According to recent research, many British travellers heading overseas will find themselves getting more bang for their buck! Moneycorp, a foreign exchange firm, has released a report showing a double digit year-on-year increase in the value of the pound for those flying to Brazil, Sri Lanka, Argentina or South Africa.
Since December 2011, the pound has gone up over 17 percent against the Brazilian real and 18 per cent against the Argentine peso. Other significant increases include a rise of nearly 14 percent against Sri Lanka’s rupee and 10 per cent against the South African rand, according to the report.
In the third quarter of this year the UK’s GDP grew by one per cent, which prompted a boost in the strength of the pound, rising more than 2 cents against the US dollar. The growth is said to be down to the success of the summer London 2012 Olympics and was higher than initially expected. Other areas where Britons will be able to capitalise on the exchange rates are Dubai, Egypt, India and Morocco as well as the eurozone.
Sterling’s current strength against foreign currencies has given people wishing to send money overseas a great opportunity to take advantage of the good rates. Adam Jordon, provider of the Telegraph international money transfer service and currency specialist at Moneycorp, advised that, “If you can, you should take advantage of the current situation, and either forward fix your exchange rate, or perhaps buy some of your currency now to get it at a good price.”