These are the currencies that will give you the most holiday money for your pounds

Monday, 17th February 2020, 1:31 pm
Updated Monday, 17th February 2020, 1:31 pm
These are the currencies that'll get you the most for your money (Photo: Shutterstock)
These are the currencies that'll get you the most for your money (Photo: Shutterstock)

The value of the pound has grown stronger against 80 per cent of the top 40 holiday currencies - including the euro and the US dollar, a new report has found.

By checking which currencies are weaker before you travel, you could cash in and save money on your next trip.

This is what you need to know.

Sign up to our daily newsletter

The i newsletter cut through the noise

Top ten destinations to get your money's worth

If getting the biggest bang for your buck is a deciding factor in where you might be going on your holidays this year, these are the top ten destinations whose currency will get you the most for your money, according to Post Office Travel Money:

Chilean peso, +22.3 per centTurkish lira, +19.0 per centBrazilian real, +15.9 per centSouth African rand, +10.5 per centHungarian forint, +10.0 per centNorwegian krone, +9.0 per centMauritius rupee, +8.9 per centAustralian dollar, +6.8 per centKorean won, +6.7 per cent

Where not to go

At the other end of the scale, sterling is almost 10 per cent weaker against the Egyptian pound than it was last February, meaning that any travellers looking to visit Egypt will get £55 less for £500.

Other currencies that will get you less include:

Costa Rican colon, -7.4 per centRussian ruble, -3.4 per centSwiss franc, -2.4 per centMexican peso, -1.4 per centIndonesian rupiah, -1.2 per cent

It’s worth bearing in mind that these figures come from the Post Office, who used their own currency exchange rates, which might not be the best rate that you can find.

Exchange rates also change frequently, so it’s best to keep an eye on them and check them again before you travel.

How to keep currency costs down

With so many ways to pay when you’re abroad, you can quickly find yourself paying more than you need to, and you might not be quite sure if you’re getting the best deal.

These are some tips from Which? to help keep your currency costs down:

Always pay in the local currency. When spending on your card, or using an ATM abroad, you’ll regularly be offered the choice of paying in pounds, or the local currencyWatch out for credit card fees. According to Which?, there are three different kinds of fees that could hit you when you use a normal credit card abroad, and you can avoid these fees by using a specialist travel credit card, which don’t have those feesFind a fee-free debit card - much like credit cards, debit cards can also charge fees when you use them abroadConsider a prepaid travel card which lets you load currencies onto it in advance to spend whilst you’re awayAvoid buying currency at the airport - you’re likely not going to get the most for your money if you’re exchanging it at an airport bureau de change. According to Which?, you’re much better off getting cash from the high street, or online