Brits still keen to travel and Eurozone tops the list

Consumers are still keen to travel abroad during 2009, according to research by Travelex. Already 71% of respondents have travel plans for 2009 and only 17% don’t plan to leave the UK, while 12% don’t know yet. 45% of the respondents plan to visit a country within the Eurozone followed by 15% planning trips to the USA.

Trevor Davis, Director of Retail Distribution, The Co-operative Travel said: “The results show that even in tough economic times, consumers are planning at least one trip abroad and in fact 21% have already identified more than one trip on the horizon. However, we do expect travellers to plan more in advance searching for good value holiday deals and taking more care with their travel money – especially as you get less Euros and US Dollars for your Pound than a year ago.”

The Co-operative Travel and Travelex offer consumers competitive exchange rates and the ability to load a prepaid currency card Cash Passport for tighter budget management of their travel money. With commission free exchange rates available to lock-in on Euros and US Dollars the Cash Passport card is free to use at Visa retailers or costs EU€2.00 / US$2.50 respectively for an ATM withdrawal. This means consumers avoid uncompetitive and fluctuating exchange rates while they travel and don’t have to worry about steep card charges for overseas usage.

The Travelex research showed men are slightly more likely to head to the Eurozone (47% verses 42%) while women tend to favour Australia and New Zealand. Europe, excluding Turkey, is most popular with the younger traveller with 52% if 18 to 24 year olds planning a trip verses 41% of 45 to 54 year olds.

Stephen O’Donovan, Regional Director, Travelex said: “Pre-trip foreign exchange is almost always a better deal than arranging it when you arrive. While our research shows countries such as Turkey, which currently have a weaker currency compared to the Pound, are attracting holidaymakers the Eurozone is still the destination of choice for the majority. The worst case scenario is that people search for a good deal on the holiday but don’t organise their travel money and return home to credit card bill that could be 25% higher than they were expecting as a result of overseas card charges and the weakening of the Pound against the Euro.”

Top five tips for being smarter with your money abroad:

1. Know your budget – research the average cost per day of your holiday to set a realistic budget

France could see you become a tea-totaller with a pint costing a frightening £6. But head to Indonesia and that beer will cost you only £1.54

In New York, a bed (3*) can cost you a whopping £325, yet in Malaysia the equivalent is a mere £50

2. Get the most for your money – buy before you fly. Lock in a more favourable rate in the UK before you go and minimise overseas card charges

Most (43%) of travellers buy their foreign exchange two weeks before they depart

You’ll get 20% less Euros and US Dollars for your Pound this year than last so be prepared to reduce spending or increase your budget

3. Be secure – with ID theft and fraud on the rise, protect yourself with products that don’t make personal details visible and avoid links to your bank account with a product such as Cash Passport

60% of travellers fear credit or debit card cloning while abroad

4. Ensure your holiday can continue even if your wallet is lost or stolen abroad.

Foreign Banknotes may not be insured while replacement of cash or cards can take weeks and require payment of hefty international delivery fees. All products supported by Travelex come with 24/7 Global Emergency Assistance including access to emergency cash in as little as 20 minutes.

5. Don’t lose leftover foreign currency – most High Street retailers will offer free buyback for leftover currency or you can keep it on a prepaid currency card for your next trip

70% of travellers returned to the UK with leftover currency and 48% had/ have no plans to exchange it back to Pounds