One in five Brits plan 2011 holiday money now
• Thomas Cook’s foreign currency app highlights 56 per cent of users are hoping for better exchange rates before their Summer 2011 holiday
• More than three-quarters of users set targets for the US Dollar to reach 1.59 and the Euro to hit 1.19 before buying
• Updated app includes Currency
Converter
Nearly one in five Brits (19 per cent) are already planning their holiday money for 2011 by making sure they get a good deal on their foreign currency. The ‘What’s The Rate’ app’s RateWatch function, which can be used to set exchange rate alerts, shows the nation is hopeful the pound will strengthen in the coming months and wants value for money.
Fifty-six per cent of app users are optimistic and have requested an alert when their chosen currency hits their preferred maximum rate, whilst just 15 per cent of cautious travellers have set a minimum rate alert so they can buy before it might fall further. Since the launch of the Thomas Cook foreign currency app last month, more than 1,000 rate watches have been set.
Melanie Whitehouse, Thomas Cook’s Financial Services Director, UK & Ireland, said: “Since launching our app last month, we’ve had some fantastic constructive feedback from our users and as a result have made many improvements to make it even easier to use. These include the introduction of a main menu screen that lets users choose exactly what they want to do, and a quick and easy standalone currency converter and store finder.
“The app makes it really simple to get a good rate on currency. There’s no longer any need for travellers to track rates every day to make sure they aren’t missing out on a good rate, as we do all this hard work and will automatically alert them when the currency hits to upper or lower limit they’ve set.”
The US Dollar is the most popular currency to follow on the app, with 76 per cent of people looking for a rise to 1.59 in the American currency. Nearly a quarter (24 per cent) are slightly more optimistic – requesting an alert when the rate goes above 1.6, whilst two hopefuls are waiting for notification when the US Dollar hits two to the pound.
When it comes to the Euro, again rate watchers are hoping for a increase – with 78 per cent requesting a nudge when the rate hits 1.19. Twenty-two per cent are looking for a rise to 1.2 or above, whilst two per cent want the Euro to hit 1.50 before they buy.
Top five currencies for RateWatch alert are:
US Dollar 31.1%
Euro 27.5%
Turkey Lira 6.7%
Australian Dollar 6.3%
Egypt Pound 6.0%
The app is free from the iPhone App Store or Android Market and the website is www.whatstherate.co.uk. Users can compare selected exchange rates offered at other popular high street foreign exchange providers to be sure of getting the best deal. The app and website offer the option to reserve currency, prepaid currency cards and travellers cheques at exclusive pre-order rates, guaranteed for 2 working days.
Users can view exchange rate trends for the past 14 days to see how currencies have been performing and help them decide when it is the best time to buy. They can even set up their own personal RateWatch for their chosen currency, and receive an automatic email alert if the exchange rate hits the upper or lower limit they’ve pre-selected.
For information about Thomas Cook’s Summer 2011 holidays, log on to www.thomascook.com, call 0844 412 5970 or visit the nearest Thomas Cook or Going Places