You don’t need to be a finance whizz to understand our currency has taken a tumble. Last month, the pound reached an all-time low compared to the US dollar, and has yo-yoed against the euro for the last six months.
All of this means our spending power has been drastically weakened in certain destinations; eating out, shopping and visiting attractions might be much pricier than before.
But while the likes of the USA and Costa Rica might now be more expensive, there are still destinations where the pound is actually stronger than earlier this year.
In fact, in some cases the tables have been turned: while historically ‘cheap’ countries such as Mexico are pricier, wealthy Scandi nations like Norway and Sweden have almost slipped into line with London prices, according to a study by money exchange service FairFX (fairfx.com), comparing the strength of sterling between now and April 2022.
Jack Mitchell, head of travel money at FairFX, says: “As holidaymakers plan their trips, they should keep a close eye on the currency rates and consider whether to lock in. With the pound weak against the dollar and the euro, it could be worth considering travelling to alternative destinations.”
Here are three great spots to visit this winter, that might get you more bang for your buck…
Argentina
Why? Plagued by financial woes, Argentina’s economy has been on a rollercoaster journey for the last few decades. Right now it’s at a low point, with inflation projected by some to hit 100% this year. While it would be wrong to capitalise on someone else’s misfortune, the flow of foreign income into the economy could be seen as a positive thing for the country.
Exchange rate: You’ll now get an additional £116 for every £1000 exchanged (up 13%).
Where? Crumbling at the corners but eternally beautiful, capital city Buenos Aires is one of the prettiest urban centres in South America. Watch couples dance tango in the streets of San Telmo, dine in cool restaurants around hip district Palermo, and visit the football pitch in La Boca where Diego Maradona found fame. Downtown, architectural masterpieces include the 19th century Teatro Colón, where it’s possible to join a guided tour.
Money-saving tip: Banks charge an extortionate amount to withdraw money from the machine. Carry dollars to exchange on the ground – although be warned: while the…
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