Private Forex News

The best foreign currency exchange rates are to be found further afield, according to the annual Post Office Holiday Money Report, which found that people's money went further in countries such as South Africa and Mexico.The South African rand has fallen more than 15 per cent against the pound since January 2011, and the Mexican peso has fallen more than ten per cent. Although Air Passenger Duty (APD) is scheduled to rise in April, these destinations will still provide more for the pound once you have landed. The relative weakness of the euro should also not be underestimated, and if the rates continue to fall or even level out, many European destinations will look attractive for travellers this year. Spain looks particularly cost-effective, with the average cost of eight items, including restaurant meals, toiletries and drinks, costing less than £38.Sarah Munro, head of travel money at the Post Office, said: “Resort prices in Spain are now 40 per cent lower than they were five years ago, when we conducted our first price survey. The cheaper cost of travel and the rising value of the pound (sterling rose this week to an 18-month high against the euro) will make it a compelling choice for bargain hunters.”For more information on purchasing currency for regular or one-off payments, visit our Personal FX site