Holiday makers enjoy cheap deals

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 visit sainsburys.co.uk