HOLIDAY COSTS SET TO RISE AS SLOVAKIA JOINS THE EURO

Date: 1^st January 2009

On January 1st 2009, Slovakia will become the sixteenth country to join the Euro. Travelex, the leading foreign exchange specialist, is advising customers with trips planned to Slovakia in the New Year to factor in the current low value of the Pound against the Euro as costs are set to soar.

Across all it shops, Travelex will continue to buy back any notes of the legacy currency, the Slovakian Koruna, indefinitely however from January 1st 2009 travellers will begin to pay in Euros on trips to Slovakia. The cost of holidays in Malta and Cyprus rose in 2008 following the introduction of the Euro and the currency specialist predicts that travellers to Slovakia will also experience a price hike. For visitors to Slovakia the impact is likely to be even more dramatic as the Pound remains at around its lowest ever rate against the Euro. (add in rate on 29/12)

Slovakia has in recent years become a hotspot for stag-dos and cheap weekends away and a Travelex study carried out in October 2008 placed Slovakia in second place in recommended destinations for a cheap European getaway. Whilst Estonia, Poland and Czech Republic will all still keep their own currencies and remain good value, Slovakia is set to slip down the table of cheap weekend getaway destinations in 2009.

Julian Neal, Global Marketing Director Travelex said: ‘We are advising travellers heading to Slovakia that from 1st January 2009, Slovakia will officially be part of the Euro-zone. Customers should therefore be prepared that they may experience a knock on effect to the cost of their holiday due to the current exchange rate of the Pound against the Euro (£1:1.027 – travelex.co.uk update on day of release). Slovakia has proved popular in recent years with holiday-makers looking for good value just outside the Euro-zone so anyone with trips booked in the New Year should factor the impact of the change to Euro to the cost of their holiday.’

Travelex.co.uk European getaway research:

Julian Neal from Travelex added: “In these turbulent times, more than ever, travellers want great value and peace of mind. Travelex offers three trusted products and services to ensure our customers can be confident of getting the best deal. Firstly, we offer a pre-paid currency card, the Travelex Cash Passport which allows customers to lock in the exchange rate. Secondly, our unique Buy Back Plus product allows customers to return any unused foreign currency, commission free, at the same rate they paid for it, meaning customers don’t lose out if they bring back any unspent currency.

Thirdly, and perhaps most importantly, Travelex.co.uk has a Price Promise. Every day we monitor the exchange rates of the leading Banks and High Street providers, including the Travel Agencies and the Post Office to ensure we offer customers the best exchange rates. The Travelex.co.uk Price Promise guarantees customers the best deal on their currency – or we will refund the difference.”

Ends

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

For Further Information please contact:

Kat McGettigan
Talk PR
07863159494
Kat.McGettigan@talkpr.com

Ben Thomas
Talk PR
07832353214
Ben.thomas@talkpr.com

* Based on 4 people staying for 3 nights
*Flights based on budget airlines from London Gatwick, Luton or Stansted airport.
*Accommodation is 3 nights Friday to Monday basis at 3* hotel.
*Food and Drink is price for local beer and local fast food for 3 day stay

Facts about Slovakia:

• The Koruna was the currency of Slovakia between 8th February 1993 and 31st December 2008
• In 1993, the Czechoslovak Federation split in two, forming two new countries and two new currencies: The Czech Koruna and the Slovak Koruna
• On 1st May 2004, Slovakia was accepted as a member of the European Union
• Slovakia’s capital Bratislava has been growing in popularity as a destination for Brits looking for a cheap get-away, especially for its famous Christmas markets and for stag parties. Slovakia’s reputation as a ski resort has also been growing with resorts such as Jasna becoming popular as a cheap alternative over more expensive European resorts
  

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.