Foreign exchange company Travelex wants to clear the world of billions of dollars’ worth of leftover travel money and put it back into circulation.
In the UK alone, Travelex estimates households have the equivalent of more than £2.7 billion (US$3.65 billion) of leftover foreign currency – or £78 (US$105) per holidaymaker, while Australian holidaymakers are estimated to be sitting on the equivalent of A$1billion in foreign currency.
To encourage travellers to part with their unused currency, Travelex has launched its Same Rate Guarantee at Singapore’s Changi Airport, guaranteeing customers the ability to sell leftover currency back to Travelex for the same rate they bought.
Travelex will charge S$10 per transaction.
The Same Rate Guarantee covers all major currencies available for exchange at Travelex’s Changi stores, and is valid for 21 days from the original purchase date.
Travelex says its Same Rate Guarantee gives customers the option to travel with more cash, “allowing them to rely less on bank cards for international purchases, while also protecting customers from any market volatility on exchange rates”.
Currently the most popular currencies purchased at Singapore Changi Airport are the US dollar, Chinese renminbi and the Australian dollar.
Travelex currently operates from 15 locations at Changi Airport across arrivals, departures and the transit area.
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