Decline in resort costs cushions £ fall

WITH the end of the school term in sight, the challenge for families planning trips to the euro zone, will be how to get the most for their money and avoid busting their budget after sterling’s fall in value.

There is encouraging news for them in the Post Office Travel Money Family Holiday Report. This confirms that while resort prices are up on 2015 levels, when sterling was at a seven-year high, meals, drinks, and tourist items now cost less in several family favourites than in each year between 2011 and 2014.

Andrew Brown of Post Office Travel Money explains: ‘It’s all about putting today’s exchange rates into context. Sterling may have fallen recently, but when you compare its value with every other year since 2011 except 2015, holidaymakers can be reassured that the cash in their pockets will cover their costs – particularly as bars and restaurants in several of the resorts we surveyed have cut their prices to attract tourists.’

Families can expect to pay over a third less for a meal this summer than in 2011 in the Costa del Sol (£34.83 now compared to £53.92 in 2011) or Crete (£39.19 vs £58.82) and 40 percent less in Bulgaria (£27.83 vs £46.39).

Meal costs are lowest by far in Bulgaria. Families can expect to pay an average of £27.83 in Sunny Beach – 3.8 percent less than in last year’s record-breaking summer (£28.92).  The Algarve is another good bet for bargain hunters at £33.09 for a family meal. By contrast, holidaymakers visiting Sorrento (£87.09) and Ibiza (£100.15) will pay over twice as much as in Sunny Beach or the Algarve.

But Brown warned: ‘Keeping a tight rein on the holiday purse will still be crucial this summer and that is going to be a big challenge for many because our latest research found that only one-in-five families stuck to their budget on their last holiday.  The majority of families said they overspent by an average of over 25 percent – or £178 – on the £694 budget they set.

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Sterling rise good news for long-haul travel

WHILE the sterling has slumped to a 22-month low against the euro, it has strengthened against #currencies for top long haul #destinations.

At a time when pundits are reporting a surge in demand for long haul packages because these now come close to matching the cost of European holidays, intelligence from the latest quarterly Post Office Travel Money Holiday Money Index supports the idea that UK holidaymakers plan to travel further afield.

Most notably, US dollar sales have surged by 14 percent for January-March 2016 compared with the same period a year ago. This is a significant increase because the dollar is the Post Office’s second bestselling currency and the double-digit percentage rise is more meaningful than for currencies where sales levels are lower. It also suggests holidaymakers are ignoring the fact that sterling is three percent weaker than a year ago against the US dollar, possibly because they believe the US will be good value once they get there.

Andrew Brown of Post Office Travel Money says: ‘Sales of long haul currencies are booming. This suggests a move towards holidays further afield – especially as it is being reported that long haul destinations are competing well on price with European ones, where package prices are rising. In the case of the US, we believe some people who would have visited Egypt have swapped Sharm el-Sheikh for Florida. Prices in Orlando remain very attractive for families on a strict budget.’

Thailand is one of the long haul destinations where demand for holiday packages is said to be surging. Post Office sales of the Thai baht have increased by 17 percent year-on-year, indicating an awareness of the good value available in both holiday packages and on the ground prices. Prices in Bali and Cape Town are even cheaper, which helps to explain why sales have surged by 23 percent for the Indonesian rupiah and by 20 per cent for the South Africa rand compared with January-March 2015. Another factor in the sales surge for South Africa is the fact that sterling has risen by 19.3 percent year-on-year against the rand.

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Report names cheapest resorts for summer

UK HOLIDAYMAKERS are likely to find #resorts more expensive this summer compared to last year as sterling has fallen from its seven-year high, but the Post Office claims the pound will still stretch further in many destinations than it did five years ago. 

Sunny Beach in Bulgaria is the cheapest holiday destination in #Europe for the third year running, according to Post Office Travel Money's annual Holiday Costs Barometer.

Despite a 9.3% year-on-year rise in prices, a basket of essential items still costs only £41.55, it said. Next come the Algarve, Cyprus, and the Costa del Sol, where the same goods cost £52.65.

‘However, with packages to Spain selling like hot cakes after falling demand for Turkey,’ says the report, ‘there has been speculation that prices may rise.  If that happens, savvy travellers could head north for the sandy shores of Asturias, where package and resort prices are low.’

In sixth place Costa Blanca, prices have fallen 6% year-on-year, it said, bringing the cost of a basket of essential items down to £62.29. In Greece, the lowest prices are in Crete, Zante, and Kefalonia. In British favourite Corfu, prices are up by more than 14%.

Andrew Brown of Post Office Travel Money said: ‘The pound may be worth less in Europe than a year ago, but our research suggests UK tourists who choose destinations carefully could find resort prices lower than expected. However, sterling could be affected – positively or negatively – by the EU referendum vote.

