Prices have nosedived in far-flung locations including Malaysia, Jamaica, Dubai, the Far East and Central America.
Fierce competition among resort bosses has driven prices in some destinations lower than on the Continent.
A surge in the pound against the Japanese yen and several other currencies has given an added boost.
The findings are revealed in the Post Office’s annual long-haul holiday report 2017 published today.
Families can make their money go further in Tokyo, Vietnam, Kenya and Sri Lanka than in Greece or the Spanish Costas.
Exotic hotspots now CHEAPER than Europe – and this is how to make your money go further
Not only is there likely to be more sunshine in exotic destinations but huge price falls make them cheaper than in Europe
Prices in Japan, widely regarded as one of the most expensive places in the world, have plummeted over the past year.
The Land of the Rising Sun was named the cheapest out of 30 long-haul destinations including Cape Town, South Africa; Mombasa, Kenya and Colombo, Sri Lanka.
Researchers compared the costs of 10 holiday essentials including a cup of coffee, glass of wine and a three-course meal for two.
Prices were found to have fallen in 12 hotspots including Costa Rica, Malaysia, Africa, the Dominican Republic and New Zealand.
Long-haul holidays can work out cheaper than a fortnight on the Continent despite a summer dip in the pound.
Prices in Japan have plummeted over the past year
Post Office Travel Money spokesman Andrew Brown said: “Sterling has been improving in value against currencies for long haul holiday reports over the past fortnight which spells good news for holidaymakers in search of winter sun.
“Not only is there likely to be more sunshine in exotic destinations but huge price falls make them cheaper than in Europe.
“Prices in Tokyo are lower than in any eurozone destination and 25 per cent cheaper than in the Algarve or the Costa del Sol, the best value eurozone resort areas.
“What’s more the beach resorts of Sri Lanka, Vietnam and Costa Rica are cheaper than the Greek Islands of Crete and Corfu or Mallorca.“
Tokyo has topped the latest list of best-value destinations with a basket of holiday essentials costing just £48.90.
Cape Town, South Africa, where a basket of goods will cost around £64.50
Prices in the Japanese capital have nosedived 26 per cent over the past year largely due to the flagging economy.
Costs are down 29 per cent in Antigua; 26 per cent in Jamaica; 23 per cent in Dubai and 11 per cent in Vietnam and Costa Rica.
Mr Brown added: “This year’s price falls are part of a trend we have seen developing over the past five years since the brakes were applied to Japan’s economy.
“Tough competition for business in Tokyo is great news for UK holidaymakers and, with great value packages available as well, Japan is now a much more affordable option.”
Second in the 2017 league is Cape Town, South Africa, where a basket of goods will cost around £64.50.
A surge in the pound against the Japanese yen and several other currencies has given an added boost
A meal for two including a bottle of wine will cost around £40 while a glass of wine is just over £3 and a cup of coffee £1.24.
Mombasa, Kenya, came third with an overall basket price £68.59 which includes meal at £46, bottle of water at 50p and bottle of lager at £2.10.
The Far East is now also an affordable option with a selection of goods at Vietnam’s coastal resort of Hoi An costing around £76.74.
Bali, Indonesia, came sixth at around £77 followed by Tamarindo, Costa Rica, at £79.94 and Orlando, USA, at £80.60.
Thailand’s party island Phuket just missed the top ten coming in 11th place with a selection of holiday essentials costing £88.84.
Just making top 20 is Beijing, China
Just making top 20 is Beijing, China, where more adventurous travellers will pay around £76 for a meal; £4.44 for a cup of coffee and £5 for a glass of wine.
Oliver Lomas, spokesman for Travelbag which helped compile the data said: “Our customers are keen to make the most of their money when travelling to long-haul destinations, so considering the cost of spending money is of growing importance.
“We have seen an increase in bookings to a range of Caribbean and Asian destinations where rates for local tourist goods have stayed low.
“Since 2016, holidays to Japan and Jamaica have seen a steady increase, with bookings up 23 and 63 per cent respectively year on year.”
Latest figures show the pound is up 8.3 per cent against the yen with a rise of 2.5 per cent against the Vietnamese dong and two per cent on both the Jamaican dollar and Kenyan shilling.
POST OFFICE 2017 TOP 30 LONG-HAUL DESTINATIONS WITH BASKET PRICES
1. Japan (Tokyo) £48.90
2. South Africa (Cape Town) £64.50
3. Kenya (Mombasa) £68.59
4. Sri Lanka (Colombo) £75.83
5. Vietnam (Hoi An) £76.74
6. Bali (Kuta) £76.95
7. Costa Rica (Tamarindo) £79.94
8. USA (Orlando) £80.60
9. Malaysia (Penang) £81.77
10. Dominican Rep (Punta Cana) £85.34
11. Thailand (Phuket) £88.84
12. Mexico (Cancun) £96.84
13. St Lucia (Rodney Bay) £105.36
14. Jamaica (Montego Bay) £107.50
15. South Korea (Seoul) £108.43
16. USA (New York) £113.23
17. Canada (Vancouver) £113.34
18. Mauritius (Grand Baie) £114.31
19. Antigua (Jolly Beach) £114.72
20. China (Beijing) £120.18
21. Peru (Lima) £120.62
22. Tobago (Scarborough) £124.80
23. Chile (Santiago) £126.10
24. New Zealand (Auckland) £132.36
25. Barbados (St James) £134.13
26. Australia (Darwin) £138.75
27. Oman (Muscat) £141.29
28. Singapore (China Town) £152.34
29. Dubai (Jumeirah Beach) £157.75
30. Brazil (Rio) £160.00