More than a third (35 per cent) of GB travellers think it likely that they will use a prepaid currency card in the future, according to research by foreign exchange specialists Travelex. When asked to rate what features are the most important in a prepaid currency card, 37 per cent of recent travellers said security and 28 per cent the convenience of withdrawals from ATMs.

Fifty-three per cent of those questioned had travelled in the last 12 months, of which 23 per cent of those had been abroad in the month prior to the survey. Of these recent travellers 20 per cent had purchased forex from travel agents, 18 per cent from a bank and 14 per cent from retailers .¹

While security was the most important feature overall (37 per cent), when retailers’ customers were asked to respond that figure rose to 47 per cent, the majority of this group having purchased from M&S. In contrast, security’s rating dropped to 30 per cent among bank customers.

For customers who bought their last lot of foreign exchange from a bank, the convenience of ATM withdrawals was the most important feature overall with 38 per cent selecting it, this figure dropped to 23 per cent for retailer customers.

For travel agents, supermarkets and banks the survey results demonstrate a foreign exchange offering is a valuable additional revenue opportunity, more than three quarters (78 per cent) of all UK travellers are exchanging some or all of their holiday spending money into foreign currency before they travel.

The results also suggest that while customers seek different features from their supplier, innovative and secure foreign exchange products are appealing and could be the key to improving travel agents’ competitive edge. Travelex’s Cash Passport prepaid currency card also has a three year lifecycle during which time each reload will secure commission payments.

Commenting on the research, Stephen O’Donovan, Regional Divisional Director at Travelex, said, “The travel agent or other high street retailers such as supermarkets are in many ways the natural places to buy travel money, but the industry needs to keep innovating and improving service as competition from other channels hots-up. By listening to customers’ needs and better understanding their purchasing motivators, travel agents can build a far superior foreign exchange offering. While price is important, our research shows that travellers are also interested in products that can give them peace of mind and convenience while they are away. Introducing new and secure prepaid currency card products such as Cash Passport can greatly enhance the travel agents’ competitive advantage.”

Cash Passport, available through Going Places, Co-Op Travel and Travelex shops, acts as a secure holiday money ‘savings plan’. It’s a prepaid currency card that allows customers to load their spending money in advance so they can plan ahead what they want to spend. As the card is PIN-protected but not linked to a bank account, travellers benefit from peace of mind that their spending money is safe.

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For more information please contact Laura Zobel, Louise Ellis or Zoe Hatton at Lawton. 02380 838 500, laura.zobel@lawton.co.uk; louise.ellis@lawton.co.uk or zoe.hatton@lawton.co.uk

Notes to editors:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,011 adults. Fieldwork was undertaken between 17^th – 20^th August 2007. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

About Travelex:

Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in four regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.

As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid travel card Cash Passport to over three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering.

www.travelex.com | www.cashpassport.com

¹ This group is comprised of the categories ‘M&S’ and ‘other supermarkets’.