TRAVELEX.CO.UK REVEALS BRITISH 'STAYCATION' A MYTH

- Only 1.2% of Britons are not planning on taking a vacation this summer-

Date: 20^th August 2008

London – Despite reports that growing numbers of the British public are choosing to holiday at home this summer due to the credit crunch, research released today by leading online foreign currency provider Travelex.co.uk has revealed that the majority of Britons consider the annual summer holiday as too important to cutback on.

An overwhelming 98.8% of all respondents said that they were still planning to holiday abroad this summer. While they may be cutting back on luxuries such as dining out when at home, consumers see the annual summer trip as a time to treat themselves, with only 15% saying they will take less foreign currency with them than they did last year, and nearly half planning on taking more currency in order to treat themselves while abroad.

Rather than cancel plans to get away, Travelex.co.uk’s research suggests that consumers are being more financially savvy when choosing their holiday destination instead, in order to ensure that their money goes further. With ever-increasing prices on the British high-street, 43% of respondents said they are now more likely to travel to the USA in order to take advantage of the strong Pound there. In line with this, Travelex.co.uk has seen an increase in net sales of the US Dollar of 23% from this time a year ago; similarly sales of the South African Rand, against which the pound is also strong, are up 12.9%. Consumers are also choosing to buy their foreign currency online in order to take advantage of the best deals. Travelex.co.uk has seen a 35% increase in online sales over the past quarter from this time a year ago.

Julian Neal, Global Marketing Director for Travelex comments, “Despite all the hype surrounding ‘Staycations’, our research shows that it is just that; hype. While it’s undoubtedly true that belts are being tightened, it appears consumers, having worked hard all year, see a holiday as an entitlement, and an opportunity to take a break from the doom and gloom of the economy at home. By choosing destinations where the Pound is strong, they can actually enjoy eating out and buying luxuries which they can ill-afford at home.

“With Travelex.co.uk’s Price Promise, which guarantees the best price, commission-free foreign currency in the UK or the difference refunded, consumers can have complete confidence that they’re getting the best deal and their money really will go further.”

Ends

For best price foreign exchange or to track currency rates, visit www.travelex.co.uk

Survey conducted amongst a sample of 1,079 UK consumers during the period July 2008

For Further Information please contact:

Kat McGettigan or Nathan Kemp

Kat.McGettigan@talkpr.com
020 7544 3804
07863159494

Nathank@talkpr.com
0207 543 4670
07766977318

About Travelex:

Travelex is the world's largest foreign exchange specialist with over 700 retail branches and 16,000 business customers. There are retail branches at key airport, seaport and rail locations, in addition to tourist and business centres around the world. Over 40% of travellers and 1.5 billion passengers pass through airports at which the business operates including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney.

Travelex is also the world's largest non-bank provider of international payment services, providing integrated payment solutions for businesses. The group is also one of the world's leading providers of outsourced travel money to banks, travel agencies and other financial institutions and one of the world's oldest issuers of Travellers Cheques.

Travelex Online & the Travelex Price Promise:

Travelex.co.uk, guarantees the best price, commission-free foreign currency in the UK. Every day Travelex.co.uk monitors the exchange rates of the leading Banks, High Street foreign currency providers (Travel Agencies, The Post Office, M&S) and a basket of other online providers to ensure we offer customers the best deal. If any provider should happen to beat us on any of our 60 currencies, we refund the difference.

Travelex Global Rewards Card:

Travelex launched its Global Rewards Card this summer. The card gives customers a discount on the exchange rate or commission if they choose to purchase foreign currency from Travelex again in another country. Each month Travelex will give almost 2 million cards away to customers. (more information www.travelex.com/rewardcard)

Travelex UK Retail:

Travelex has over 120 stores in the UK, with presence at the major airports including London Gatwick and Heathrow – further we are the only company to provide foreign currency exchange services at all 5 Heathrow terminals. Travelex offers customers the convenience of over 60 currencies, in stock and readily available around the clock from our retail branches, plus help and advice from our expert staff. Additionally, Travelex has a rapidly expanding network of ATMs which offer both foreign and local currency.

Travelex Group:

Travelex is the world's largest non-bank provider of international payment services, providing integrated payment solutions for businesses. The Group is also one of the world's leading providers of outsourced travel money to Banks, Travel Agencies and other financial institutions.