·         Holidaymakers ‘quids in’ as sterling rises year-on-year against all top 40 currencies

·         Biggest gain of almost 37 per cent is against the South African rand

·         Transatlantic tourists will get 28 per cent more Jamaican dollars for their pounds

·         Head east to Thailand for lower resort costs AND nearly 20 per cent more holiday cash

·         City break holidaymakers get 29 per cent more for their pounds in Moscow, 14 per cent more in Prague and over 13 per cent extra in Budapest  

Exactly 12 months ago sterling fell to a year low against most major holiday currencies including the euro and the US dollar.  Now Post Office Travel Money reports that people planning holidays abroad could have over £100 extra to spend when changing £500 into foreign currency - provided they pick their destination carefully. 

Sterling has risen year-on-year against all of the Post Office’s top 40 holiday currencies and by at least 10 per cent against over half of them¹.  As a result holidaymakers will be ‘quids in’ in all the most popular overseas destinations – including transatlantic hotspots and Far Eastern favourites.

Andrew Brown of Post Office Travel Money said: “The biggest jump in sterling’s value is currently against the South African rand.  In a year when many people will want to walk in the footsteps of Nelson Mandela as South Africa celebrates 20 years of democracy, UK visitors will get almost 37 per cent more for their pounds.  That equates to over £134 extra to spend when they change £500.

“But UK tourists can look forward to having more spending money in every holiday hotspot this year and they will be even better off if they pick a destination where local prices are down.  Our barometer research found that resort prices were as much as 56 per cent higher last year than they are now² so it will be well worth doing some holiday homework before booking an overseas trip.”

Go West: Transatlantic travellers visiting the Caribbean will have most to gain in Jamaica where the powerful pound will buy 28 per cent more Jamaican dollars than a year ago.  Plummeting prices in island restaurants mean local costs are down as well.  A year ago the Post Office Worldwide Holiday Costs Barometer found that tourist items cost 56 per cent more than now.  There are sterling gains of around 10-15 per cent against all the other Caribbean currencies too, which means good deals for UK tourists visiting St Lucia, Antigua, Barbados, Tobago and the Dominican Republic.  

Head East: Sun-seekers heading to the Far East can also get much more for their money. Sterling has made strides against currencies for every Asian destination including Bali (rupiah +33 per cent) and Vietnam (dong +10 per cent), where tour operator Travelbag is reporting a 79 per cent surge in demand.  In Thailand, the UK’s Far East favourite, tourists will not only have nearly 20 per cent extra cash to spend – around £82 on a £500 currency transaction - but resort prices in Phuket are lower too.  Last year they could expect to pay 22 per cent more for the Post Office barometer items.   

Mexico has become a big favourite with wallet-watchers, keen to take advantage of cheap prices for five-star hotels.  Even though sterling fell in value against the Mexican peso during 2013, peso sales soared by a third to register a massive growth of 248 per cent in just five years, proving the destination’s popularity. Now sterling has strengthened 14 per cent year-on-year to regain its 2012 value and the forecast looks bright for Mexico again this year.

Bargain City Breaks: Closer to home in Europe, the best deals will be for city break holidaymakers planning trips to Russian cities or to Prague and Budapest, the cheapest cities in the Post Office City Costs Barometer. The Russian ruble has dropped in value by over nine per cent since the beginning of 2014 and is currently worth over 29 per cent less against the pound than last February, giving visitors over £113 extra cash when they change £500. 

The Hungarian forint has also weakened by over six per cent since early January and a 13 per cent year-on-year fall against sterling will give UK visitors £59 more to spend in Budapest.  Falling prices in the city mean an even better deal for holidaymakers too.  Last year they would have paid 29 per cent more for the same tourist items.

People planning trips to Prague will have just under £62 extra cash from a £500 currency exchange.  And, since eating out in the Czech capital costs just £22 for two according to the Post Office barometer, couples planning a weekend break will be able to use their extra cash to fund meals and have plenty of money left over for souvenirs.    

More than 70 currencies are available for pre-order at over 11,500 Post Office branches or online at postoffice.co.uk for next day branch or home delivery.  In addition, 25 major currencies are available on demand at 1,600 larger Post Office branches.

Ends

For more information, please contact:
Gabrielle O'Gara, Post Office Press Office: 020 7012 3456 / 07436 034094 / gabrielle.ogara@postoffice.co.uk 
Christine Ball, CBPR: 01798 874177 / 07976 285997 / cball@cballpr.co.uk

Notes to editors:
¹/² Please see attached for Post Office Travel Money exchange rates in 2014 compared with 2013 and a breakdown of Post Office Worldwide Holiday Costs Barometer prices.