Sterling is now stronger year-on-year against 80% of the top 40 holiday currencies, Post Office Travel Money found.

Sunseekers jetting off to Turkey will get nearly £71 worth of extra lira for every £500 exchanged after it fell 16.5% against the pound.

However, those prepared to travel further will reap the biggest benefits from strong sterling.

The Dominican Republic’s peso has plunged 16.7% against the pound, giving UK travellers nearly £72 worth of extra peso on a £500 transaction.

In Costa Rica, the colon has fallen by 16.6% since February 2016, giving holidaymakers the equivalent of around £71 more for their £500.

Andrew Brown, Post Office head of travel money, said: "Every long-haul currency in our top 40 – except for the Malaysian ringgit – has fallen against sterling since last February and, with savvy travellers watching exchange rates carefully, there is good reason to believe that more of them will consider holidaying further afield this year."

The situation is also improving for tourists travelling to “dollar destinations” such as the US, St Lucia, Antigua, Barbados and Dubai.

Pounds will stretch between 11.5% (Barbados) and 12% (St Lucia and Antigua) further than a year ago.

This will give them up to £53 more cash to spend than a year ago when they change £500 into foreign currency.

The pound is also up 10% year-on-year against the New Zealand dollar, giving the equivalent of an extra £46 on a £500 exchange compared with a year ago and up 9% or the equivalent of £41 on a £500 exchange against the Australian dollar.

However, the results are more troubling in Europe.

Travellers to eurozone destinations face receiving nearly £20 fewer in euros on a £500 currency transaction than a year ago, the report found.