CYPRUS BEST ‘VALUE FOR MONEY’ EUROZONE DESTINATION FOR BRITISH HOLIDAYMAKERS THIS SUMMER
- Spending power of Sterling has increased 7 per cent in Cyprus over the last six months
- The Euro remains the most popular currency with UK travellers
- However, US Dollar offering less ‘bang for your buck’ compared to start of the year
Cyprus has offered more value for money to British holidaymakers over the last six months than any other Eurozone country, according to John Lewis Foreign Currency The popular tourist island was found to have had a 7% increase in spending power for British tourists travelling in the currency union in the last six months thanks to tumbling inflation and the weak Euro.
Outside the EU, the Turkish Lira provided Brits with the greatest overall increase in spending power (14.2%) followed by the Australian Dollar (8.8%) and the Mexican Peso (8.7%)*. In comparison, the US Dollar came bottom of the table of value offered by the most popular currencies, with an increase in spending power of just 1.6 per cent. (1) The good news for those travelling abroad from the UK is that all countries that made the list of most popular currencies saw an increase in Sterling’s spending power over the last six months.
Best value currencies against the pound (adjusted for inflation) between February 2015 and July 2015
| Country | Currency | Value increase for the pound (adjusted for inflation) |
| Turkey | Lira | 14.2% |
| Australia | Australian Dollar | 8.8% |
| Mexico | Peso | 8.7% |
| Japan | Yen | 8.2% |
| Cyprus | Euro | 7.0% |
| Slovenia | Euro | 6.1% |
| Finland | Euro | 5.6% |
| Italy | Euro | 5.6% |
| Germany | Euro | 5.6% |
| Austria | Euro | 5.5% |
| Canada | Canadian Dollar | 5.4% |
| Malta | Euro | 5.2% |
| Slovakia | Euro | 5.2% |
| Estonia | Euro | 5.2% |
| France | Euro | 5.1% |
| Latvia | Euro | 5.0% |
| Greece | Euro | 4.9% |
| Luxembourg | Euro | 4.9% |
| Ireland | Euro | 4.9% |
| Portugal | Euro | 4.8% |
| Netherlands | Euro | 4.7% |
| Spain | Euro | 4.5% |
| Belgium | Euro | 4.4% |
| Lithuania | Euro | 4.4% |
| Switzerland | Swiss Franc | 4.3% |
| Croatia | Kuna | 3.9% |
| Iceland | Krona | 2.3% |
| United States | Dollar | 1.6% |
The research from John Lewis Foreign Currency also found that the Euro remains by far the most popular currency for British tourists, followed by the US Dollar. However, between October 2014 and July 2015, the Icelandic Krona and Japanese Yen replaced the UAE Dirham and Danish Krone in the list of top 10 most popular currencies. (2)
Top 10 most popular currencies between October 2014 and July 2015
| October 2014 | July 2015 |
| Euro | Euro |
| US Dollar | US Dollar |
| Canadian Dollar | Canadian Dollar |
| Turkish Lira | Turkish Lira |
| Swiss Franc | Australian Dollar |
| Croatian Kuna | Croatian Kuna |
| Australian Dollar | Icelandic Krona |
| UAE Dirham | Swiss Franc |
| Danish Krone | Japanese Yen |
| Mexican Peso | Mexican Peso |
Dino Marcangelo, spokesperson for John Lewis Foreign Currency, said: “It is great that Cyprus has finished top of the pile in the Eurozone. The country has beautiful weather, great food and a wealth of activities for everyone, and as the value of the pound has increased against the Euro it makes it a great place to book a cheap holiday this summer.”
“With Europe on our doorstep and the Euro offering such good value it is hardly surprising that the currency has continued to be the most popular choice for UK tourists, particularly as the US Dollar has remained quite robust against the pound.”
Marcangelo continues: “Our findings also show that many British tourists are increasingly opting for less conventional destinations for summer trips abroad. Demand remains high for the currencies of countries like Iceland, Canada and Japan all year round.”
John Lewis Foreign Currency offers the same commission-free rates online and in store, with 60 currencies available for order online.
People can find out more about the service by visiting calling johnlewis.com/foreigncurrency