The number of Brits heading on holiday to Europe increased last year, and figures are expected to rise throughout 2012.

Figures from the latest Currency Index by American Express Global Foreign Exchange Services found that the Pound Sterling is getting stronger against the Euro.

The Currency Index, which looks at the top 25 most popular currencies purchased in the UK for outbound travellers, found a significant increase in the volume of Euros bought. British travellers heading across the pond in the last three months of 2011 helped to bump up the sale of Euros.

The figures coincide with figures from the Office for National Statistics (ONS) data, which reported a rise in the number of trips to Europe in 2011. An estimated 43.3 million UK travellers visited the continent in 2011.

Terry Perrin, Director at American Express Global Foreign Exchange Services, said; “In 2011, European holiday destinations became more attractive to British travellers as the Pound strengthened against the Euro, allowing Britons to enjoy better exchange rates and get more value for their money.”

The US dollar increased against the pound last year, while the number of UK travellers heading to the USA rose by 1% to a figure of 3.6 million.

Despite the minor increase in UK travellers heading to America, the amount of dollars which were purchased actually fell.

“Although the strong Dollar is clearly not deterring people from visiting the US, it does appear that UK travellers are tightening their belts and reining in their spending, with the Dollar no longer offering the value for money that Britons have seen in previous years,” Mr Perrin continued.  

Transfer Money to Europe

If you are looking to invest in Europe, think carefully about how you will be transferring money to Europe. Foreign currency exchange rates quoted by banks are not usually the best way to send money abroad.

So if you are sending money to Europe – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.