The poor currency exchange rate on sterling is stretching many people's holiday budgets this year.
According to analysis from M&S Money, the pound's currency exchange rate fell against five of the UK's ten most popular currency destinations over the course of the last year. It is worth bearing this in mind when looking for a currency exchange provider.
With the euro in particular, holidaymakers will find that the pound has fallen by around 9.5 per cent in the year-to-date. Meanwhile, the pound has dropped by 17 per cent against the Swiss franc and by over 15 per cent against the Australian dollar.
James Yerkess, head of travel money at M&S, commented: "With the pound dropping against many currencies, it is essential to plan your spending overseas to make sure you get as much value out of your holiday money as possible, particularly as commission charges can have a significant impact on your spends."
He urged travellers to research the available rates and to leave plenty of time to organise travel money. This is because leaving it to the last minute and exchanging currencies in the airport will see you lose out due to poor exchange rates.
