News & views

05 March 2010

22 Million UK Travellers To Visit Eurozone in 2010

• 75 percent of travellers pick up holiday cash before travel

First Rate Exchange Services Limited (First Rate) research has revealed that the eurozone is set to remain by far the most popular destination for UK travellers during 2010, with almost 22 million people¹ intending to visit countries across the region during the year.

The latest First Rate research follows its announcement that 58 per cent of UK adults intend to take at least one holiday overseas this year.  With the majority heading to the eurozone, many holidaymakers will be in for a pleasant surprise as to how far their holiday cash will go. According to the Post Office®’s latest holiday money report over the last year holiday costs have fallen across all eurozone countries, with prices in Spain seeing cuts by as much as 30 per cent.

The vast majority of UK travellers intend to make the most of their holiday money by picking up some foreign currency before they travel - three quarters (75 per cent) of travellers will be buying some foreign currency in the UK.  However, two in five (40 per cent) travellers also said they would have to withdraw cash at ATMs whilst overseas running the risk of hefty commission and cash withdrawal fees.  Travellers’ cheques are set to remain a staple for over four million people with over 15 per cent of travellers including them in their holiday wallet.

Gordon Gourlay, Managing Director, First Rate said: “Lower tourist prices across the eurozone are extremely good news for the millions of UK holidaymakers who are  set to make to a return to traditional holiday destinations such as Spain and Portugal this year.  UK foreign currency retailers can expect strong demand for the currency as savvy travellers stock up on euros in order to get best value from foreign exchange deals in the UK.”

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.  Its clients include The Post Office, Virgin Holidays, Santander, easyJet and P&O Ferries.

Notes to Editors:

All statistics based on research conducted by YouGov in November 2009. Sample used was 5000 adults across the UK.
¹ UK population = 49.1 million.  58% (28.4m) of the population plan to travel abroad during 2010. 
71% (21.9m) plan to go to eurozone during 2010

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

For further information, please contact:

Four Countries Communications
Ruth Barker
Tel: 0207 749 9219
Mobile: 07814 571128
Email: ruth@fourcountries.co.uk

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.