The Post Office has compared currency sales during the first three months of 2022 with the same period in 2020. It found that UK holidaymakers were now buying foreign currency at “far higher levels” than before the Covid-19 pandemic first took hold in March 2020.
While the euro and US dollar remain “by far” the most popular currencies with UK holidaymakers, the Croatian kuna has seen the largest increase (137%) on 2020 sales.
Also seeing major rises in sales are the Barbados dollar (up by 107%), Jamaican dollar (+103%) and the Mexican peso (+91%).
The Eastern Caribbean dollar has seen a surge in sales too (up by 89%), showing strong demand for destinations such as Saint Lucia, Antigua and Grenada.
Nick Boden, Post Office’s head of travel money, said: “We are used to seeing a spring surge in sales of the Croatian kuna, but the rise in March was unprecedented, indicating that Croatia is set to have another highly successful year.
“We have also seen an extraordinary rise in sales of Caribbean and Central American currencies in 2022. It suggests that pent-up demand is resulting in many Britons planning holidays of a lifetime to some of the world’s most aspirational destinations.”
There has also been a surge in currency sales of the Turkish lira, up by 85% on 2020, which the Post Office said was “most likely boosted” by the collapse in the lira’s value – UK visitors will currently receive around 62% more lira for the pound than a year ago.
UK holidaymakers should benefit from an overall strengthening of the pound over the past couple of years - sterling has risen against 70% of the Post Office’s top 30 currencies since April 2020. This should particularly benefit visitors to Mauritius, Costa Rica and Japan, as well as Turkey.
The Post Office has also compiled a holiday cost barometer featuring the countries with the fastest-growing currency sales, which shows that food and drink in Turkey is now significantly cheaper than other destinations.
The barometer compares in-resort costs for five items including a cup of coffee and bottles of water, soft drinks and beer, plus a three-course meal for two people.
The cost of these items in the Turkish resort of Marmaris came in at just £20.21, way ahead of the next cheapest destination – Orlando in Florida where the items cost a total of £55.62.
Food and drink were significantly more expensive in some long-haul destinations such as Dubai (£115.81) and Barbados (£133.70).
“Holidaymakers who are still considering where to book should take resort costs into account because our Holiday Costs Barometer research found big variations in the cost of meals and drinks,” added Boden.
“Turkey is cheapest by far but, across the Atlantic, price falls in Orlando make it an attractive choice – especially for families - and summer sun bargain hunters are likely to find Costa Rica and Jamaica the best value at less than half the cost of Barbados. Travelling east, Mauritius also looks great value.”
