Over two million Britons sought an escape from the harsh winter weather in 2011 and migrated to sunnier climates for the Easter holidays, and it looks like this year is set to see much of the same - but at what cost?
In research conducted by my Travel Cash, a prepaid MasterCard® currency card provider, 81% of respondents cited cost as the primary factor in picking holiday destinations, however it looks like familiarity and prior knowledge of the area might take more precedence than originally thought.
A poll carried out by carhiremarket.com revealed that over a third (35 per cent) of British vacationers have booked a trip to the popular Spanish Costas despite further afield destinations such as Bulgaria and Poland having been regularly hailed as desirable options due to the strength of Sterling against their currencies, as opposed to its dwindling strength to that of the Euro.
And when comparing some standard holiday purchases, the proof is definitely in the pint! While a lager will cost the equivalent of €0.78 in Bulgaria, visitors to Spain can expect to pay more than double for the same drink. Even the cost of a simple trip down the beach could be halved or doubled dependent on the two destinations. In Bulgaria, ice-cream cones for a family of four would cost the equivalent of €4 whereas the same purchase in Spain could result in a bill of nearly €25 – almost six times the cost!
Myles Stephenson, CEO of my Travel Cash commented: "What we found interesting from our research is that people are still determined to get away to sunnier climates despite the current economic uncertainty, and perhaps instinctively cite cost as the major factor when deciding where to go. What I'm surprised to see however, is that so many holiday-makers are choosing familiar destinations in comparison to trying somewhere further afield, despite the cost of living whilst in countries outside of the Eurozone being so much more cost effective.
"There has been much uncertainty surrounding the Eurozone, and as a result the Euro and Pound have been in a constant tug of war as to which one will gain strength. At times like these, where it can literally change by the day, it might be a better option for families and holiday-makers to consider other, less popular, destinations where they can ensure they'll get more bang for their buck. At my Travel Cash, we're committed to giving our customers the best exchange rate we can possibly give – that's why we track the market every 15 minutes to ensure we offer the most current prices. Using a my Travel Cash card wherever they are will ensure their money goes even further, as we do not charge for ATM withdrawals*, and we even offer 1% cash back on all purchases made on the card."
my Travel Cash's commitment to customers was highlighted in early 2012 when it was highly commended in the Best Prepaid Currency Card category in the Consumer MoneyFacts Awards, in which over 60,000 consumers voted.
Visit mytravelcash.com for information about terms, fees or to order a card by completing the short form. An Express Delivery option is available allowing cards to be delivered in just 3 working days.
my Travel Cash also offers a currency home delivery service.
* Some ATM providers may apply surcharges