16 May 2012

Brits save up to 25% on holidays as Euro weakens

Holidaymakers hoping to get a last minute deal really could bag a bargain this summer as the euro continues to fall.

British holidaymakers heading over to Europe this summer could expect to save up to 25% in some cases.

Spending power has dramatically increased for Brits, especially on the Spanish islands or French resorts.

Reports show that for every £500 exchanged for euros, a family will receive an extra £47.41 compared to this time last year. This could make Fuerteventura car hire, for example, much cheaper.

Those travelling further afield can expect even bigger savings. For example, anyone travelling to Brazil will get a massive 24.5% more for their money this summer. That is the equivalent of an extra £86 for every £500 converted into local currency. Savings can be even bigger if travellers ensure they shop around for the best travel money rates as well.

British travellers heading off to Mexico can expect similar returns as they will save a significant 15.7% and visitors to South Africa will save 16.7%.

Andrew Brown, Head of Travel Money, Post Office said: "Although the increasing value of sterling against the euro has dominated the headlines, there are very few places where the pound is not packing a stronger punch this year.

"Our advice is for people to keep a close eye on exchange rates for all the destinations they are considering so they can judge where they will get the best return on their money.”

The euro has dropped to a three and a half year low against the pound, and whilst this spells good news for some holidaymakers, those heading towards Greece might have to deal with a different currency altogether.

A growing number of industry experts predict that an exit from the Eurozone is imminent for the debt-ridden country.

One particular online travel agent, DailAFlight, has gone as far as suggesting that Greek euros could soon be worthless and warned holidaymakers to get rid of them.

The Association of British Travel Agents insists that "a euro is a euro regardless of where it is printed.” The euro may still be in circulation until Greece develops a new currency.