New analysis(1) from global currency business Centtrip reveals that across ten popular ‘ski currencies’, Sterling is up against six of them compared to a year ago. It is worth a staggering 13.6% more against the Canadian Dollar today than it was 12 months earlier, and 8.4% more against the Norwegian Kroner. However, it’s down against the Dollar (-6.5%), the Swedish Krona (-1.6%) and the Euro (-0.2%). The exchange rate against the Bulgarian Lev dropped nominally, falling by only 0.04%.
In total, around 1.5 million Brits go skiing or snowboarding every year and they spend over £1 billion doing this.(2) Centtrip’s analysis reveals that, due to favourable exchange rates, those taking £1,000 in spending cash to Canada and Norway will be better off to the tune of £119.40 and £77.52 respectively when compared to a year ago. In Switzerland, they will be £68.03 better off, and in Poland the corresponding figure is £21.81.
|Country currency||Change in value of Sterling against this currency between 19th January 2015 and 19th January 2016||The difference in value of £1,000 between 19th January 2015 and 19th January 2016|
|Canadian Dollar||13.6%||£119.40 more|
|Norwegian Kroner||8.4%||£77.52 more|
|Swiss Franc||7.3%||£68.03 more|
|Polish Zloty||2.2%||£21.81 more|
|Romanian New Leu||0.4%||£4.28 more|
|Danish Krone||0.2%||£1.55 more|
|Bulgarian Lev||0.04%||£0.41 less|
|Swedish Krona||-1.6%||£16.30 less|
|US Dollar||-6.5%||£69.27 less|
Centtrip, who offer a prepaid MasterCard® offering 14 currencies simultaneously on a single card providing direct access to live ‘spread free’ market exchange rates, also found(3) that inflation in the UK last year was 0.23%, but in five of the ten countries analysed there was deflation, so Sterling would be worth more here than it was a year ago. During this period, Sweden, Bulgaria, Poland, Romania and Switzerland all saw deflation. Norway, Canada, the US and Denmark all had higher rates of inflation than the UK, providing a negative impact on the spending power of Sterling.
Tony North, Co-Founder and Co-CEO, Centtrip said: “With the ski and snow board season now underway, our research shows that depending on where you go, you could see a huge difference in terms of far your money goes when compared to this time last year.
“We’re also seeing people become smarter with the way they buy their currency to ensure they truly get the best deal avoiding unnecessary and hidden charges. With Centtrip’s transparent fees and access to buy currency from the live market, we are empowering our customers to secure a highly competitive rate when they buy their foreign currency. The rate we get is the rate we give you.”
Centtrip customers pay one fixed annual fee of £10 and 0.5% of the value of funds loaded to their account. Thereafter, they can convert across the 14 currencies, free of any spread, as often as they want direct from the live market with 0% authentic rates.
Customers can manage their accounts via a smartphone app or online through a multi-currency travel account 24/7. The prepaid currency card allows customers to carry significantly higher balances compared to £5,000 or £6,000 for most prepaid currency cards(4).
In addition to spread free exchange rates, no charge for point-of-sale transactions in the UK or abroad and a fixed international ATM fee of £1.60. The Centtrip card also offers the convenience and confidence of the MasterCard brand accepted at over 35 million locations and 2.1 million ATMs worldwide.