Published on Tuesday, July 18, 2017

Cost of overseas currency rises by a quarter

UK holidaymakers will take £836 million more on holiday this summer in light of the fall in sterling, according to Sainsbury's Bank Travel Money.

Each traveller will take an additional £34 compared to this time last year as the pound is currently worth 3% less against the euro and 1% less against the US dollar than a year ago.

In the first five months of the year, the sum of the top-five foreign currencies bought from Sainsbury's Bank Travel Money was 26% higher than the same period in 2016.

To combat the fall in sterling and to make money go further, 9% of people have chosen to go all-inclusive holidays, while 6% have booked self-catering to save some cash.

Almost one in 20 say they will go on fewer excursions whilst on holiday abroad, and 3% have decided to holiday in the UK this summer.

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  • 'Spending Money' figures misleading

    This Sainsbury's data stating merely 3% and 1% - and based purely on "spending money" actually obscures the real position. Less than two years ago the Interbank midpoints gave us US$1.54 and €1.44. Today they are US$1.30 and €1.12 respectively. It means that US$4620, previously costing £3000 in July 2015, would today cost us Brits £3553. Similarly €4320, previously costing merely £3000 in 2015, would today cost us £3857.

    By Paul Tucker, Tuesday, July 18, 2017

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