‘For those still at the planning stage, it will be wise to compare prices for tourist staples in resorts you are considering before booking.  This could make all the difference to how far the holiday budget will stretch.’

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Cheaper travel costs offset £ slump

THE POUND has plunged to a 13-month low against the euro and some other European currencies, but there is still good news for people planning trips abroad in one of the busiest holiday booking months.

Research by Post Office Travel Money for its Holiday Money Report reveals that lower prices in most European resorts will cancel out the impact of the sterling slide. At the same time, currencies for many popular long-haul destinations including Mexico, Malaysia, and Thailand have weakened against sterling.

The biggest gain for sterling has been against the South African rand, so UK tourists on safaris, fly-drive trips along the Garden Route, or exploring Cape Town will see their travel cash stretch 26 percent further than last year. In just five years sterling has doubled in value against the rand.

Sterling is also surging against the Mexico peso, which means that Cancun will be a bargain bet in 2016. Holidaymakers heading east will be better off in Asia and the Indian Ocean, too. A sterling surge of over nine percent against the Malaysian ringgit compared with a year ago has compounded the impact of falling prices in Penang to make tourist staples 27 percent cheaper in Malaysia’s most popular destination. Sterling has strengthened by 1.5 percent against the Thai baht year-on-year.

While the US dollar is at a five-year high against the pound, making Orlando and New York some 10 percent more expensive, three other dollars are significantly weaker. The Australian, New Zealand and Canadian dollars have each fallen in value since last February, and are now over 10 per cent weaker than two years ago.

The Norwegian krone has lost value against sterling. A six percent year-on-year drop, rising to 22 percent over two years, makes a Northern Lights trip to Norway a better prospect than visiting Iceland for the Aurora Borealis. Sterling has fallen 10.5 percent in value since last February against the Icelandic krona.

Andrew Brown of Post Office Travel Money said: ‘This is definitely a year when it will pay people to do their homework before booking a destination. With sterling’s recent fall in value against more than half of our bestselling currencies, you can’t blame them for thinking twice about where to go on holiday. However, canny travellers will be quids in if they opt for destinations with weak currencies or those where local prices are low. Better still, if they combine both elements their holiday money will stretch further.’

Despite a fall of more than 10 percent since last summer, when sterling hit €1.41 to £1, the picture is far from gloomy for people planning visits to the eurozone. Post Office Travel Money research shows that fierce competition to attract tourists has led to hefty price-cutting in many popular holiday destinations – resulting in lower rather than higher prices this year.

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Golf boom on the Algarve

#THEALGARVE has revealed record #golf participation levels for the first and second quarters of 2015, with more than half-a-million rounds played along its coastline. The destination's allure was particularly illustrated in the second quarter, which accounted for 70 percent of the total increase in rounds played in the first half of the year.   

Almost 35,000 more rounds were played than in the same period in 2014 – equivalent to an additional 190 rounds per day – with visiting golfers benefiting from the mild climate, strong European flight connections, and value for money, particularly with sterling against the euro.

The region looks forward to hosting Europe's disabled golf elite in the second European Disabled Golf Association (EDGA) Algarve Open 2015 in November.

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Sterling's strength cuts prices for holidaying Brits

PRICES for British holidaymakers have fallen across Europe this summer, thanks largely to the strength of sterling, now at an eight-year high. 

Turkey and Bulgaria rather than eurozone resorts are offering the best value for travellers looking to cut their holiday spending. Post Office Travel Money barometer research reveals that a family meal with drinks costs under £29 in Sunny Beach, Bulgaria – down 11.5% on last summer.

Marmaris, Turkey, offers the best value for families with a selection of ten items, including pedalo rides, buckets and spades, water park visits and ice creams – being the cheapest of 14 European destinations surveyed at under £68. This compared with more than £135 in Nice.

The value available to UK holidaymakers in Turkey has been boosted by the pound being worth nearly 20% more than last summer and over 22% stronger than in January this year.  Families can expect to receive around £83 extra in Turkish lira on a foreign exchange transaction of £500 at the Post Office.

Sliema in Malta (£74.16) was the cheapest of 12 eurozone destinations surveyed, while the Post Office found that beach barometer items in Ibiza (£81.12) cost almost 8% less than in the Costa del Sol (£87.92), the lowest-priced of five Spanish destinations.

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Travelling Brits losing £££s on foreign currency spreads

UK RESIDENTS lose more than £1.24 billion every year to currency spreads when travelling abroad, according to research by Centtrip.

Centtrip’s analysis reveals that travellers are hit by an average 3.5% spread on foreign currencies including the euro and the US and Australian dollars. On the average spend for a trip – £591 – this translates as a hit of £20.70 when converting sterling into the local currency.

