Following the good news of the best November snowfalls in decades ahead of the start of the main ski season, there’s more good news for British skiers with November also seeing the pound rally against the currencies of leading ski nations.
A new study by travel money experts FairFX has revealed that the Pound has been regaining lost ground against the currencies of most major ski nations.
The UK’s currency saw what was effectively a devaluation following the Brexit vote in the summer, which led to fears of price jumps in resort, but FairFX report that in the last six weeks there has been a significant recovery in the pound’s international value.
“As the winter season approached in October, the pound hit historic lows against major currencies including the euro and the US dollar. With the high cost of activities associated with skiing from lift passes and tuition to equipment hire and après-ski, a fall in the pound has a big impact on snow holiday budgets,” said a spokesperson for FairFX, who continued,
“But the impact of the US presidential election combined with the Autumn Statement have helped the pound rally over the last six weeks – rising 7% against the euro (from 1.10 to 1.17) and up to 10% across Europe. This means that for every £1,000 of spending money, holidaymakers will get nearly £100 of extra currency.”
Comparing exchange rates this week compared to mid-October, FairFX reveals that the pound goes 10% further in Poland, 7% further in Sweden, Bulgaria and Norway as well as in euro-countries and 5% further in Switzerland. And while the US dollar rate has taken a hammering since before the Brexit vote, even this has improved slightly by 2% to 1.25 dollars to the pound.
Alongside the currency analysis, FairFX has published its annual ski report comparing the costs of visiting 59 worldwide snow resorts; collating the total spend on lift passes, equipment hire and tuition for one week.
The research revealed that of those 59 ski areas, Bled in Slovenia is the cheapest ski destination for 2016 with a week’s ski package coming in at £261. In second is Vemdalen in Sweden at £278, followed by Italy’s Passo Tonale in third at £279 and Slovenia’s Bohinj in fourth at £280. Austria’s Skiwelt and Bulgaria’s Pamporovo also feature at the top of the best value rankings with a week’s ski costs under £400.
At the other end of the spectrum, poor exchange rates against the US dollar have impacted upon American snow resorts which take up the top three most expensive resorts to ski this season. Vail (pictured top) takes the number one spot as most expensive at £1,493 – nearly six times higher than Europe’s cheapest resort according to FairFX’s calculations.
“The pound has been hit with volatility in the months following Brexit and reached new historic lows in October. Finally, consumers have seen a rebound in the pound with positivity against almost every currency globally – giving a boost to anyone currently planning a ski holiday this winter,” said Ian Strafford-Taylor, CEO of FairFX, which provides a prepaid currency card, travel money and international payment services, who added
“Smart holidaymakers looking to hit the slopes this season can find the best value skiing by discovering new destinations offering great skiing at a fraction of the cost which are away from the crowds. With the ski costs normally associated with ski and snowboard holidays, it pays to consider other factors before you book – from looking at resorts which offer cheaper local costs, countries where the pound is the strongest and planning your travel money in advance so you can lock-in rates when they’re in your favour.”