Pound rebounds as 2017 draws to a close | moneyfacts.co.uk

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Lieke Braadbaart

Online Writer
Published: 19/12/2017
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The pound hasn't been the steadiest of currencies since last year's referendum, going up and down (but mainly down) in response to current events. It ends 2017 on a positive, however, as research from No1 Currency reveals that it has risen against three-quarters of the most popular holiday currencies.

This means that those who are planning a trip to Turkey, Costa Rica, the Caribbean or the U.S., among many other destinations, will now be able to get a better exchange rate than a year ago. To illustrate, people would have been able to get 4.37 Turkish lira per pound on 19 December 2016, while they'd get 5.13 lira today, marking a 17.39% increase.

For those looking to book a trip to the U.S., they can now get 1.33 American dollars per pound – a rise of 7.25% compared to a year ago. The pound is also more competitive when looking at Commonwealth countries, up 6.74% for the New Zealand dollar, 3.61% for Canada and 2.35% for Australia.

Closer to home, there's good news for those going to Norway and Switzerland, but there's been an unfortunate drop against the euro and the Swedish krona. The largest drop reported by No1 Currency is the exchange rate against the Polish zloty, where a pound now only gets you 4.75 zloty, down 9.52% from 5.25 zloty last year.

So, those who are planning to go on holiday in the EU soon may do well to read our guide on how to make your travel money stretch further, as they can only get 1.13 euros per pound, down from 1.18 euros last year. Alternatively, putting some money on a prepaid travel card can both make it easier to pay abroad and safeguard the current currency rate.

Of course, if you think the exchange rate is due to improve in the new year, you could open a travel card in sterling instead of euros; you'd still be able to avoid fees (depending on the card) while benefitting from the currency exchange rate at the time of your travels. Or, if you'd rather not limit your holiday spending, you could open a travel credit card and pay off the money after your holiday instead.

Whatever you decide, don't forget to take some travel insurance abroad with you.


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