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Compare The Best UK Travel Money Deals And Destinations

- Interbank British Pound into Euros exchange rate is EUR1.15845[1] - best travel money buy today is at TravelFX where you can buy at 1 GBP = 1.1455 EUR (FREE delivery over GBP700) - Interbank British Pound in US Dollar exchange rate is £1.29134[2] - best travel money buy today is at 1 Covent Garden FX where you can buy at 1 GBP = 1.2788 USD (FREE delivery over GBP750, GBP6 Under) See last week's travel money roundup here[3].

Follow the series here[4]. Often overlooked when deciding on a holiday destination abroad, favourable currency exchange rates can help you get the most from your hard-earned cash while paying a little attention to the rates on offer from the thousands of currency operators clamouring for your business can help you avoid the pitfalls of paying over-the-odds and maximise your purchasing power abroad. With Brexit weighing heavily on Brits' sentiment and the pound generally lower, now more than ever it's important to make sure you're getting the absolutely best deal available.

Financial Services Analyst, Irene Salazar recently wrote "As the travel money market adjusts to the new realities of a weaker Pound, consumers are actively adapting their behaviours and attitudes towards paying and spending abroad. Despite the challenges, there are opportunities for providers willing to help people make the most of their pounds." Nevertheless, according to the latest research on travel trends, UK holidaymakers spent upwards of GBP1.4 billion on currency conversion fees alone last year.

With that in mind, we're taking a look at not only, the most favourable destinations in terms of recent moves in the currency markets favouring the British GBP versus the domestic currency but also at the most competitive travel money operators for each.

Turkey - Sun, Sea and Surging Pound Sterling Exchange Rates

Compare The Best UK Travel Money Deals And Destinations Above: Turkey Hot Air Balloons Already a hot-spot for Brit's abroad, the continued depreciation of the Turkish Lira looks set to cement Turkey as a top destination for UK holidaymakers in 2019.

Since the turn of the year the British Pound to Turkish Lira exchange rate has soared by almost 15% with (at the time of writing) the GBP last seen trading at TRY7.6644, just shy of the 2019 high. With a culture steeped in Eurasian history, an abundance of Ottoman architecture, colourful bazaars and 201 blue flag beaches, whether it's sun and sea or a city-break, Turkey offers something for most and with the exchange rate currently well in favour of Brits, now's the perfect time to take advantage of boosted spending power. According to the latest travel money rates available, the most competitive operator (as of the time of writing) appeared to be TravelFX, offering a rate of GBP1 to TRY7.440.

In context, a spend of GBP500 would buy TRY3682.75 with 0% commission while a purchase of above GBP700 would bring the added bonus of free next-day delivery.

Europe to Remain Top Destination for Brits Abroad

While the UK's withdrawal from the European Union remains a hot - although tiresome topic for many by now - British holidaymakers are expected to flock to the bloc in droves this year with over 60% of all holiday's abroad expected to be within the EU. According to the Office for National Statistics, 15.4 million Brits travelled to mainland Europe in the Summer of 2018. Comparatively, since the August 2018 low, the Pound to Euro exchange rate has risen by almost 5 1/2 percent, boosting the spending power of Brits.

Compare The Best UK Travel Money Deals And Destinations Above: Best Pound Sterling to Euro Travel Money Deals With an abundance of holiday types - from lounging on the beaches of the northern-Med or Greek islands to city-hopping around the central bloc - coupled with ease of access and highly competitive air fares - Europe has something to offer for every type of holiday maker and given the favourable exchange rate, more Brits than ever are expected to head bloc-ward this Summer.

With free delivery on orders over GBP700 a current rate of GBP1 to EUR1.147 (compared to an inter-bank rate of EUR1.158), TravelFX were offering the most competitive Pound-to-Euro conversion rate at the time of writing.

Set-Jetters to Benefit From Favourable Krona & Kiwi Rates

Compare The Best UK Travel Money Deals And Destinations Above: Icelandic Springs The uptick in set-jetting as a holiday type is set to persist into 2019 with Game of Thrones and Lord of the Rings fans in particular set to benefit from favourable exchange rates.

Recent years have seen the Icelandic tourism industry boom with GoT fans flocking to the island nation to immerse themselves in the landscape of Northern Westeros. While the flood has somewhat slowed over recent years, favourable Pound to Icelandic Krona exchange rates will benefit Iceland-bound holidaymakers this year given the Pound to ISK exchange rate has climbed by almost 7% from it's December 2018 low. At the time of writing, the most competitive travel money offering available was from The Currency Club with a rate of 1 GBP buying 150.725 ISK and free next-day delivery on orders over GBP700.

