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Sterling Rally Boosts Holiday Budgets To Most Popular Destinations

01 July 2015

Analysis(1) of Bank of England exchange rates by Sainsbury’s Bank Travel Money suggests that Britons could continue seeing their holiday money go further. In the past year alone, the Pound has strengthened against four of the supermarket bank’s five most popular currencies.

The most dramatic increase is against the Turkish Lira; year on year its value has risen by 16% against the Pound and over the past three years by 49.3%.

In the last year, the Pound has also gained 13% against the Australian Dollar, 10.9% against the Euro, which is the currency used in around three quarters of holidays from the UK(2) and 6.4% against the Canadian Dollar.

The only top currency that the Pound hasn’t gained against is the US Dollar, where holidaymakers are getting 7% less than they did a year ago. However, Sterling is still marginally (2%) stronger against the Dollar than it was three years ago.

Simon Taylor, Head of Sainsbury’s Bank Travel Money said: “The strength of the Euro against Sterling has been widely reported but our analysis shows that holidaymakers are also getting a better deal on the Australian Dollar, Canadian Dollar, and even more for their money on Turkish Lira. Shopping around for the best rate before you jet off can make all the difference.”

One and three year Sterling performance against top five most popular holiday currencies

fx league table

Source: Sainsbury’s Bank Travel Money / Bank of England exchange rate data

Sainsbury’s Bank has around 180 travel money bureaux in Sainsbury’s stores across the UK and offers 0% commission on foreign currency. There are over 50 currencies available to order. Open seven days a week and with handy parking, Sainsbury’s Bank offers customers the convenience of taking out a Sainsbury’s Bank Multi-currency Cash PassportTM and collecting travel money whilst shopping. Customers can also order currency online or by telephone on 0845 301 2724 and collect from a travel money bureau(3), or receive free delivery for orders of £500 or more.

About the Sainsbury’s Bank Multi-currency Cash PassportTM

Up to seven currencies can be loaded on to the new Chip and PIN card: Euros; US Dollar; Australian Dollar; South African Rand; Canadian Dollar; New Zealand Dollar and Sterling.

Customers can request a second card, free of charge at the time of purchase, which can be used as a backup if the main card is lost or stolen. If the card is lost or stolen, they can call Sainsbury’s Bank Travel Money to cancel it. Customers can also access their funds if their card is lost or stolen via Sainsbury’s Bank Travel Money’s emergency cash replacement service (up to the available balance on the card), subject to availability in the relevant location.

With the Sainsbury’s Bank Multi-currency Cash PassportTM, customers can pay for goods and services at merchants around the world that accept MasterCard® cards, withdraw local currency from ATMs displaying the MasterCard Acceptance Mark, manage their money online and via an app, as well as move funds between the seven currencies. Fees apply.

The minimum load on to the card at any one time is £50, and the maximum is £5,000.  Over the course of 12 months, up to £30,000 can be loaded on to the card.  Over 24 hours, up to £500 can be withdrawn from an ATM, and the maximum spend over this period is £3,000.

For further information on the new Sainsbury’s Bank Multi-currency Cash PassportTM, visit cashpassport.com/sainsburysbank, call 0800 056 0572 or pick up a leaflet in a Sainsbury’s supermarket.
ENDS

This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.

Rates and information correct at date of issue.

 

(1)   Based on Sainsbury’s Bank Travel Money analysis of exchange rate data published by the Bank of England (22.6.15, 23.6.14, 21.6.13, 22.6.12) against the Bank’s five most popular currencies bought by customers

(2)   Sainsbury’s Bank’s analysis of ONS Travel Trends 2014 (latest findings available, published May 2015)

(3)   Orders collected at instore bureaux – Euros & US Dollars can be collected next day, other currencies in 3 days. A £1.99 administration fee applies to all online orders under £100 collected instore.

Press contacts:

Tom Wilson, Citigate Dewe Rogerson: 020 7282 2842 / tom.wilson@citigatedr.co.uk

Lorna Gilmour, Sainsbury’s Bank: 0131 286 0786 / lorna.gilmour@sainsburysbank.co.uk

About Sainsbury’s Bank:

To view our latest press releases and product information, please visit the media centre at www.sainsburysbank.co.uk/media

Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. The Bank benefits from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance.  Sainsbury’s Bank provides a range of quality products including travel money, insurances, credit cards, savings and loans which we provide through multiple channels, including instore, by telephone and online.

Sainsbury’s Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank plc is covered by the Financial Services Compensation Scheme (FSCS).

Sainsbury’s Bank Multi-currency Cash Passport is issued by R. Raphael & Sons plc, pursuant to license by MasterCard International Inc. MasterCard® is a registered trademark of MasterCard International Incorporated. R. Raphael & Sons plc is a UK bank authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority (registration number 161302) and is permitted to issue e-money. Head office and registered office at 19/21 Shaftesbury Avenue, London, W1D 7ED, registration number 01288938