Best British Travel Money Exchange Rate Deals And Destinations - Boost Your Spending Power When Holidaying Abroad - Exchange Rates UK

With the Pound Sterling haemorrhaging value over recent months amidst elevated Brexit-related and economic concerns, Brits abroad could face a shock this Summer when travelling to the most common holiday destinations according to foreign currency experts with the Pound's purchasing power diminished considerably.

Given the UK Pound is down against a basket of currencies in the year thus far, it's more important now than ever to ensure you're getting the absolute best travel money deal available when purchasing your foreign currency. In that vein, we've compiled a fresh instalment for our travel money series to help you maximise your spending power abroad.

"Obviously there's nothing individually any of us can do about whether the pound is rising or falling," wrote Money Saving Expert's chief product analyst, Helen Saxon, before adding "It's best if you are going to get cash to shop around to ensure you're actually getting the best rates rather than walking into a shop off the street and taking whatever rate they're offering. It'll give you a better idea of what the best rates are and what you should be looking for."

In that vein, we've compiled some of the best money deals available (at the time of writing) along with top destinations and locations based on the GBP's recent performance.

Brexit Unlikely to Deter Brits From Flocking to Europe

The most popular destination for Brit's travelling abroad, Europe, looks set to retain its title in 2019 despite Brexit. But with the Pound sorely depressed against the single currency, steps need to be taken to ensure you get the best deal.

Above: Sterling Versus Euro Since EU Referendum

"It will be a big shock for tourists to Europe if they are expecting to get good value this year," wrote chief commercial officer at FariFX, James Hickman, adding "All pointers are that we're in for a rocky road," and that waiting for Sterling to recover in the current climate isn't likely to be a worthwhile approach given forecasts for further GBP losses ahead.

At the time of writing - the interbank Pound to Euro exchange rate was last seen at €1.1215 with the best travel money deal available from John Lewis where you can buy at 1 GBP = 1.1119 EUR which means a £500 spend equates to 555.95 EUR (Free delivery over £500, £7.68 under).

Thailand: Backpackers Delight Turned Mainstream Holiday Staple

The land of smiles is expected to see big British visitor numbers once again this year as the backpackers mecca continues to broaden its appeal to become a mainstream holiday destination for UK travellers.

With beautiful beaches, vibrant cities, great food, friendly people and LOW prices, Thailand has a lot to offer for a range of holiday-types but with the Pound-to-Baht exchange rate trawling an all-time low, those holiday bargains could be looking a little less rosy if you don't take steps to maximise your purchasing power.

At time time of writing, the interbank Pound Sterling to Thai Baht (GBP/THB) exchange rate was last seen at B38.58771 with the best travel money buy available from The Currency Club who are currently offering a rate of 1 GBP = 37.696 on a £500 spend, equating to B18,735.49 (Free next-day before 1pm delivery on spends over £700, £2.99 under).

Above: Best Pound to Euro Travel Money Deals

Turkey: Tourist Numbers Rise as Lira Falls

In terms of prices facing UK travellers, Turkey has benefited from a lack of inclusion in the Eurozone. While it suffers from high inflation, price pressures have moderated of late and despite not being as cheap as it was some 20 years ago, Turkey still compares overwhelmingly favourably to its western neighbours.

Indeed, The Post Office reported a marked surge in sales of the Turkish Lira this year with holidaymakers looking to take advantage of the Lira's fragile footing.

With nigh-endless Aegean coastline, Turkey offers some of Europe's best unspoilt beaches and with a culture steeped in history, the nation is peppered with sites of historical significance including grand mosques and Roman ruins making it the perfect destination for both active and relaxing holidays.

Above: Istanbul, Turkey

While a far cry from the heady 2018 highs of above 9 Lira to the UK Pound, the GBP to TRY exchange rate remains considerably elevated (more than 10% higher) relative to levels pre-Summer 2018.

At the time of writing, the interbank exchange rate was last seen at L7.11637 with Debenhams offering the most favourable currency conversion rate of 1 GBP to 6.877 TRY meaning a £500 spend equates to L3,348.35 (with Free delivery on orders of £500 and over).

Croatia: Pristine Coastline and Competitive Prices

While an EU member, Croatia benefits (from a British holidaymakers perspective) from not being part of the common currency bloc with Croatia retaining the Kuna as its official currency.

Recent years have seen the central/south eastern European nation soar in popularity as a holiday destination with UK holidaymakers flocking to take advantage of the pristine Adriatic coastline, stunning islands and not to mention favourable prices.

