Holiday Smarter: Make the most of the weak Pound

Back in early 2015, the Pound Sterling topped €1.40, a seven-year high against the Euro. Summer trips to the Costa del sol, city breaks in Paris and excursions around Athens were extremely attractive to Britons venturing abroad into the Eurozone, to take advantage of this belt-loosening exchange rate.

The current state of affairs see UK political and economic uncertainty stemming from the Brexit vote slashing the value of the Pound Sterling. Receiving a mere GBP 1:1.14 EUR can be considered a ‘good deal’ given the events of the last few months. The Pounds loss is dwarfed by the Euro’s gain – its surge in strength driven by the onset of, and future planned, cuts to the European Central Bank’s quantitative easing program, and Macron stabilising the French political landscape, side-lining Le Penn’s ‘anti-euro’ sentiment.

To put this into perspective: a hotel costing €2,000 for two weeks would have cost you £1,390 in the summer of 2015, but will now cost about £1,810.

The extent of the weakness of the Pound sees the UK as a relatively cheap destination - April saw almost 3 million eurozone visitors, according to the ONS data.

At SynerGIS, we want you to help you make your money work smarter. So here are the countries where you’ll get the best value for you Pounds:

Mongolia - Mongolian tögrög: MNT

1 piece of History: The Mongolian Stock Exchange was housed in a refurbished children’s cinema.

2 facts: Mongolia has one of the lowest population densities in the world. Its climate has roughly 250 sunny days per year.

3 things to do: visit the Gorkhi-Terelj National Park, Gandantegchenling Monastery and the Migjid Janraisig Sum.

Argentina - Argentine peso: ARS

1 piece of History: The early 1900's saw Argentina become one of the wealthiest nations in the world.

2 facts: Argentina was the first country to use fingerprinting in order to determine if a person was guilty of a crime. On June 20th Argentinians celebrate ‘Friends day’.

3 things to do: Visit The El Ateneo Grand Splendid, one of the world’s most beautiful bookshops; set in a former theatre, the Iguazu falls and the Perito Moreno.

Norway - Norwegian krone: NOK

1 piece of History: In 1969, oil was found in the Ekofisk field, proving to be one of the largest in the world.

2 facts: The Global Peace Index ranks Norway as the most peaceful country in the world. Driving under the influence results in a 30-day jail sentence coupled with a fine amounting to 10% of your income.

3 things to do: Visit the Geiranger Fjord, go on a Whale Safari and see the Northern lights.

Provided for informational purposes only. Not designed as advice. Speak to your IFA or tax advisor for advice tailored to your individual circumstances.