Britons should consider long-haul winter holidays for better exchange rates, says report

Top 12 destinations where the pound has improved include Argentina, Japan and the Seychelles

The value of the pound has improved by 15 per cent in the Seychelles (AFP/Getty Images)

UK holidaymakers planning winter trips should consider long-haul destinations to take advantage of where currency exchange rates have improved, according to a new report.

Analysis of the value of the pound compared with October 2016 by foreign exchange firm FairFX found that its strongest performance is against the Argentine peso, with a 23 per cent growth.

This is followed by the currencies of Japan and the Seychelles, where the pound is up by 15 per cent.

Other popular holiday destinations in the top 12 for sterling growth include the currencies of Malaysia (up 9 per cent), New Zealand (up 8 per cent) and Jamaica (up 7 per cent).

The strength of sterling against the euro has varied by 10 per cent over the past 12 months, with some of the worst rates in history during August (€1.08 euros to the pound).

FairFX chief executive Ian Strafford-Taylor said: "It's been a rollercoaster 12 months to say the least, with rates continuing to ping pong as the markets react to events such as the US election and ongoing Brexit negotiations.

"It has now never been more important for consumers to be aware of these fluctuations and the reasons behind them so that they can get the most out of every penny they exchange.

"As people prepare for city breaks and half term sun holidays, we are seeing a trend in people topping up their currency cards as and when the pound improves, rather than leaving it to the last minute.

"Holidaymakers shouldn't forget there has never been a better time to consider more far flung climes as there are many countries around the world where the pound has improved considerably."

These are the top 12 countries where the pound has improved compared with this time last year, according to Fair FX (ranking by destination's improvement in value of sterling):

1. Argentina 23 per cent

2. Japan 15 per cent

3. Seychelles 15 per cent

4. Sri Lanka 11 per cent

5. Indonesia 11 per cent

6. Tanzania 10 per cent

7. Venezuela 9 per cent

8. Malaysia 9 per cent

9. Kenya 9 per cent

10. New Zealand 8 per cent

11. Hong Kong 7 per cent

12. Jamaica 7 per cent

PA