Going abroad this winter? These are the countries you should visit to make your pound go further
PUBLISHED: 12:00 23 October 2017 | UPDATED: 13:55 23 October 2017
Long-haul destinations could be the best way for winter holidaymakers to make the most of their pound, according to a new report.
Analysis of the value of the pound compared with October 2016 found its strongest performance is against the Argentine peso, with a 23% growth, followed by Japan and the Seychelles, where the pound is up by 15%.
Other popular destinations in the top 12 for sterling growth – according to the research by foreign exchange firm FairFX – are Malaysia (up 9%), New Zealand (up 8%) and Jamaica (up 7%).
Sterling hit some of its worst rates in history against the euro in August (1.08 euros to the pound) after varying by 10% over the past year.
FairFX chief executive Ian Strafford-Taylor said in the lead-up to half term holidays the firm was seeing a trend in people topping up currency cards “as and when the pound improves”, rather than at the last minute.
“It’s been a rollercoaster 12 months to say the least, with rates continuing to ping pong as the markets react to events such as the US election and ongoing Brexit negotiations.
“It has now never been more important for consumers to be aware of these fluctuations and the reasons behind them so that they can get the most out of every penny they exchange,” he said.
“Holidaymakers shouldn’t forget there has never been a better time to consider more far flung climes as there are many countries around the world where the pound has improved considerably.”
These are the top 12 countries where the pound has improved compared with this time last year, according to FairFX:
RANKING – DESTINATION – IMPROVEMENT IN VALUE OF STERLING
1. Argentina 23%
2. Japan 15%
3. Seychelles 15%
4. Sri Lanka 11%
5. Indonesia 11%
6. Tanzania 10%
7. Venezuela 9%
8. Malaysia 9%
9. Kenya 9%
10. New Zealand 8%
11. Hong Kong 7%
12. Jamaica 7%