M&S Money reports record number of foreign currency for sterling
on: December 12, 2008, 5:40 am
Release Author: M&S
Release Summary: M&S Money reports weak pound sees travellers
digging out foreign currency to exchange for sterling in time
Release Body: As the pound continues to fall in strength against
foreign currencies, Christmas shoppers have been digging-out their
old foreign currency to exchange for sterling.
Money has reported that November saw a record number
of people exchanging foreign currencies for sterling across the
network of in store bureaux de change.
has been a particularly high demand to exchange US dollars for
sterling - a 53% increase in turnover over the past three weeks
compared to the same period last year. Other popular 'buy back'
currencies in November were the Swiss Franc and Japanese Yen.
Millar, M&S Head of Travel Services, said: "This time
last year travellers heading to America were getting a great deal
- almost US$2 for every £1. At that rate you would be wise
to hold on to any dollars brought back to the UK and use them
on your next trip."
continued, "Now the pound has weakened against the dollar
- around US$1.44 for every pound - so travellers are getting less
for their money in the US. Travellers returning home with cash
that may have previously held on to the currency are now keen
to grab the relatively low 'buy back' rates."
research carried out by M&S
Travel Money* found that 80% of Brits bring back foreign currency
when they return from a break abroad. Almost a third (28%) of
those return home with more than £50 worth.
three quarters (76%) of British travellers that bring back foreign
money said they do not bother or just forget to change the money
back into sterling and a third (33%) simply leave it untouched
in a drawer, wallet or handbag.
added: "As families continue to face financial pressures,
the trend to keep currency rather than change back to sterling
is likely to decrease. M&S offers a commission free buy-back
service, so travellers don't have to worry about bringing lots
of cash home with them."
Notes to Editors
Research carried out on behalf of M&S Travel Money by YouGov
between 12-15 August 2005 amongst 1130 people aged 18 and over.
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. The company is now 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,
insurance and car
insurance, as well as loans, savings and investment products.
November 2004, Marks & Spencer sold M&S Money to HSBC,
one of the world's largest banking and financial services organisations
with over 9,500 offices in 85 countries and territories.
a market capitalisation of US$190 billion (7 October 2008), the
HSBC Group is one of the world's largest financial services organisations.
Over 100 million customers worldwide entrust HSBC with US$1.2
trillion in deposits. With a tier one capital ratio of 8.8% and
a loan to deposit ratio of 90% (30 June 2008), the Group remains
one of the most strongly capitalised and liquid banks in the world.
Money has an executive committee comprising an equal number of
representatives from HSBC and Marks & Spencer.
company employs 1,200 staff at its headquarters in Chester, delivering
personal financial services to its customers, reflecting the core
values of Marks & Spencer - quality, value, service, innovation
M&S Money PR Contact:
M&S Money press office
40 Wakefield Road
020 7992 1574