Centtrip’s analysis of the destinations that benefit most from UK travel reveals that UK residents spend more than £16.3 billion each year travelling to their top five destinations, with more than £6 billion being spent in Spain alone. This equates to more than £190 million in lost sterling due to differences between the market exchange rate and the sell rate of a typical travel money company. This is followed by the US, where UK residents lose more than £109.1 million to currency spreads each year, and France, with £109 million.

Brian Jamieson, co-founder and managing director of Centtrip, said: ‘The recent fall in the euro has hugely aided UK travellers when going abroad, especially when considering that 12 of the 20 most-visited countries for Britons are within the eurozone. However, our research reveals the huge losses made by travellers to currency spreads, which can amount to a significant sum over the course of the year.

‘People travelling further afield – where the average spend on a trip is typically higher – or those who make frequent trips abroad are hit even harder by currency spreads. It is therefore imperative that regular travellers, whether for business or pleasure, ensure they protect themselves from currency spreads by paying close attention to currency fluctuations and choose a currency provider who ensures they get the best rates available.’

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Strong £ slashes Turkey resort costs

THE surge in the value of sterling over the past month has sent resort costs in #Turkey tumbling.

The UK’s Post Office Travel Money Holiday Costs Barometer reported big resort price rises in April for UK holidaymakers in Marmaris. But a rebound in the strength of the pound against the Turkish lira has given families almost 14% more travel cash in their pockets compared with last May, making prices in the Turkish resort lower than a year ago.

But Paphos in southern (Greek) Cyprus remains the best value destination in the Eastern Mediterranean at £62.60 for a holiday basket of eight family travel essentials including meals and drinks – 12.4% lower than a year ago and 16% cheaper than in Marmaris.

Although concerns have been voiced about the possible impact of #Greece’sfinancialcrisis on tourism, Post Office Travel Money says that local prices in Greek resorts have stayed low. However, it advises holidaymakers to carry sufficient euros in cash to avoid uncertainty about the acceptance of credit cards at shops, restaurants, and bars because these are not always as readily acceptable as might be expected.

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How travel cards can save £££s

BRITISH holidaymakers are cashing in on the huge swings in the value of the euro to reduce the cost of their holiday spending by up to 11%. Operators of prepaid travel money cards are reporting a surge in sales of travel money cards in 2015, with tourists loading up with euros when exchange rates are most favourable, often many months ahead of travelling.

Over the last six months rates, have swung from a low of €1.247 to the pound to a high of €1.416. This means that a family buying €1,000 to cover holiday expenses would save more than £95 by picking the best week to buy. 

During the first few months of 2015, when rates have been particularly favourable, operators such as the International Currency Exchange have reported a 91% year-on-year increase in cards issued versus the same time last year, with customers loading euros on to prepaid travel cards.


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Brits flock to Europe to cash in on £ strength

AS sterling continues its run against the euro, the number of Brits travelling to the single currency zone is dwarfing the number of Europeans visiting Britain – and the trend shows no sign of stopping.

According to a travel barometer by GoEuro, 53% more Brits travelled to the continent in March than Europeans visited the UK.

Currently, London is the most searched for European destination, but as current trends develop, GoEuro predicts that Paris will become the new favourite by European travellers in the second quarter of this year.

While the strengthening British economy is beneficial for Brits travelling internationally, the UK tourism industry is likely to take a hit as European travellers look for more affordable options such as Paris, Amsterdam, and Berlin.

Says Pablo Martinez at GoEuro: ‘It is interesting to see the widening gap of outbound UK travellers versus incoming European visitors as the British pound continues to rise against the Eero. London traditionally has been the top destination for European visitors, but as the UK becomes more expensive, we predict London will be overtaken by Paris.’

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Vilnius offers biggest bang for your soaring UK £

THE rise of sterling has seen prices plunge in three-quarters of the European cities surveyed for the annual Post Office Travel Money City Costs Barometer. 

The increasingly powerful pound means city-breakers now have up to 22 percent more to spend than a year ago, equating to £90 extra on a £500 transaction.

For the seventh year running, Eastern European cities will offer bargain hunters the best value – taking seven of the leading ten places in the Post Office’s survey of 28 cities. 

Lithuanian capital Vilnius, with the city's Dawn Gate pictured is the newest eurozone member, tops the chart after registering a fall of over 15 per cent year-on-year in the overall cost of the barometer basket.

It would have been a clean sweep for the Baltic States, were it not for Budapest, which comes in second in the City Costs Barometer chart.

Andrew Brown of Post Office Travel Money said: ‘It’s a win/win situation for UK holidaymakers this year in European cities because prices are down in the majority of cities we surveyed, thanks to the soaring value of sterling. However, prices continue to vary significantly in different cities, so it makes sense to do some holiday homework before taking the plunge and booking a capital break.’

For the third consecutive year, Stockholm is Europe’s most expensive city, although prices for UK visitors are down by more than 14 percent.

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