New analysis from travel money business Centtrip reveals that sterling is now worth around 13.8% more against the Euro than it was this time in 2013, and it estimates this could save the nation around £2.7 billion this year on the value of spending money on holiday and business trips to the EU.
The report issued by Centtrip, which has the first prepaid Mastercard offering 14 currencies on a single card at ‘spread free’ exchange rates, reveals the nation spends around £19.56 billion a year whilst abroad on trips to the EU. It says if the valuation of sterling against the Euro remains the same this year when compared to two years ago, we could spend £2.7 billion less in 2015 and have more or less the same spending power we did in 2013.
In total we make around 42.5 million trips to the European Union every year. Centtrip’s analysis reveals that around 73% of the trips we take abroad are to the EU, and of the £34.9 billion we spend abroad, 56% of this is in the EU.
Brian Jamieson, Co-Founder and Managing Director, Centtrip said: “Sterling’s strength against the Euro is great news for UK consumers and businesses alike when they visit the EU. However, we estimate that on average, people pay around £11.9 in FX ‘spreads’ on their spending money per trip whilst abroad. People need to pay more attention to the ‘charges’ they incur every time they spend or buy something abroad.”
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