Long-haul currencies popular as UK households book holidays abroad

19 March 2022, 00:04

A beach in St Kitts — Currency sales. Picture: PA

The Mexican peso, the Barbados dollar and the East Caribbean dollar have climbed up the Post Office’s best-selling currencies tables.

Soaring sales of long-haul currencies have been seen by the Post Office, as UK holidaymakers gear up for overseas getaways.

Sales of Mexican and Caribbean currencies have been surging in 2022, the Post Office’s holiday money report found.

The findings were released after remaining Covid travel measures were axed.

Sterling’s strength against European currencies also means tourists will get value for money closer to home, the Post Office said.

The report’s worldwide holiday costs barometer of 36 destinations found that resorts in Turkey and Bulgaria tended to offer the lowest prices for bargain hunters.

Sales of Bulgarian lev at Post Office Travel Money, which accounts for one-in-four UK currency transactions, are currently outstripping those of the Turkish lira by nearly 14%.

As a result, the lev has leapt into the Post Office’s top 10 best-selling currencies for 2022 in 10th place, three ahead of the Turkish lira in 13th position.

The euro and the US dollar remain the Post Office’s best-selling currencies in 2022, in first and second place respectively.

The Mexican peso is in ninth place in terms of the best-selling currencies, climbing from 13 in 2021.

The Barbados dollar (the 11th best-selling currency at the Post Office this year) and East Caribbean dollar (placed 14th) are climbing up the table, the Post Office said.

Among the destinations the Post Office looked at, it said Cape Town in South Africa came out top for value for long-haul holidaymakers.

Nick Boden, Post Office head of travel money, said: “The buoyancy of sterling is welcome news as Britons get set to book holidays abroad but, to get the most for their money, they should not only pick destinations where sterling is performing well but also where the cost of meals, drinks and other tourist staples is low.

“There is plenty of choice – in Europe, Turkey and Bulgaria are ‘best buys’ but further afield it will be worth considering Thailand or Mauritius.”

Here are the Post Office’s top 20 best-selling currencies in 2022 to date, with last year’s ranking in brackets:

1. Euro (1)

2. US dollar (2)

3. Australian dollar (4)

4. UAE dirham (3)

5. Swiss franc (9)

6. South African rand (8)

7. Canadian dollar (5)

8. Thai baht (10)

9. Mexican peso (13)

10. Bulgarian lev (-)