Pound sails to reach five-year high against South African Rand
27 Jan 2014
Following further mining strikes in South Africa, which have caused the Rand to plummet, the Pound is at its best rate against the Rand since October 2008 - reaching above 18 Rand to the Pound for only the third time in history.
David Swann of Travelex comments: "Brits fed up with the wet weather should look to South Africa, where their summer is offering great-value sunshine. Compared to only 11 months ago, Brits are now getting 34% more when exchanging their Pounds for South African Rand, which means an extra 2,241ZAR for every £500 exchanged (equivalent to £118)."
The Pound made exciting progress last week, reaching a one-year high and two-year high against the Euro and US Dollar respectively. Following discouraging comments from Mark Carney, Head of the Bank of England, on Friday the Pound has slipped back slightly but is still up against the majority of the major currencies compared to a few months ago.
Those travelling to South Africa should be aware of the currency restrictions: a maximum of 10,000ZAR (equivalent to approximately £570) in cash is permitted to be brought in to the country. For travellers who wish to take more than the limit permits, Travelex's Multi-currency Cash Passport provides a secure solution: the card is chip and PIN protected and is not connected to a bank account.
Travelex is the world's largest foreign exchange specialist with almost 1,500 stores and 1,250 ATMs across 27 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.