BRITONS PROVE THAT EVERY PENNY COUNTS

As the summer holidays draw to a close, Travelex.co.uk reveals a new trend in consumers exchanging their leftover currency back to Pounds as soon as they land in the UK

Date: 1^st September 2008

London – New figures released today from Travelex.co.uk have shown a huge leap in the number of holiday-makers who are converting any spare foreign currency back into GB Pounds on their return home. As monthly household expenditures start to rocket, Brits who are feeling the pinch are starting to hold onto every piece of spare cash to try and make their monthly paycheque go further.

Whereas travellers previously stuffed unused currency in cupboards in anticipation of their next trip abroad, the current financial situation and fluctuations in exchange rates have led holiday-makers to be a lot more frugal in their behaviour. Over the summer period Travelex.co.uk has seen an astonishing 66% increase in consumers converting any spare currency straight back into Pounds.

Julian Neal, Global Marketing Director for Travelex comments, “When the economy was going strong, consumers were more than happy to keep hold of their foreign currency – we estimate that every year around £600m of foreign currency is placed in kitchen drawers and cupboards across the UK. But as the credit crunch hits and people’s disposable income falls, consumers are clearly beginning to count every penny, and are converting even small amounts such as US $20 back into GBP.”

“This increase in thriftiness is a trend we’ve seen customers apply to other areas of their travel plans. Whilst people are still choosing to go on holiday, destinations where the Pound is strong have proved increasingly popular as travellers want to make the most of their money while abroad. Recent research conducted by Travelex.co.uk found that UK consumers are now twice as likely to consider travelling to the USA for their next trip to take advantage of the favourable exchange rate.”

“With our Buy Back Plus package, Travelex will buy back left over foreign currency, commission free at the original exchange rate you bought it for just £3.99. Coupled with the Online 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

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.