Fans travelling out to Beijing can now get the Chinese Yuan Renminbi online at Travelex.co.uk

The move enables fans to benefit from Travelex.co.uk’s guaranteed best rate on the Renminbi and follows a surge in calls to Travelex’s customer service centre from Brits seeking currency advice ahead of the games. Up to 50,000 fans are expected to travel to China to watch the action, which kicks off on August 8th.

Feedback from Travelex.co.uk’s customer service centre has revealed that uncertainty over what currency can be used in Beijing is one of the major causes of confusion. Officially known as the Renminbi or ‘People’s Currency’, the currency is also widely referred to in shops and on signs as simply the Yuan (pronounced Wren) or even more colloquially as the ‘Kuai’.

Research from the foreign exchange specialist has revealed that 6000 Renminbi can cost travellers up to £489.71 depending on where they exchange their money prior to departure. In response Travelex.co.uk has made the currency available online meaning fans can get 6000 Renminbi for just £471.72, a saving of nearly £18.*   It will also make it easier for fans to get hold of their holiday cash, as they can pre-order their currency prior to travel and then pick it up at a Travelex shop in airports across the country.

Travelex also has a shop in Beijing’s Capital International Airport, meaning fans can get advice about the local currency and up to date exchange rate information when they arrive.

Anthony Hudson, UK Retail Director, Travelex.co.uk, comments, “The past three Olympic games have been held in popular holiday destinations so many Brits were already familiar with the local currency and exchange rate. This isn’t the case with the Renminbi so it’s far easier for people to fall prey to a bad exchange rate or miscalculate the currency. We recommend that holiday-makers take the time to plan and exchange their holiday money online prior to their travels.”

Avoid the hurdles with Travelex.co.uk’s 5 golden Olympic currency tips:

1. Order currency online to get the lowest guaranteed rates - Travelex.co.uk’s ‘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 shop in airports across the country, making it a simple and quick way of exchanging money

2. Work out what your money is worth – Have a good understanding of what the Renminbi is worth before you leave. Travelex.co.uk’s rate is currently 12.73: 1 meaning £500 is worth 6,365 Renminbis. Having a good understanding of the rate will mean you’re less likely to get ripped off and you’ll be able to budget more effectively.

3. Limit withdrawals from ATM machines in Beijing - 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.

4. 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.

5. Take a mixed wallet – It’s best to keep your options open so ideally take some cash, a pre-paid card or traveller’s cheques and a credit card for emergencies.

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

*Currency rates quoted on 30.07.08 for 6000 Chinese Yuan Renminbi:

For further information please contact:

Kat McGettigan
0207 544 3804
07863159494
Kat.mcgettigan@talkpr.com

Travelex is the world's largest foreign exchange specialist, with over 650 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. Around 40% of the world's airline passengers, over 1.3 billion people, pass through airports at which the business operates including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney.

Travelex is the world's largest non-bank provider of commercial foreign exchange services, providing integrated 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