SOARING EURO MAKES OKTOBERFEST MOST EXPENSIVE EVER

Travelex.co.uk identifies the cheapest watering holes in Europe

Date: 17^th September 2008

Munich’s world famous Oktoberfest looks set to leave beer loving Brits out of pocket with costs up 17% on the previous year, according to research by Travelex.co.uk

In the last month the strength of the Pound has plummeted against the Euro, offering UK tourists the worst exchange rate since the currency was introduced in 2002. With six million worldwide visitors set to descend on the beer halls of Munich over the sixteen day festival, Brits will have to dig deep to cover the cost of a ‘Stein’(litre) of beer which at £6.66 per litre is over £1 (or 21%) more expensive than at last year’s Oktoberfest (£5.50) due to the adverse exchange rate and inflation.

Julian Neal, Global Marketing Director, Travelex commented: ‘The past year has seen the Euro strengthen against the Pound meaning many holiday-makers travelling to Europe are surprised once they arrive and see how expensive things appear in comparison to their last trip. Our research shows that as Brits are already familiar with the Euro, they pay less attention to the exchange rate than they would for other currencies, which leads to more of them being caught out. The Oktoberfest is a classic example as when you account for additional costs in food, drink and accommodation a typical visitor could end up spending almost £100 more on three day trip. We recommend travellers consider the exchange rate before they go and take advantage of online currency deals such as the Travelex.co.uk Price Promise guarantee. The online Price Promise guarantees the best price, commission free foreign currency or the difference refunded.”

Research by currency specialists Travelex.co.uk reveals that the average cost of a beer - swilling weekend in Munich is coming in at a budget-busting £580 per person. However for holiday-makers wanting to sample great beer and a party atmosphere without breaking the bank, destinations outside the Euro-zone such as Slovakia, Estonia and Czech Republic provide a good alternative. Going to these newly popular destinations could leave travellers much better off as countries with their own currencies offer better exchange rates meaning the pound will go further than in Euro zone destinations.

Travelex.co.uk figures show that in non Euro zone resorts, a group of four could save up to £1,400 on a weekend away compared to a trip to Oktoberfest. Research reveals that a 3 night stay in up and coming party city Tallinn in Estonia comes in at £906 per group, compared to a staggering £2,322 for a weekend in Munich, a difference of more than £350 per person.

Amount of Euros received for £500

* 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

Nick Cartwright from London is planning a trip to this year’s Oktoberfest: ‘A group of mates from Uni have organised a trip to the Oktoberfest for our yearly Uni reunion and although we’ve booked as a group and got a good deal on a group booking, we’ve noticed the Euro has taken a real toll on our budget. To make our money go a bit further, a friend suggested shopping around for currency and I found the best deal at Travelex.co.uk, which means my money will be ready for me to pick up at the airport. We may be drinking a couple fewer beers but we’ll still enjoy ourselves! If the Pound does continue to fall against the Euro we’ll definitely consider going to Prague or somewhere cheaper like that instead next year.’

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.

Additional destination information:

MUNICH – OKTOBERFEST (Currency: Euro)

Costs:
Beer: £532 (£133 each)
Flights: £652 return (£163 each)
Accommodation: £1,092 (£273 each)
Activity: Oktoberfest entry is £0.
Meal: £46.92 (£3.91 each x 12)
*Only Hotel available is outside Munich so travel to festival will cost extra.
Total: 2,322.92

BRATISLAVA- SLOVAKIA (Currency: Slovakia Koruna)

With beer as cheap as chips, stag and holiday groups are flocking in their thousands to the Slovakian capital which benefits from being just outside the Euro-zone and still has its own currency, the Koruna, meaning you certainly get a lot for your money.

Costs (Based on a 3 x night w/end stay for 4)
Pint: £28 (£7 w/end x 4)
Flights: £448return (£112 each)
Accommodation: £436 with free guide for entire stay (£109 each)
Activity: Pub crawl with free beer and guide. £32 (£8 each)
Meal: £12.36 fast food (£1.03 12 x meals)
Total: £956.36

PRAGUE- CZECH REPUBLIC (Currency: Czech Koruna)

The capital of the Czech Republic has become one of Europe's most popular tourist destinations for great landmarks and cheap beer. Czechs amber liquid, called ‘Pivo’ is world famous, and for many centuries has been recognised as one of the finest beers in the world. In the Czech Republic absinthe is still legal and can be bought in shops (for the brave only).

Costs (Based on a 3 x night w/end stay for 4)
Pint: £40 (£10 w/end x 5)
Flights: £488 return (£122 each)
Accommodation: £492 (£123 each)
Activity: Brewery tour, followed by food and free beer and guide for entire stay. £0 (included with hotel price)
Meal: £54.84 fast food (£4.57 each x 12 meals)
Total: £1074.84

WARSAW – POLAND (Currency: Polish Zloty)

Warsaw is rapidly becoming famous for its vodkas and superb beers, a weekend in Warsaw is guaranteed to leave you wanting more. y.

Costs (Based on a 3 x night w/end stay for 4)
Pint: £40 (£10 w/end x 4)
Flights: £496return (£124 each)
Accommodation: £388 (£97 each)
Activity: Pub crawl, with free guide for entire stay £32 (£8 each)
Meal: £30.36 fast food (£2.53 each x 12 meals)
Total: £986.36

TALLINN-ESTONIA (Currency: Estonian Kroon)

Tallinn is the capital of Estonia and the city is a paradise for 24-hour party people. By western standards, admission and drinks are a bargain, and Tallinn is compact and easily navigable, no matter what state you’re in.

Costs (Based on a 3 x night w/end stay for 4)
Pint: £56 (£14 w/end x 4)
Flights: £296 return (£74 each)
Accommodation: £536 (134 each)
Activity: Pub crawls, with free guide and beer discount. £0 (included in hotel price)
Meal: £18 fast food (£1.50 each x 12 meals)
Total: £906