The pound is currently trading at a five-year high against the US dollar, opening up a handful of cheaper holiday opportunities for those looking to get away this summer.
For those looking to take advantage, they should point their sights in the direction of the USA as a whole host of bargains could be found if the current situation holds out.
Before the financial crisis, one pound would return around two dollars but despite not being quite at those levels, savvy travelers can currently get around $1.70 for every £1.
Opening up many holiday options
From New York to Los Angeles and Miami to New Orleans, opportunities exist to get more for less this summer.
High-end items such as jewellery and computer technologies could be bought for considerably less than in the UK.
For instance, a Tiffany Harmony engagement ring could cost more than 25% less in the States, while a pair of high-end Nike trainers could cost more than 40% less.
It means travelers could pick up potential bargains when abroad, as well as enjoying all that is on offer in the USA.
Impacting on other currencies across the globe
The US dollar is often used as a marker for currency, so its current plight also means a number of other destinations have become cheaper.
In countries where the currency is pegged to the dollar, travel money will stretch about 10% further than it did at the same point last year.
This opens up many other options across the globe as well, including Dubai and the Caribbean for those looking for a last gasp trip away this summer.
Some 21 currencies are tied to the US dollar, including the Barbadian dollar, the East Caribbean dollar, the Hong Kong dollar and the United Emirati dirham.
This opens up many doors to exciting holiday opportunities to many vastly different parts of the globe.
Eight different countries use the East Caribbean dollar, meaning visitors to the following places can all get more for their money.
- Antigua and Barbuda
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
Managing finances when travelling
Travelling with a prepaid travel card can provide money to spend without the need to carry lots of travellers’ cheques or foreign currency.
With a prepaid card you can only spend the amount which is on it at any given time, making budget management possible, although it can be topped up if you so wish.
Additional security exists on these cards, while the exchange rate seen will be the one when the original transaction took place – providing protection should the exchange rate vary dramatically during a trip.