Forget the wall – if you’re going on holiday, head for Mexico and get more pesos to the pound

3 CURRENCY

BRITONS hoping for a bargain trip to the US on the back of Trumpinduced currency jitters could be better off looking at alternative destinations – with Brazil, South Africa and Mexico looking better value than a week ago.

The Mexican peso fell sharply against the US dollar in the hours after Trump’s victory speech on fears that the incoming president would follow through on threats over immigration and trade with his country’s southern neighbour.

It has been a good week for the pound, which strengthened against 40 currencies – including those of some popular holiday destinations. Sterling ended last week up more than 4 per cent against the euro but less than 2 per cent up against the dollar.

This means travellers who bought £1,000 of euros on Friday collected £43 more than those buying at the start of the week. But those buying dollars saved just £15 on earlier in the week.

The greatest benefits were for those converting holiday cash into the Brazilian real, South African rand and Mexican peso. They pocketed £78, £65 and £60 extra respectively.

Ian Strafford-Taylor, of travel money firm FairFX, believes that volatility will increase over the coming months as Trump’s plans start to take shape – so he advises keeping an eye on rates.

WHAT YOU SHOULD DO

PLANNING ahead means travellers can lock into a good rate when they spot it. Always buy in advance and online. For the best deals try comparison website TravelMoneyMax. Or top up a pre-paid currency card. Popular cards include Revolut, WeSwap and FairFX. Never buy currency at the airport.

Cut costs by using plastic designed for overseas use, such as credit cards Creation Everyday, Halifax Clarity and Nationwide Select.

Once abroad, if given the choice to pay in pounds rather than the local currency always choose the latter.