Four Travel Destinations Where the British Pound Still Goes Far

The British pound has been somewhat fragile in recent months. Unbridled inflation and the Bank of England’s somewhat dovish approach to raising interest rates have caused the pound to fall sharply against other major foreign currencies.

In fact, the pound briefly touched $1.03 against the pound in late September – an all-time low caused by a series of unfunded tax cuts from the UK government’s recent mini-budget.

A weak pound against the US dollar makes vacations in the USA significantly more expensive for the average household. In the last 15 years, the value of the dollar has gone from $2.10 to the pound to $1.03 to the pound. Some economic analysts believe that it is not out of the possibility for the pound to reach parity with the dollar.

The forex market has been exceptionally volatile these days, with geopolitical and economic events rocking forex pairs large and small on what seems to be a daily basis these days. It is possible to use Forex markets to speculate on world events, with Contracts for Difference (CFD) brokers allowing ordinary people to buy and sell the price of one currency against another. The CFD forex market is one of the most liquid in the world, but you never have to physically own the currencies you trade with CFDs. A CFD is essentially a contract that allows you to profit from the rise or fall in the underlying asset.

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With the current widespread uncertainty surrounding the pound, there are few holiday destinations where sterling offers more bang for your buck. Fortunately, there are still a handful of countries whose own currencies appear to be weaker than the pound. Below we take a look at a quartet of countries where the cost of living is dramatically lower than the UK or whose currency is still much weaker than the pound.

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Bulgaria

Bulgaria is something of a hidden gem in the Balkan region. Few know that Bulgaria is home to some of the most beautiful beaches in the Black Sea, as well as rugged mountains and a warm Eastern European nightlife. The pound is doing surprisingly well against the Bulgarian lev. After reaching 2.19 leva per pound at the end of September, it is now 2.22 leva per pound. This is good news for a trip to what is considered the most affordable country in the European Union.

Thailand

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The sun-kissed beaches of Thailand have long been a popular tourist destination for those who love Southeast Asia. The welcoming people, vibrant wildlife and stunning geography make for an unforgettable experience. The Thai economy has struggled to wake up since the pandemic and the Thai baht remains relatively weak against the pound. After hitting a low of 40.61 baht a pound in September, it rose to 42.85 baht a pound in early October. It has been relatively stable in a range of 42 to 45 baht per pound for the past five years.

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Tunisia

In late September, the pound collapsed even against the lesser-known Tunisian dinar, falling to 3.53 dinars per pound. Since then it has recovered to around 3.67 per pound, with the dinar even reaching 3.99 per pound in 2019. It’s also incredibly cheap to live in Tunisia – 20.5% cheaper than nearby Morocco and a whopping 62.2% cheaper than the UK.

Turkey

Turkey has long been a popular holiday destination for British travelers and rising inflation has meant the pound has appreciated significantly against the Turkish lira. 12 months ago the lira was worth 11.71 to the pound. It’s now worth 20.61 per pound, effectively doubling your holiday budget. The country is also desperate for an economic boost through its tourism industry, so there are some very good deals here.

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