Travelex Surveys Reveal Spring Break Travelers Losing Money on Currency Exchanges

Business Wire, March 10, 2008

NEW YORK -- In recent years, the popularity of international spring-break destinations has grown exponentially among college students and families. Travelex, the world's leading currency exchanger, has seen increased demand for the Mexican peso, Euro, UK pound and various Caribbean dollars. Studies conducted by Travelex indicate that travelers are losing money because of poor planning. One recent survey revealed that 66 percent of US travelers do not exchange currency before leaving on a trip (compared to 29 percent of Australians and 15 percent of UK travelers).

"With the dollar already low against foreign currencies, travelers cannot afford to make costly mistakes when exchanging currency," said Jon Dario, North American retail director. "And who wants to spend valuable vacation time looking for a place to change money?"

Travelex offers the following advice to travelers to stretch trip dollars and avoid unnecessary fees:

* Exchange currency prior to leaving on a trip. Don't assume that you can use US dollars at your destination, or that you'll easily find a reputable, affordable currency vendor.

* Make a budget for your trip and exchange as much money as you can safely carry. Frequent exchanges or withdrawals mean numerous transaction fees and commissions.

* Purchase currency from a vendor that offers a guaranteed return rate for unused currency. Returning leftover cash can be the most expensive part of your transaction, because you'll pay double without a special guarantee.

About Travelex:

Travelex is the world's foreign exchange and business payments specialist. The group is also one of the world's leading providers of outsourced travel money to banks, travel agencies and other financial institutions. The group serves businesses and individual travelers through nearly 700 banks, stores, malls and airports in four regions: the Americas; United Kingdom; Europe, Middle East and Africa; and Asia Pacific.