Moreover, Croatia is just a stones-throw away from neighbouring Montenegro which offers exceptionally good value for money and is one of Europe's fastest growing holiday destinations.

With an interbank Pound-to-Kuna exchange rate last seen at Kn8.29214, The Currency Club were - at the time of writing - offering the best buying rate at 1 GBP = 8.125 Kn with a £500 spend equalling Kn4,038.01 although to qualify for free delivery a £700 spend or higher is required (£2.99 P&P under £700).

Egypt: Wonders of the Ancient World that Wont Break the Bank

After crashing by 48% back at the tail end of 2016, the Egyptian Pound has never recovered leaving the North African nation the perfect destination for holidaymakers looking to cash in on boosted spending power.

A long-time favourite for British holidaymakers, Egypt offers nigh-inexhaustible delights for travellers from the temples of Karnak to Luxor, the Valley of the Kings and great Dam at Aswan, not to mention the Pyramids of Giza. For those looking for a more relaxing holiday, the Red Sea coastline is peppered with luxury, good-value, resorts for the perfect laid-back experience.

With an interbank Pound Sterling to Egyptian Pound (GBP/EGP) exchange rate last seen at EG£20.72806, Debenhams held the top spot in terms of the most favourable rate on offer with 1 GBP = 18.3 EGP, meaning a £500 spend equates to EG£9,149.75 (with free delivery on orders of £500 or more or the option to collect in store).

Above: Pyramids of Giza, Egypt

Iceland: Weaker Króna + Cheap Flights = Ideal Holiday Destination

Recent years have seen Iceland soar in popularity as a holiday destination. With flights from the UK at a little over £100 on a good day and the Pound Sterling up by over 20% against the Icelandic Króna since mid 2017, its easy to see why the number of British holidaymakers to the Nordic island nation have steadily risen.

Defined by its dramatic landscape with volcanoes, hot springs, geysers and lava fields, Iceland isn't your typical beach-side holiday spot but if you're looking for culture, natural beauty and maybe even a glimpse of the northern lights then Iceland's an ideal pick.

Above: Icelandic Waterfalls at Godafoss

At the time of writing, the Pound-to-Króna interbank exchange rate was last seen at K152.42765 with the most favourable rate on offer coming from Debenhams who are offering 1 GBP to 144.914 Krona meaning a £500 spend will buy Kr72,456.85 (with free home delivery).

Top Exchange Rate Need-To-Know Tips to Save You Money

Don't wait until the airport to change cash, the rates are frankly horrific. An obvious one but one which often catches last-minute travellers out, exchanging you domestic currency with airport travel money operators almost guarantees one of the worst rates available. With a captive audience, airport exchanges (as well as rail and ferry terminal operators) offer some of the worst exchange rates available. According to reports, some are offering worse than parity on the Pound to Euro rate with 1 GBP purchasing just €0.98.

Adopt the local currency wherever possible. While its tempting to keep a hold of your Pounds or Dollars given vendors in your holiday destinations seem happy to accept them, know that you're unlikely to get the best prices for your purchases given the vendor has to take into account the potential for fluctuating exchange rates and commissions charged when they themselves come to exchange your foreign denominations into the local currency.

Use credit over debit cards but be aware of charges. While not a universal truth, a good rule of thumb when choosing between whether to pay with a credit or debit card is to opt for credit given most credit providers offer more favourable rates. However, always be aware of any charges incurred on your balance as this could easily offset marginally more favourable exchange rates.

Compare travel money operators online. Have you ever stood in line to change travel money and used your phone to check the current rates on offer only to find the online deals are much better than what you're seeing on the board in front of you? Don't be surprised, just as online retailers can out-compete high-street competitors on price, travel money operators who conduct their business solely online often have the ability to undercut competitors given lower overheads associated with operational business activities.

We hope this guide comes in handy for you would-be jet-setters when selecting a holiday destination with money in mind and leave you with this pearl of (albeit common sense) wisdom from head of Post Office Travel Money, Nick Boden: "Picking a destination where prices on the ground are low can outweigh the impact of a weak exchange rate, but a destination where prices and cheap and sterling is strong is the best bet."

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Original source: https://www.exchangerates.org.uk/news/26641/2019-07-25-best-british-travel-money-exchange-rate-deals-and-destinations--boost-your-spending-power--when-holidaying-abroad--.html