Holidaymakers who are hoping to jet off this summer might be wondering where their money will stretch the furthest this year.
Right now, exchange rates have seen the pound sterling slip in value against the currencies of popular destinations like the EU and the United States.
That being said, intrepid travellers can still make the most of their cash in other beautiful destinations in countries in the Caribbean, Latin America and Africa, according to analysis by the Post Office. Meanwhile, anyone looking for a shorter trip has been tipped off to go to Turkey.
The firm has found that visitors to Egypt will get almost 73 percent more than a year ago for their pounds. They have said that those who plan a trip away to locations such as Sharm el-Sheikh and other Red Sea resorts could get over £210 extra on a £500 currency transaction.
This means that holidaymakers visiting Sharm el-Sheikh would pay the equivalent of around £48 for a three-course meal for two with a bottle of wine.
The same meal would cost more than twice that amount in Antigua, where it would put you back £100, and Barbados where an equivalent meal would cost £105.
And the Turkish lira has continued to tumble with is worth 25.3 percent less year-on-year against sterling. However, some areas in Turkey are still recovering from recent earthquakes with several strong after-shocks, according to the UK Foreign Office.
Those considering holidays in Africa will also get more for their pounds with five per cent extra in Kenya and almost 10 percent more in South Africa compared with six months ago.
Meanwhile, despite increased demand for these locations, the pound sterling has fallen against the Costa Rican colon by -22 per cent, the Mexican peso by -19 percent and Jamaican dollar by -13 percent.
Ed Dutton, Portfolio Director, Financial Services at Post Office said: "The fairest measure of demand is to compare currency sales now with the busy period before the Covid-19 pandemic.
"Sales of Caribbean and Latin-American currencies were particularly strong then, so it is encouraging that they are even more buoyant now.
"However, sterling has fallen in value against many of these currencies so holidaymakers should factor this into their holiday budgeting.
"A destination like Sharm el-Sheikh may prove cheaper because of the Egyptian pound’s steep fall in value against sterling."
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