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.