Travelex.co.uk Easter Holiday Money Tips

Date: March 17, 2008

With Easter just around the corner, over 5 million Brits are set to jet off to make the most of the long weekend. To help holiday makers get the most for their money, leading foreign exchange specialist, Travelex.co.uk has put together some useful holiday money tips to avoid falling into any tourist traps.

Travelex.co.uk advises that holiday-makers travelling to a European destination this Easter should in particular plan ahead due to the current strong rate of the Euro. While the Euro exchange rate remains strong against the pound Euro (€1.27: £1), this means trips to Europe this Easter are set to cost noticeably more than in previous years. One way to make sure you get the best rate is to make the most of online guarantees such as Travelex.co.uk’s Price Promise which gives you the best exchange rate or your money back

Research from Travelex.co.uk’s customer service centre also revealed a marked increase in orders of South African Rand, now the third most popular currency at Travelex.co.uk after the Euro and US dollar respectively. The increasing popularity of destinations such as South Africa, that people are opting to travel further afield even over the short Easter break to make their holiday funds go further.  Emerging resorts closer to home which still have their own currency such as Slovakia, Bulgaria and Croatia are also continuing to gain popularity with tourists and offer better exchange rates so your money will go further than in typical Euro-zone destinations.

Anyone looking for a last-minute deal can still get good return for their holiday money by booking trips to the USA where the weak rate of the dollar against the pound ($1.92:£1) makes Easter breaks to popular destinations such as NYC and Florida a good financial option

Travelex.co.uk TOP HOLIDAY MONEY TIPS:

1. Order currency online to get the lowest guaranteed rates - Travelex.co.uk ‘Price Promise’ rate guarantees the lowest foreign currency price in the UK with no commission, or your money back. Once you’ve ordered online, you can then pick up your pre-ordered currency at a Travelex bureau in airports across the country, making it a simple and quick way of exchanging money

2. Watch out for delivery charges - If you are ordering money to be delivered to your home address, from a bank or building society, beware as some foreign exchange providers will charge as much as £5.00 for delivery

>3. Watch out for commission charges – Beware of 0% commission on your currency exchange. Many high street exchange outlets as well as the Post Office boast a 0% commission-free offer, however, poor exchange rates and additional fees that can include handling and/or delivery, can add up to £10 to the transaction.

>4. Avoid making numerous exchanges abroad – Every time you change money abroad you will be charged a commission fee. For example, three transactions at your holiday destination could end up costing you up to 15 Euros in commission charges.

>5. Work out what your money is worth – Have a good understanding of what your money will get you in the country you are heading to. This will mean you’re less likely to get ripped off and you’ll be able to budget more effectively.

6. Limit withdrawals from ATM machines abroad - Withdrawals from ATM machines abroad often carry a charge. These charges vary but average at approx £3.00 per transaction and with holidaymakers making an average of five withdrawals per trip the charges can mount up.

7. Be careful about exchanging currency at hotels – Tourists can fall into the trap of exchanging money in hotels but beware as hotels frequently offer a poor exchange rate and may also charge high commissions for the convenience.

8. Take a mixed wallet – It is best to keep your options open when on holiday so if possible take some cash, a credit card for emergencies and travellers cheques. We would also recommend considering a prepaid card. These are available through a number of different foreign exchange providers including Travelex.co.uk who offer their Cash Passport. Prepaid cards are a cross between a debit card and a travellers’ cheque, they can be loaded euros, sterling or dollars and used like a debit card. Loading in Euros or Dollars fixes the exchange rate at the point of purchase which means holiday-makers are not then vulnerable to unreliable exchange rates while abroad.

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

NOTES TO EDITORS

Case study available for interview or comment.

Kat McGettigan or Nathan Kemp

Kat.McGettigan@talkpr.com or Nathank@talkpr.com
020 7544 3804 /0207 543 4670
07863159494 / 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.