14 July 2010

10 Day Holiday Countdown Starts Today

• 14th July one of the most popular shopping days of the summer as families prepare to head abroad
• M&S Travel Money reveals eight currencies where you get more for your money compared to summer 2009
• M&S offers the same competitive rate up and down the UK, in shops, online and by phone

Today (14th July 2010) is expected to be one of the most popular shopping days of the summer as parents in England prepare for the family holiday getaway. 

Research reveals that most British travellers wait until 10 days before their summer break to start their holiday shopping*. With many state schools in England not breaking-up until Friday 23rd July, the weekend of 24th July will be when many families head off on holiday.  So today is expected to be the day that most parents buy their travel essentials.

Included on the holiday shopping list is travel money and insurance, alongside holiday clothes and sunscreen. 

M&S Travel Money research** shows that 69% of people buy foreign currency before travelling, to pay for goods and services overseas.  Almost nine out of 10 people (89%) claim getting good value on their foreign currency is vitally important to them***.

However, two-thirds (66%) of people mistakenly believe that by purchasing their travel money on the high street they can expect to get the same rate in whatever branch they visit across the country. This, however, is not the case; many providers alter their rates geographically, so many families could be gambling on getting best value this summer.

James Yerkess, M&S Head of Travel Money, said: ‘It’s encouraging that so many holidaymakers are buying their travel money in advance, as it’s always a good idea to buy before you fly and make the best of competitive exchange rates on the high street.  M&S treats customers fairly by offering the same rate up and down the UK, in shops, online and by phone.’

Data from M&S Travel Money reveals that currencies used in some of the most popular tourist destinations have increased in value against the pound, meaning Brits will find the cost of everyday items more expensive. For example the pound has dropped in value by 7% against the US dollar and 11% against the Mexican peso.

However, there are eight currencies against which sterling has increased in value since summer 2009, including the euro.

M&S Money has geared up for its typical annual increase in foreign currency sales of over 60% during the peak holiday season.  More than half of all currency orders will be for euros, as Brits head for family holidays in Europe.

Spend £250 or more on Travel Money at M&S and receive a £5 voucher to use when you spend £35 or more on Clothing or Homeware. Offer now extended to 25 July 2010.

Currencies where you get more for your money compared to summer 2009 (data sourced from M&S bureaux on 9th July 2010) 

Marks & Spencer Travel Money is available at bureaux de change in M&S stores across the country, also by telephone on 0800 363 484 and online at www.marksandspencer.com/travelmoney

Ends

For further information and case studies of customers who have purchased travel money at M&S, please call the M&S Money press office:

Liz Neild on 01244 686 068
liz.a.neild@mandsmoney.com

Simon Coughlin on 020 7992 1574
simon.coughlin@mandsmoney.com

Notes to Editors

* Quaestor Research & Marketing Strategists, quantitative research of 319 respondents for M&S Travel Money, June 2006

** Research carried out on behalf of M&S Money by YouGov between 19th-21st May 2008 among 2,128 GB adults.  The survey was carried out online.  The figures have been weighted and are representative of all GB adults (aged 18 and over).

*** M&S Travel Money survey was conducted by 72 Point / OnePoll in May 2010. It polled 3,000 UK adults.

M&S Travel Money - Key Features

Great exchange rates and exchange rates updated daily

Major currencies available by phone, and on average 32 currencies available on demand in our Bureau de Change

No commission on foreign currency notes and foreign currency travellers' cheques (1% charge on sterling travellers' cheques) Commission-free buy-back

Free delivery on internet and telephone orders of £500 or more (for orders of less than £500 there is a £5 delivery charge) Fully insured registered post

No cash advance fee and up to 55 days interest-free credit if you pay for your Travel Money using your M&S Credit Card.  Typical 15.9%APR (variable). Credit subject to status to UK residents aged 18 or over.

Only notes of denominations sold at M&S are bought back in the Bureau, not coins.

M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.

The company is a top-ten credit card provider and the second-largest travel money retailer in the UK.  M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.