News & views

01 September 2009

Trafalgar Square Top of Tourist Trail for Foreign Travellers

New research from First Rate Exchange Services has revealed that Trafalgar Square is the top tourist attraction for international travellers visiting the UK.

The First Rate Exchange Services survey questioned tourists from USA, Ireland, Spain, France and Germany on which UK attraction they most wanted to visit during their time in the UK – Trafalgar square was the most popular response, closely followed by a trip Tower Bridge and Buckingham Palace.  These sites combined with London’s magnitude of museums made London the main port of call for almost three quarters (72 per cent) of these international visitors.

Across the nationalities a visit to Buckingham Palace is a must for Americans, over half (51 per cent) said visiting the Queen’s London home was top of their tourist trip table.  Whilst for people from Ireland it’s a case of shop till you drop - Oxford Street is their most likely destination, and a visit to the Bullring Shopping Centre in Birmingham also features their top ten.

The French are the most likely to venture out of the capital with Edinburgh Castle, Oxford University and even the White Cliffs of Dover featuring highly on their holiday hot spots. 

Inbound tourists coming into the UK appear to be more wary of fees incurred when using their credit and debit cards abroad than UK tourist travelling overseas.  Whilst 70 per cent of UK travellers use their credit and debit card overseas only 51per cent of inbound tourists use their cards in the UK - being far more likely to opt for a travel money card or travellers cheques than their UK counterparts.

Gordon Gourlay, Managing Director First Rate Exchange Services commented: “The inbound tourist market is potentially big business for UK FX retailers.  Each year inbound tourists spend around £17bn in the UK, almost £6bn of this is in sterling purchased either at ATMs or over the counter FX retailers.

“Almost half of visitors to the UK (49 per cent) say convenience is the driving factor when purchasing their currency.  Although some areas of central London may have a large concentration of FX providers there is certainly still potential for FX retailers both in London and across the UK to examine their currency offer to ensure they are able to tap into what in some areas may be an under serviced market.”

The First Rate Exchange Services research revealed the following as the top ten attractions for inbound tourists:

1.         Trafalgar Square
2.         Tower Bridge
3.         London Museums
4.         Buckingham Palace
5.         Oxford Street
6.         London Eye
7.         Windsor Castle
8.         Edinburgh Castle
9.         Stonehenge
10.       Globe Theatre, London

First Rate Exchange Services 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 Exchange Services’ 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.

Notes to Editors:

Statistics based on research by Toluna, with a base size of 2,500 inbound tourists during the month of 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.