Pound plunge

Half of the people planning to go abroad on holiday this year will avoid the eurozone because of the fall in the value of the pound, according to foreign exchange bureau Travelex. Top destinations include Egypt, South Africa, Turkey and the US.
Two-thirds of holidaymakers say they are also looking for ways to save money on their trips abroad.

Choosing a country where currency rates are attractive will make your money stretch further. Securing a good exchange rate in advance - rather than waiting until you are abroad - can be another means of helping to keep costs down.
The pound has plummeted in value against the euro in the last year. Someone changing £500 on Friday would have received 546 euros. This compares with 603 euros six months ago and 650 euros at this time last year.

In contrast, the Turkish lira and South African rand remain good value. For example, £500 would have bought 6,947 rand on Friday.
Six months ago it would have purchased 6,780 rand. On Friday, £500 was equivalent-to 1,159 Turkish lira - compared with 1,111 lira a year ago.


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