This is good news for the island which has been tagged as being "too expensive" by some British tourists. The increasing costs of a Mallorca holiday have hit the bar and restaurant trade hard with takings down by as much as 20 percent as tourists keep to their holiday budget.
The pound hit a record of 1.20 euros this week, its highest level for more than two years. One real estate agent told Bulletin Online "when the pound is strong Mallorca benefits." Higher sterling could also give the local real estate industry a lift and will also mean that British pensioners, who receive their pension from Britain, will have a few more pennies to spend.
There is rising concern on the island about the spending power of tourists. While a record number of tourists came to the island last summer there spending power was limited. Bar and restaurant owners blamed higher holiday costs.
British tourists are usually the highest spending holidaymakers who come to the island. Over the coming weeks they will have a bit more extra cash.
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Stan The ManIf you live here, why are you using a British credit card? Of course you'll get hammered for using a non Euro card. Do you not have a Spanish bank account? From your comments over time, I'm guessing you're a pensioner - please forgive me if I'm mistaken. If this is your situation, I'd strongly recommend opening a 'Wise' account which is free. Assuming you are receiving your pension in a U.K. bank account, move any money you don't need in your U.K. account to your Wise account. You can then transfer that money to your Spanish account at anytime you like keeping an eye on the exchange rate to get the most Euros for your Sterling. I'm neither a pensioner nor do I have any connection with Wise other than having used them many times and being exceedingly impressed with their service. Totally transparent, they show you exactly how much you will receive in Euros. They use the mid-market rate plus a very small commission. It usually takes between 5 and 10 seconds to arrive in your Spanish account. wise.com
Morgan WilliamsComplain ? Moi ? I have said on numerous occasions that I welcome them. The more the merrier. They prove that my comments are being read, understood and thought about. A bit like the reviews on Amazon. Mine normally receive *****
Stan The ManDo tell.
Morgan WilliamsMany Thanks Morgan. For your well balanced and welcome advice.
Those 2 or 3 cents per pound must make such a difference, NOT.
Stan The ManStan, I don't know why anyone would object to your comment. There's nothing objectionable about it. (WTF?) I wouldn't take it personally or even pay any attention to it. But there's a sort of an unwritten rule in social media that complaining about that is really bad etiquette, and will only attract more of it. Ask Richard about that.
Oh dear the "Thumbs Down " people are always going to mark my comment down. We know who they are !!.
Although the Exchange rate has reached 1.20 Euro to 1 Pound. On my Credit Card they search for the lowest Exchange rate , for that trading day.. The ATM s will always increase their costs for money withdrawal, as the rate increases.