Malta is the eighth-cheapest European holiday for the British, according to the popular and recently published Post Office Travel Money report.

The foreign currency seller compared the cost of tourist staples such as a three-course meal, a cup of coffee, sun cream and insect repellent in 44 resorts or cities across the globe.

The seven cheapest destinations were all found to be in Europe, while far-flung places are more expensive – even without taking into account the cost of flights.

Portugal's Algarve was named as the best value location for UK visitors, followed by Bulgaria's Sunny Beach, Spain's Costa del Sol, Turkey's Marmaris and the Czech Republic's Prague.

Andrew Brown of Post Office Travel Money said: "Holidaymakers can do little about sterling's value but they can do their homework and plan trips to resorts or cities where prices for meals, drinks and other tourist staples are low.

"Europe is looking unbeatable value with nine of this year's 10 cheapest destinations, not to mention local price falls in half the European resorts and cities we surveyed.”