Insight from M&S Travel Money reveals that the value of the pound has increased against eight of the top ten currency destinations over the last 12 months, with sterling gaining as much as 66 per cent on the Turkish lira – M&S Travel Money’s third most popular currency destination of 2023.

As holidaymakers continue to look for low local costs, as well as favourable exchange rates, Australia has increased in popularity over the last 12 months, having moved up two places, from sixth to fourth, when it comes to the most popular currency destinations, which may have been further bolstered by the pound gaining 10 per cent on the Australian dollar, compared to the same time last year.

However, the Eurozone remains holidaymakers’ top currency destination, despite sterling dipping one per cent against the euro. America also continues to hold its position as the second most popular currency destination, with holidaymakers able to benefit from the pound increasing eight per cent against the US dollar compared to the same time last year.

The pound has gained two per cent on the Thai baht compared to last summer, and with this Thailand has also increased in popularity over the last 12 months, moving up three places to become the seventh most popular currency destination; meanwhile, Mexico is no longer in the top ten for summer 2023.

Despite sterling seeing a ten per cent increase against the UAE dirham, the UAE has dropped from the fourth to sixth most popular destination, while South Africa enters the top ten destinations for summer 2023, with the pound up 11 per cent on the South African rand.

Sterling movements against M&S Travel Money’s top ten currency destinations over the last 12 months:

Nic Moran, M&S Travel Money, said: “We’d always encourage holidaymakers looking for a good deal to consider the total cost of their holiday, including exchange rates and local costs, and it looks like many holidaymakers are considering the value of the pound compared to local currency when considering their summer holiday destination.”

Nic’s top travel money tips:

• Plan spending money early: Get your spending money organised ahead of time; order your currency online, or visit a high street bureau de change, to secure a rate in advance – and travel with both local currency and a credit card, to ensure you’re covered for all eventualities.

• Don’t leave yourself short when it comes to currency: Ensure you have enough cash for snacks, taxis and tipping, ATMs may not always be readily available.
• Consider local costs when budgeting: ensure you factor in the cost of things like meals, shopping and tipping, sterling gains on some destinations can mean your holiday budget goes further on arrival

The M&S in-store travel money bureaux, alongside its euro and dollar Click & Collect travel money service, means an M&S currency service is available in more than 450 M&S stores. The service offers a Click & Collect facility, so customers can order using their Smartphone or tablet – whether at home or in store – and collect in as little as 15 minutes.

Top ten currencies (based on M&S Travel Money currency sales over the last 12 months)