Spain 'offers stability'

It has been claimed that people considering making an international money transfer should look to traditional destinations within Europe rather than focusing on more obscure locations during the credit crunch.

With the global recession affecting much of Europe, some people might be tempted to look to places such as Turkey and even Egypt to seek out better deals when making an international payment, but they have been warned that any gains may only be short-term.

Shaun Hinds, director of Co-operative Travel's commercial division, said that although somewhere such as Spain may appear to be more expensive at the moment, it has seen far less fluctuation in prices than other parts of the world.

He said: "Research indicates that prices have held steady in comparison to Turkey and Egypt, meaning that good value can still be found."

Figures from the Post Office Holiday Costs Barometer show that, a shopping basket of ten items in Turkey cost £46.08 in 2007, but that figure has increased to £55.44 in 2008, meaning making an international money transfer to the country is quickly becoming a less affordable option.

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By John Mills