Foreign currency sales soar due to US and winter sunspot trips
Post Office Travel Money said demand for US dollars more than doubled in September and October compared with the same months in 2020.
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Your support makes all the difference.Foreign currency sales illustrate the high level of pent-up demand among UK holidaymakers to visit the USA and winter sunspots.
Post Office Travel Money said demand for US dollars more than doubled in September and October compared with the same months in 2020.
The US finally reopens its borders on Monday to travellers who are fully vaccinated against coronavirus from the UK and a selection of other countries.
This marks the end of a ban on overseas visitors introduced in early 2020 due to the pandemic.
The strength of sterling is a real bonus
The Barbados dollar, UAE dirham and Mexican peso are among other currencies for which sales have spiked in recent weeks.
Nick Boden, head of travel money at the Post Office, said: “Looking at our currency sales, the green shoots of recovery are now evident for most of the destinations now opening up to British visitors again and reveal a latent demand for hotspots in Europe and further afield.
“While the euro remains our biggest seller by far, there is no doubt that attention is turning to hotspots further afield as currency sales for Dubai and the Caribbean islands are among the most popular choices for our customers.”
Post Office Travel Money said sterling has made “significant year-on-year gains” against most popular holiday currencies, increasing the spending power for UK tourists.
They include Turkish lira (up 21%), Mauritius rupee (up 14%) and Thai baht (up 13%).
Mr Boden said: “The strength of sterling is a real bonus but it is also important to consider the cost of living in individual countries.
“When you combine the two, Jamaica and Mauritius look like winter sun winners according to our barometer of resort costs.
“Prices for meals and drinks are 79% higher in Barbados than in Jamaica.
“Similarly, when you compare costs in the most popular US destinations, visitors to Orlando in Florida will pay around a third less than in New York.”