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This is the first time the pound has been as strong against the euro for three and a half years. As a number of British tourists prepare for their summer holidays, the timing could not be better.
Figures show that British travellers will get 10% more for their money than a year ago.
The last time that the euro sold at 1.20 rates against the pound was on the November 4th 2008; since then it has dropped significantly.
Travelex is now selling at 1 euro and 20.8 cents while the Post Office is selling 1 euro and 20.7 cents for every pound.
Whilst many high street banks are offering lower rates, there are some specialist foreign exchange points which are selling them at the higher rate.
Speaking to the *BBC, *Chris Towner, from specialist foreign currency firm HiFX said:
"It is at very tempting levels, but sterling is still undervalued against the euro. It should reach 1 euro 27, or 1 euro 28, in the coming months.”
British holidaymakers heading to popular European destinations such as France, Spain, or Italy will enjoy the additional spending money.
Other currencies such as the Turkish lira, Croatian kuna and Bulgarian lev have also seen their value shrink against the pound, giving UK tourists more spending power this summer. As the pound is set to gain strength over the coming months, Brits will continue to enjoy getting more for their money overseas.
As well an benefitting from the stronger pound hoilidaymakers can also benefit from a travel money comparison service , which will allow you to track down the best travel money rates, normally saving around 5% on high strreet rates from banks.
Spain is one of the most popular holiday destinations for Brits. A number of holidaymakers from the UK who are heading there this summer can now enjoy cheaper car hire rates.
Anyone looking for the cheapest Spain car hire could use the Money Maxim car hire comparison tool.