35% of the UK population plan to spend more on their holidays this year

29th July 2010


Consumers could save a day’s holiday spending money by shopping around for the best exchange rates

More than a third of the UK population (35%) plan to spend more on their holidays this year than last, according to new research by YouGov commissioned for BreadFX Prepaid Euro MasterCard®. With another 43% planning to spend the same and only 13% planning to spend less, most people seem relatively undaunted by the economic outlook, at least when it comes to their holidays.

There are around 42 million holiday and business trips to Euro zone countries by UK residents each year and they spend some £18bn worth of Euros. The research showed that 30% of UK travellers either buy currency at the airport or at their destination or use their UK debit or credit card.

“Travellers could save money and give themselves extra spending power by looking at newer, alternative ways of buying their foreign currency.” said Paul Swinton, CEO of BreadFX. “Exchanging at the airport or abroad or using other payment methods usually will not give you the best deal. Typically our prepaid MasterCard would give up to 10 percent more Euros for your pounds than you would get at an airport currency exchange. For a couple with holiday spending of about £800, it means they could get up to an additional £80 worth of Euros to spend. “

Mr Swinton maintains that BreadFX could save the typical holiday maker between 3% and 10% of the costs of their Euros, compared to many High Street or airport currency exchange bureaux. The card is free, there is no commission to pay and no fees for normal use*. It is widely accepted and a convenient alternative to travellers’ cheques.

The BreadFX MasterCard can be ordered online www.breadfx.com. When your card is delivered you can then email or text to exchange Sterling from your bank account to Euros on the card. BreadFX publish their daily exchange rates on their website so that you can compare with other ways of obtaining Euros.

The card is accepted at some 30 million outlets worldwide where the MasterCard Acceptance Mark is displayed. It can also be used to draw cash from an ATM. As with any other MasterCard card, the card holder has a unique PIN, so it can be considered a secure alternative to carrying large amounts of cash, or hiding money in a hotel room. BreadFX advise that you should keep the card as secure as cash and never disclose the PIN.

* No fees for normal usage except €1.50 ATM fee. See website for full terms and conditions.








Notes to Editors

  • The BreadFX Prepaid MasterCard is operated by Payment Card Solutions Limited. All currency transactions are carried out by Cornhill FX. The card is issued by Newcastle Building Society.
  • Payment Card Solutions (PCS) was formed in 2006 to run, manage and operate prepaid card programs. The Bread Prepaid MasterCard has become one of the industry leading general spend prepaid card programs. Using knowledge and experience built up during its operation led to a natural progression to join forces with Cornhill to begin delivering travel money programs via prepaid cards.
  • Cornhill FX is part of the Cornhill Group and was established to provide a superior service to clients (large and small) requiring assistance with foreign currency conversion. With FSA regulation and servicing 1000's of clients including many FTSE100 companies, Cornhill process a sizeable number of transactions daily which allow them access to the very best exchange rates on the market.
  • Newcastle Building Society’s Card Solutions division was launched in 2005 and offers BIN sponsorship, card issuance, settlement services and complete regulatory compliance. It is currently ranked as the largest provider in the UK and Europe by MasterCard® on monies settled, and seventh globally on MasterCard prepaid network, with over 300 live schemes. It has over 1.25 million of its issued cards active month on month settling over $1.3 billion annually. The Society is a MasterCard Principal Member, with the most MasterCard approved prepaid programs in the UK.
  • The BREADFX prepaid MasterCard is operated by Payment Card Solutions (UK) Ltd. MasterCard is a registered trademark of MasterCard International Incorporated. Card issued by Newcastle Building Society (“NBS”) pursuant to licence by MasterCard International. NBS is authorised and regulated by the Financial Services Authority as an issuer of e-money (registration no. 156058).
  • All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2204 adults. Fieldwork was undertaken between 30th June & 2nd July 2010. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
  • Other data sourced from The Office of National Statistics MQ6 Survey on Transport Travel & Tourism and from PCS’ own research.
  • The Prepaid Card is an electronic money product and although it is a product regulated by the Financial Services Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card. This means that in the unlikely event that Newcastle Building Society becomes insolvent your funds may become valueless and unusable and as a result you may lose your money.
  • As a responsible e-money issuer, Newcastle Building Society ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your Prepaid Card. In the event that Newcastle Building Society becomes insolvent funds that you have loaded which have arrived with and been deposited by Newcastle Building Society are protected against the claims made by creditors.