Winter sunseekers heading to Europe will get more spending power after the Pound surged against the Euro to its highest level for almost two years.
Sterling hit a new peak during the weekend at 1.20 against the euro - the first time the exchange rate has returned to pre-pandemic levels since February 2020.
The Pound is recording a strong start to 2022, with gains against the Euro and a strong advance against the US Dollar.
This means that those exchanging cash for trips away in the coming weeks will be getting £77 more for every £1,000 exchanged than in January last year.
With travellers planning trips for the year ahead, it’s worth considering locking in currency rates to make the most of travel money. Alternatively, travellers can opt for a pre-paid currency card for any upcoming trips as another way to safeguard holiday spending money.
Jack Mitchell, head of travel money at foreign exchange specialist FairFX, said: “The pound has reached a peak of 1.20 against the euro over the weekend, officially returning to pre-pandemic rates for the first time since February 19, 2020.
“Exchange rates have risen eight per cent since the beginning of 2021 when the UK was in lockdown, from 1.11 to 1.20 today.
"This is a cause for optimism as we look to the year ahead and think about planning holidays.
"Combined with testing requirements being scrapped for vaccinated travellers in England and Scotland from February 11, Britons can feel cautiously hopeful that the coming months are looking much more ‘normal’ for travel."
For more stories from where you live, visit InYourArea.
