Currency Flash Report
13 Feb 2014
Families heading abroad this February half term have had their budgets boosted, after the Pound strengthened following the news the Bank of England has increased its growth forecast for the UK economy.
Brits travelling to destinations in the Eurozone can benefit from an extra €39 for every £500 exchanged compared to mid-summer last year, when the Pound's strength was at a low. It's even better for those heading to the U.S. where the Pound is up ten per cent compared to mid-July. This means, on exchanging £500, Brits will have an extra $73 to spend on shopping. In line with the US Dollar, Emirati Dirham has also decreased against the Pound, allowing Brits to benefit from an additional 260AED for every £500 exchanged. With a current temperature of approximately 19⁰C, Dubai would provide more value for money as well as warm weather.
David Swann of Travelex comments: "Those heading on a romantic mini-break to Prague for Valentine's Day will find their budgets go much further than those heading to Paris or Rome. The Pound is up 14% against Czech Koruna compared to this time last year. This means an extra 1,913CZK (£54) for every £500 exchanged, which would cover a three-course meal for two with some left over."
Holidaymakers heading away this half term can make the most of their budgets by locking in the exchange rate on their travel money while the Pound is performing well. For those concerned about keeping their holiday money safe, the Multi-currency Cash Passport is the alternative to carrying cash: it's chip and PIN protected and not connected to a bank account.
Travelex is the world's largest foreign exchange specialist with almost 1,400 stores and 1,200 ATMs across 26 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.
For more information, please contact:
Polly Goddard - M&C Saatchi PR