Striking a balance: Makers Enjoy Cheap Deals But Face Changing Costs Of Foreign Currency

    BRIGHTON, ENGLAND, March 26, 2009 /24-7PressRelease/ -- British holidaymakers are taking advantage of a huge range of last-minute travel deals and discounts, and are fleeing the UK in response to the coldest winter weather conditions experienced in over a decade believes Sainsbury's Finance. The bank's Travel Money, which offers commission-free foreign currency, has seen a significant increase in the number of foreign currency transactions processed in January this year compared with January 2008.

However, faced with a weakened pound, British tourists are realising they need to exchange far more sterling than they would have 12 months ago. The total value of currency transactions made by Sainsbury's Travel Money in January this year was a massive 36% higher than in January last year, with the average transaction value increasing by 15%.

Sam Marrs, Head of Sainsbury's Travel Money, said: "British holidaymakers have suffered badly given the declining value of the pound, but clearly it's not stopping them taking advantage of the holiday deals currently available."

"We're not even seeing a decline in the number of people heading to the euro zone, despite them having to pay far more to get the same value of foreign currency compared to last year. It really is more important then ever to shop around and get the best exchange rates possible. People should definitely not leave organising their travel money until they get to the airport, as it can be up to 10% more expensive."

Despite the value of the pound plummeting against the euro, Sainsbury's Travel Money has seen a marked increase in euro sales. The number of euro transactions this January is up 33% compared with January 2009. In addition the average value of pounds converted to euros transaction has increased by nearly 23%, as a result of people being forced to compensate for the weaker pound.
Sainsbury's Travel Money is provided by Travelex and offers a range of benefits including: very competitive exchange rates, commission free foreign currency and travellers cheques as well as free next day delivery to your billing address, if ordered by 12pm.

To find out more about Sainsbury's Travel Money log onto www.sainsburys.co.uk
Or call 0845 30 12 724. Customers can arrange foreign exchange in selected Sainsbury's stores as well as find out about our extensive range of financial services including pet insurance, life insurance, home insurance, personal loans and savings accounts. Visit www.sainsburysbank.co.uk.

For further information, please contact:
Ian Morris / Phil Anderson
Citigate Dewe Rogerson
020 7638 9571

Notes to Editors:
(1) Based on analysis of Sainsbury's Travel Money data provided by Travelex
(2) Based on exchange rates on FXHistory for 31 January 2008 and 31 January 2009

Sainsbury's Finance:
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at www.sainsburysfinance.co.uk/media.

Sainsbury's Finance offers a range of quality, competitively priced, award-winning products. It opened for business on 19th February 1997 and was the UK's first supermarket bank. It is a 50:50 joint venture with Sainsbury's and Lloyd's Banking Group.

Sainsbury's Finance offers the following products: Credit Cards and Loans, a range of Savings products and Car Insurance, Life Insurance, Home Insurance, Travel Insurance and Pet Insurance.
For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk

About Travelex:
Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in four regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.

As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid travel card Cash Passport to over three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering.
www.travelex.com www.cashpassport.com

Cash Passport: In order to offer the customer an all-inclusive foreign exchange solution, Travelex is providing their Cash Passport product in addition to more traditional foreign exchange solutions. This is to ensure that the customer is able to receive a mixed wallet of travel money, which is generally regarded as the safest method of carrying foreign currency. To help holidaymakers improve their money management, Travelex recommends replacing credit and debit cards with a prepaid currency card, such as its Cash Passport product. Cash Passport allows customers to load their spending money in advance so they can plan ahead what they want to spend. As the card is PIN protected but not linked to a bank account, travellers benefit from peace of mind that their spending money is safe.

If using this article on a website, please link to www.sainsburysbank.com using the following hyperlink text at the bottom of the article: www.sainsburysbank.co.uk/investing/ins_travelmoney_tmo_skip.shtml

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