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Newsletter

Pound/euro exchange rate 'benefits holidaymakers'

By Tom Farley, Thu 5 Aug 2010 - Published in Travel Insurance

The strengthening of the pound against the euro will allow holidaymakers to save money, it has been suggested.

Specialist currency broker Currencies.co.uk pointed out that 29 per cent of Brits, or around 13.9 million people, will take a vacation in the eurozone this summer, with each taking an average of £702 in spending money.

The organisation noted that last year this equated to €815, but the recent improvement in the sterling/euro exchange rate means that £702 is now worth €871 - an extra €56 per person.

Stephen Hughes, director of Currencies.co.uk, commented: "With sterling recovering some of its strength against the ailing single currency, Brits holidaying in eurozone countries will feel much better off after the painful experiences of 2009."

The research also found that 15 per cent of holidaymakers could lose out on the beneficial exchange rate by taking their money out of cash machines when overseas.

A recent poll by Santander claimed that Brits could pay almost £50 million on unnecessary foreign exchange fees by using credit or debit cards when overseas.