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12% rise in how much UK residents spend abroad since 2010 PDF Print E-mail
Monday, 29 June 2015

UK residents spent £35.5 billion abroad in 2014, 11.7% (£3.7 billion) more than in 2010. This is according to new analysis by Centtrip, which offers the first prepaid MasterCard with 14 currencies on a single card at ‘spread free’ exchange rates.

Centtrip reveals that UK citizens spent £6.14 billion in Spain in 2014 – the most for any country in the world – and £3.91 billion on visits to the USA. Some £3.51 billion was spent across the Channel whilst in France, whilst Italy was fourth with £1.68 billion (see notes to editors).
 
The research by the travel money business also showed that Romania had seen a 114% increase in spending by UK residents between 2010 and 2014. This equated to an extra £102 million. Lithuania and the UAE were second with increases of 74% while Norway and Mexico saw increases of 69%, 60% respectively.
 
Brian Jamieson, Co-Founder and Managing Director, Centtrip said: “Overseas travel is increasing, but as people visit more countries, they need to make sure they are getting a fair deal when buying foreign currency, and keep charges down to a minimum.”
 
In 2014, analysis from Centtrip reveals that Brits took more than 60 million trips abroad, getting through £35.5 billion in spending money. Centtrip is urging prospective holidaymakers that want to take advantage of a strong sterling so far this year to check the hidden ‘spread’ rate when spending abroad on credit cards and debit cards.

It estimates that the average FX spread when we use our credit, debit and prepaid currency cards abroad is 3.5%. Centtrip’s prepaid MasterCard offers 14 currencies on a single card at ‘spread free’ exchange rates, meaning that customers receive the market rate, or the price Centtrip pays for the currency.
 
Centtrip customers can use Sterling or Euros to load their account via their debit cards or by making a bank transfer.  Thereafter, they can convert across the 14 currencies free of any spread.
 
Customers can manage their accounts via a smartphone app or online through a multi-currency travel account.  The card allows customers to carry significantly higher balances compared to £5,000 or £6,000 for most prepaid currency cards.
 
Customers pay one fixed annual fee of £10 and 0.5% of the value of funds loaded to their account.  Thereafter they can buy foreign currency from Centtrip at authentic 0% rates from the live market, as much as they need and as often as they want.
 
In addition to spread free exchange rates, no charge for point-of-sale transactions in the UK or abroad and competitive international ATM fees, Centtrip’s card also offers the heritage and confidence of the MasterCard brand.  This means it’s accepted at over 34 million locations and 2.1 million ATMs worldwide.

(Source - Centtrip Press Release)
 

 

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