More victory for Brits in Sochi
11 Feb 2014
Winter sports enthusiasts making the journey to Sochi will be rewarded with excellent value for their Rubles, as a result of the Pound's improved strength.
Compared to only 11 months ago, Brits exchanging £500 will receive an extra 4,975RUR - equating to an extra £94! Sales data from Travelex has shown the average transaction value on Rubles has increased by 92%, revealing savvy Brits have been snapping up the currency in advance of their trip.
Those feeling inspired to hit the slopes themselves should shop around to find the best value for their money. Brits returning to the most popular resorts in Europe will find themselves marginally better off with the Pound up two per cent against the Euro compared to this time last year. Holidaymakers willing to head further East to Slovenia or Bulgaria will find they have more spending money.
Although generally regarded as expensive, Norway is offering significantly more value for Brits compared to 11 months ago, with the Pound up 18% against Norwegian Krone. This means an extra 746NOK (equivalent to £76) for every £500 exchanged. Similarly Brits planning to ski in Canada will benefit from an extra $134 for every £500 compared to ten months ago.
David Swann, Head of Pricing at Travelex comments: "Skiing holidays are notoriously expensive so it's worth considering the value of the Pound when choosing your destination as it could make a huge difference to your budget. With the Pound little changed against the Euro compared to this time last year, savvy Brits should consider alternative destinations to get more value for their money.
Following a surge in the first few weeks of the year, the Pound has slipped back slightly due to disappointing UK PMI data which emerged last week. Despite this recent falter, the Pound is still up ten per cent against the US Dollar compared to seven months ago.
For those planning an upcoming trip, the Travelex Rate Tracker can help holidaymakers choose when to purchase their foreign currency by sending alerts when their chosen currency hits a significant low against the Pound.
Travelex is the world's largest foreign exchange specialist with almost 1,400 stores and 1,200 ATMs across 26 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.