British travellers now enjoy a better exchange rate in five out of six of the most popular foreign holiday destinations compared to how they did before the pandemic, according to new analysis by the travel money specialist No1 Currency.
Three years on from the abrupt closure of Britain’s borders and grounding of flights, researchers compared the exchange rates seen on the eve of the UK’s first lockdown with those of today — and found the pound is now worth more against 45 of the 54 (83%) most in-demand currencies.
While double-digit inflation is making the cost of living – including the cost of UK holiday accommodation – soar at home, the sliding value of many foreign currencies has boosted the pound’s purchasing power in several holiday hotspots.
Sterling has more than trebled in value against the Argentinian Peso (up 234.6%) and the Turkish Lira (up 205.8%), and has doubled against the Egyptian Pound (up 103.9%) and the Sri Lankan Rupee (up 94.4%).
But the Pound hasn’t had it all its own way, and is now worth less against nine currencies. At the other end of the scale, sterling has shed a tenth of its value (down 9.3%) against the Australian Dollar and it buys nearly a fifth fewer Mexican Pesos (down 18.9%) than it did on the eve of the UK’s first lockdown.
The Euro is the most popular of all foreign currencies for British travellers, as it’s used by the UK’s neighbouring countries as well as favourite destinations like Spain, Portugal and Greece, but it failed to make the top 25 ranking. The Pound has risen by just 5.4% against Europe’s single currency since lockdown, putting the Euro at a ‘nul points’ 31st place.
Sterling work: top 25 best value currencies for UK travellers
|
Rank
|
Currency
|
One Pound pre-Covid (March 22, 2020)
|
One Pound today
|
Sterling gain
|
|
1
|
Argentinian Peso
|
74.30
|
248.57
|
234.6%
|
|
2
|
Turkish Lira
|
7.63
|
23.34
|
205.8%
|
|
3
|
Egyptian Pounds
|
18.33
|
37.37
|
103.9%
|
|
4
|
Sri Lankan Rupee
|
217.47
|
422.85
|
94.4%
|
|
5
|
Kenyan Shilling
|
123.38
|
159.38
|
29.2%
|
|
6
|
Japanese Yen
|
129.29
|
161.16
|
24.7%
|
|
7
|
Mauritian Rupee
|
46.08
|
57.20
|
24.1%
|
|
8
|
Colombian Peso
|
4,796.59
|
5,913.30
|
23.3%
|
|
9
|
Hungarian Forint
|
381.88
|
452.08
|
18.4%
|
|
10
|
Jamaican Dollar
|
157.55
|
184.91
|
17.4%
|
|
11
|
Indian Rupee
|
87.87
|
101.25
|
15.2%
|
|
12
|
Peruvian Sol
|
4.11
|
4.64
|
12.7%
|
|
13
|
Philippine Peso
|
59.66
|
66.65
|
11.7%
|
|
14
|
Moroccan Dirham
|
11.44
|
12.68
|
10.9%
|
|
15
|
South African Rand
|
20.51
|
22.72
|
10.8%
|
|
16
|
Thai Baht
|
38.09
|
41.88
|
10.0%
|
|
17
|
South Korean Won
|
1,461.69
|
1,601.86
|
9.6%
|
|
18
|
Polish Zloty
|
4.94
|
5.38
|
8.9%
|
|
19
|
Vietnamese Dong
|
27,070.50
|
28,998.50
|
7.1%
|
|
20
|
Israeli Shekel
|
4.20
|
4.49
|
6.9%
|
|
21
|
Romanian Leu
|
5.28
|
5.64
|
6.7%
|
|
22
|
Malaysian Ringgit
|
5.16
|
5.50
|
6.6%
|
|
23
|
US Dollar
|
1.15
|
1.22
|
6.4%
|
|
24
|
Hong Kong Dollar
|
9.04
|
9.61
|
6.4%
|
|
25
|
Taiwanese Dollar
|
35.32
|
37.49
|
6.1%
|
Source: No1 Currency analysis, 22nd March 2020 vs 20th March 2023
Holiday not spots: the 10 destinations where the Pound has fallen or is flat
|
Rank
|
Currency
|
One Pound pre-Covid (March 22, 2020)
|
One Pound today
|
Sterling loss / gain
|
|
1
|
Mexican Peso
|
28.47
|
23.10
|
-18.9%
|
|
2
|
Australian Dollar
|
2.01
|
1.83
|
-9.3%
|
|
3
|
Czech Koruna
|
29.79
|
27.42
|
-7.9%
|
|
4
|
Norwegian Krone
|
13.76
|
13.07
|
-5.0%
|
|
5
|
New Zealand Dollar
|
2.04
|
1.96
|
-3.8%
|
|
6
|
Singapore Dollar
|
1.69
|
1.64
|
-2.8%
|
|
7
|
Fiji Dollar
|
2.75
|
2.71
|
-1.4%
|
|
8
|
Swiss Franc
|
1.15
|
1.13
|
-1.4%
|
|
9
|
Indonesian Rupiah
|
18,963.20
|
18,824.20
|
-0.7%
|
|
10
|
Canadian Dollar
|
1.67
|
1.67
|
0.2%
|
Source: No1 Currency analysis, 22nd March 22 2020 vs 20th March 2023
Simon Phillips, Managing Director of No1 Currency, comments: “No-one will be celebrating the anniversary of Britain’s first lockdown, but three years on from our national confinement, the pound’s rising value offers a bright spot for anyone planning a summer getaway.
“Our analysis shows that compared to pre-pandemic times, the Pound in your pocket now goes further in the vast majority of the countries typically visited by British tourists.
“In the two most popular foreign destinations, France and Spain, sterling is currently worth a modest 5.4% more than it was before the first lockdown. But travellers venturing further afield will find their spending money goes dramatically further. For example, the Pound has doubled in value on Egypt’s popular Red Sea coast and in Sri Lanka, which offers palm-fringed beaches and year-round warmth.
“With the rising cost of living crisis making us all feel poorer at home, many people will want to keep the cost of going away in check this summer – and that’s why it often makes sense to use cash rather than a card on your travels. Taking some local currency makes it easier to keep track of your spending and set a daily budget, and physical notes come with the added bonus of the certainty that they will be accepted everywhere.
“And to make your Pounds go even further, don’t forget to shop around for the best exchange rate when you buy your travel money. To get the best deal, always buy it in advance and never leave things until you get to the airport.”
