Cut-price Turkey delights
THERE has been a dramatic surge in the number of Britons jetting off to Turkey, as the slump in its currency slashes the cost of holidaying in the troubled country.
The lira has lost three-quarters of its value over the last 12 months against the pound, as the country reels from a financial crisis and trade tariffs imposed by the US.
It is down by a quarter in the last three months alone but tough times for the Turks are benefiting British holidaymakers as prices in this popular destination tumble when converted into sterling. TALKING TURKEY Even before the recent slump it was possible to eat out for less than £10 per person, with a beer costing less than £1.50, and prices have fallen even further since then. Holidaymakers are not thought to be in any danger when visiting Turkey despite the crisis, and this has led to a surge in the numbers jetting off to take full advantage of the boost to their spending power.
The number of Britons looking for a holiday in Turkey has soared by more than 50 per cent this year, with a 20 per cent rise in the last week alone, as the country’s troubles grab the headlines according to figures from TravelSupermarket.com. LIRA WE GO The holiday comparison site’s travel expert Emma Coulthurst said people are looking to capitalise on the weakened lira. “If a budget-friendly, late-summer break is what you’re after then Turkey is just the ticket. Brits can get fantastic deals on eating out, drinks and shopping, and there are some excellent package holiday deals to boot,” she said.
Turkey is now one of the cheapest places to holiday with resorts such as Alanya, Side and Lara offering the best packages, starting from little more than £200 per person for a week in September, for three-star self-catering, she added. POUND DOWN Turkey offers a rare moment of relief for tourists, as the fall in the value of the pound has made most foreign destinations a lot more expensive over the last couple of years. Brexit uncertainty is casting a shadow over sterling, which has slumped 10 per cent against the US dollar since peaking at $1.43 in mid-April.
Today it hovers around $1.28, marking a 14-month low. This means someone exchanging £1,000 would get $150 less for the same money.
Sterling has also dipped against the euro and 35 other currencies since May but it isn’t all bad news, as research shows travellers happy to go the extra mile to a long-haul destination can take advantage of its growing strength against other currencies. The pound is up 72 per cent against the Argentine peso over the last 12 months and 17 per cent since May. It is also up 10 per cent against the South African rand. BETTER RATE Ian Strafford-Taylor, chief executive of travel currency expert FairFX, said talk of a no-deal Brexit is weighing heavily on the pound.
“However, it is performing well against other destinations so if you haven’t booked your summer break it is worth looking at where the pound is stronger,” he said.
You should also try to get the best possible deal when booking holiday money by shunning airport currency booths and ordering online in advance, where rates can be up to 20 per cent better.
Those who take credit or debit cards should beware of local ATM transaction fees which cost up to up £10 for a single cash withdrawal.
Strafford-Taylor said you should also beware of tricks such as dynamic currency conversion, where the ATM, shop or restaurant asks if you would rather pay in pounds than the local currency: “Always say no as you will get a much poorer exchange rate.”
Fawad Razaqzada at foreign exchange specialists Forex.com, said sterling had been knocked by fears of a no-deal Brexit. “Any rallies in the pound could be short-lived until we know more,” he said.