Foreign Holiday Destinations are Cheaper this Half Term

It’s true, 70% of popular foreign holidays are cheaper this October half-term than they were a year ago and it’s largely due to favourable exchange rates.

M&S Bank research shows that seven in ten popular foreign holidays are costing an average of £30 less per adult this October half-term than they were a year ago.

Greece was revealed as the most affordable destination, costing £662 per adult, an average saving of £59 per person on last year.

With relatively low inflation and the increased strength of the pound against the euro, the five most affordable holiday destinations are all in Europe. Fabulous as of course these destinations have some of the shortest travel times, meaning families have more time to enjoy their holiday.

According to the research the 5 most affordable holiday destinations in October 2012:

• Corfu, Greece, at £662 per adult
• Alicante, Spain, at £687 per adult
• Bodrum, Turkey,  £870 per adult
• Tenerife, Canary Islands, at (£1,005 per adult
• Faro, Portugal, at £1,035 per adult

If you’re looking for a holiday to France with a day pass to Disneyland Paris, you’ll be pleased to know that costs this half term are down 4.5% compared with 2011 and France sits in 6th place on the league table.

Although Turkey is more expensive this year as a result of higher inflation and a decreasing exchange rate, as it has low local costs and flight prices, it means it is still the third cheapest holiday destination overall.

With all the excitement that a trip to Florida might bring, it is unfortunately one of the most expensive holidays you can take this half term (£1,734.61 per adult) and is beaten only by Mauritius (£2,204.45 per adult).

Gill Roberts, Head of Travel Money at M&S Bank, said: “With value for money increasingly important, the strength of the pound against other currencies and relatively low inflation rates may well enable more families to book a getaway in the sun this October.

“To maximise your holiday budget, be sure to take into consideration factors such as local costs and exchange rates as well as getting the best deals on flights and accommodation. A favourable exchange rate can make many destinations more affordable and could have a significant impact on how much money you can spend while you’re away.”

With help from Gill here are some travel money tips:

• Plan your holiday budget so you know how much your holiday is going to cost and how much foreign currency you need
• Check out whether tickets for the activities you are planning are cheaper if bought in advance
• If you’re getting your currency on the high street choose a provider with a large number of currencies on demand
• Don’t rely on internet rates if buying in-store
• Don’t leave your holiday money until the last minute – airport bureaux often offer less competitive rates and may not have a wide variety of note denominations

MoneyHighStreet comments: “Making the most of your holiday travel money is vital. We’d add another option to consider in terms of getting your currency. Look at a prepaid currency card, such as offered by CaxtonFX or FairFX. These are becoming increasingly popular as a great way of carrying your money when on holiday.

Also, don’t forget to buy travel insurance and remember, as with all insurance, cheapest isn’t always the best. Makes sure you think about what cover you need and then shop around to get the best deal. Using a comparison site, such as Confused.com or Quotezone.co.uk, can help.”

Useful Links

Confused.com website – click here

Quotezone.co.uk website – click here

CaxtonFX website – click here

FairFX website – click here