 3.5 dinars instead of 3.3, the rate two months ago.

(If you are holidaying in Tunisia then you change money at the airport on arrival. There will be a lot of banks and the rates vary by quite an amount so check them out first and pick the best rather than settle for the first one.)

Another country that is growing in popularity this year is Egypt but there you will get about three Egyptian pounds less for your money than you would have done in June – only about 20-22 instead of 23-25.

To make the most of your money, the same rules apply on buying your holiday money as have been mentioned before by Just about Travel. If you can, buy online and buy in advance and even buying the night before will give you a better rate than an airport/port one.

There are lots of offers for pre-paid cards such as no charges for cash machine withdrawals in your holiday destination but you do need to compare them as some are not quite as good as they seem. An increasingly popular method of taking holiday cash is to get a a specialist overseas credit card or to use the services of We Swap, a company that “swaps” the cash you want with someone else. Generally this offers a saving on using a bureau de change.

However you get your spending money this holiday it looks as though most of us will be getting less for our pound. Unless you opt for a staycation!

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