|
News & views
What would you like to do?
25 July 2009
First Rate Exchange Services survey UK's international travel trends
As the peak summer travel period gets underway timely new research from First Rate Exchange Services has revealed some interesting variations in the UK’s international travel trends.
Savvy travellers in the East Midlands are most likely to seek out the better value offered by destinations in Eastern Europe this summer, with 22 per cent of travellers in the region stating they intend to travel to countries such as Croatia and Hungary. Interestingly, only eight per cent of their West Midlands’ neighbours said this would be their chosen holiday destination.
People in London proved to be the most adventurous, 47 per cent of Londoners like to visit destinations outside Western Europe, this compared to just 30 per cent of people the South West who said they’d travel to less traditional resorts.
As well as being the most adventurous with their holiday destinations Londoners are also the most likely to take a risk when buying their holiday cash - 40 per cent said they would purchase currency at the airport or overseas – a move which could prove costly due to high commission fees and poor exchange rates at airport bureaux.
Canny Scots are the most likely to ensure they make their travel cash go further, only 13 per cent said they buy travel cash at the airport or when they arrive at their holiday destination. They are also the most likely to opt for the extra security of travellers cheques – 14 per cent stated they take this form of currency abroad.
Gordon Gourlay, Managing Director First Rate Exchange Services said: “The research highlighted how foreign currency retailers can adapt to meet their customers’ needs on a local basis. This may be by providing a range of Eastern European currencies on demand for customers in the East Midlands, or perhaps a Thai baht or Malaysian ringgit service to meet the requirements of more adventurous travellers in the London area."
“It’s worrying that so many travellers are continuing to lose out through buying their travel money at the airport or when they arrive overseas. Foreign currency retailers can help UK travellers’ holiday cash go further by offering them easier access to 0 per cent commission currency services, either by adding a travel money online service to their website or increasing their range of over the counter currency services.”
When it comes to travel across the ages the research revealed the following:
- Eastern Europe is most popular with the 18-24s - almost one in five (18 per cent) of travellers in this age group holiday in Eastern Europe.
- Asia is most popular with the 25s-34s - 13 per cent of this age group visit resorts across the continent
- Africa is favoured by the 45-59’s with 15 per cent stating it's their chosen holiday destination.
First Rate is the UK’s leading provider of foreign exchange services to foreign currency retailers. It provides a wide range of white labelled foreign exchange services available to businesses large and small across the UK.
First Rate’s Travel Money Online solution provides high street and online retailers with a fully integrated online platform, allowing them to offer their customers access to over 70 currencies, notes and travellers cheques, currency advice and secure online payment. First Rate’s Travel Money Online service also allows customers to select their required delivery date, with orders received before 3pm available for delivery the next business day to addresses across the UK.
Note to Editors:
1 IPSOS Mori Survey conducted with 6400 UK travellers between May 2008 and April 2009.
About First Rate Foreign Exchange Services:
First Rate is the UK’s leading provider of foreign currency services supplying over 11,500 retail outlets with a foreign currency service. It is the UK’s biggest foreign currency notes supplier and Europe’s major provider of traveller’s cheques and in the top five globally. First Rate sources currency through its associate business unit Bank of Ireland First Currency Services, one of the world’s leading wholesale currency operations.
First Rate can provide UK retailers and businesses with the following foreign currency services:
- Travel Money Online – a service enabling the ordering of foreign currency notes and traveller’s cheques securely via First Rate’s white label internet application
- Bulk provision of currency for currency retailers
- End-to-end consumer order processing – totally outsourced, white label currency solutions for phone, internet or retail outlet order placement
To find out more visit www.firstrate.co.uk.
For further information, please contact:
Four Countries Communications
Ruth Barker
Tel: 0207 749 9219
Mobile: 07814 571128
Email: ruth@fourcountries.co.uk
Bank of Ireland UK Financial Services
Sandra Grandison
Tel: 0203 201 6509
Mobile: 07912 298013
Email: sandra.grandison@boiuk.com
First Rate Exchange Services Ltd is registered in the UK and Supervised by HM Revenue & Customs for Money Service Business (MSB): License number 12133160. First Rate is a joint venture between The Governor and Company of the Bank of Ireland (Registered in Ireland and passported into the UK for regulatory purposes) and the Post Office® Ltd. The Bank of Ireland is authorised by the Irish Financial Regulator and the Financial Services Authority for the conduct of business in the UK. Bank of Ireland First Currency Services is a division of The Governor and Company of the Bank of Ireland.