For New Zealand bound holidaymakers, a similar 7% rise in the Pound-to-Kiwi exchange rate will see Brits with more cash in their pockets. While the flood of LOTR fans has slowed to a trickle, NZ's roiling landscapes and cultural idiosyncrasies continue to draw British holidaymakers. Given an average stay of 25 days, leveraging the most value from your Sterling could have a considerable impact on your spending power during your stay.

As of the time of writing, Sterling FX were offering the most favourable conversions rate of GBP1 buying you 1.9104 NZ dollars with free home delivery available on orders over GBP700 or same-day click and collect from their London office.

Sub-Tropical Islands, High-Tech Cities and a Soaring Sterling Boost South Korea's Tourism Profile

With the number of Britons travelling to South Korea having more than doubled over the last decade, South Korea has propelled itself from relative obscurity (in terms of tourism) to earn a spot in 2018's top 20 global travel destinations while becoming the 6th most travelled-to Asian destination. Compare The Best UK Travel Money Deals And Destinations Above: South Korea Lakeside

While regional tensions in the area may put off some, South Korea has a lot to offer from a tourism point of view with a host of sub-tropical islands and sandy coastlines offering plenty those looking to relax while high-tech cities such as Seoul mean there's plenty to do for the active holidaymakers among us. From an exchange rates perspective, a trip to South Korea could be an economically savvy choice given the Pound to Won exchange rate has risen by almost 7% since the turn of the year, boosting Sterling-holders spending power. As of the time of writing, the Travel Money Club appeared to be offering the most competitive rate on the Won with a conversion of GBP1 to 1,457.7KRW, two-business-day-delivery and a fixed fee of GBP9.95.

For those to whom a 48 hour wait may as well be eternity, TravelFX are offering a nearly-as-competitive rate (GBP1 to 1,437.7KRW) with the added benefit of free next-day delivery on orders of over GBP700.

Top Tips on Saving Money When Buying Holiday Money

While choosing a currency operator who offers the most competitive rates is a clear first step towards leveraging the maximum buying power out of you hard-earned holiday cash, there are a number of key and often overlooked ways in which we can avoid paying over the odds abroad. Avoid Airport Operators While in the hustle and bustle of prepping for your trip abroad you might choose to delay converting your Sterling to the local currency until hitting the airport, from a value perspective this is a big NO.

With a captive audience, travel money operators in airports offer some of the least competitive rates available. With next-day delivery or same-day collection becoming the industry standard, it's easier than ever to avoid the squeeze at the airport. Credit or Debit Card?

Many of us have been there, you've burned through your initial cash and in lieu of an open currency exchange you're unsure whether to use your debit or credit card. The answer is almost invariably your credit card with credit providers generally providing more favourable rates than your bank. However, and as always, be aware of any interest charges due on your credit balance!

Currency Cards Currency cards have risen in popularity over recent years. By using a card pre-loaded with your base currency you can take advantage of the most up-to-date currency conversion rates available meaning if the Sterling gets stronger while you're abroad, your spending power grows.

It's worth noting however that the inverse is also true with lower Sterling rates equating to less purchasing power. Adopt the Local Currency While a number of vendors will quite happily accept Sterling (not Scottish or Irish!), Dollars or Euros it's always best to adopt the local currency.

While it might be easier to forgo converting your home currency altogether, considering the vendor will then have to go and exchange your currency anyway - likely without passing on savings by finding the most competitive rate - using your home currency is a recipe for getting ripped off. Go local! This article is part of the Compare Travel Money[5] series.

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Save money on your currency transfers with TorFX, voted International Money Transfer Provider of the Year 2016, 2017 and 2018.

Their goal is to connect clients with ultra competitive exchange rates and a uniquely dedicated service whether they choose to trade online or over the telephone.

Find out more here[6].

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References

  1. ^ live GBP to EUR exchange rate today (www.exchangerates.org.uk)
  2. ^ live GBP to USD exchange rate today (www.exchangerates.org.uk)
  3. ^ here (www.exchangerates.org.uk)
  4. ^ here (www.exchangerates.org.uk)
  5. ^ Compare Travel Money (www.exchangerates.org.uk)
  6. ^ here (www.exchangerates.org.uk)

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