The falling value of the pound saw Sainsbury’s Bank Travel Money foreign currency orders over the internet climb threefold recently. The supermarket bank said that orders on Sunday 24 February tripled compared to an average Sunday. The value of transactions was also up by 33 per cent.
Sainsbury’s Travel Money spokesman Simon Taylor said he believed the increase in demand came from people who were worried about sterling’s volatility, the drop in the UK’s credit rating and the uncertain economic environment. The pound has been dropping against the euro and US dollar recently. Some financial experts believe the pound is heading towards parity with the single currency.
Mr Taylor said it was impossible to predict when the situation would begin to improve for sterling and that Sainsbury’s was committed to providing customers with the best rates. He added that shoppers who found a better deal on foreign currencies in any bureau within a five-mile radius of a Sainsbury’s bureau, then Sainsbury’s Bank would offer to beat it.
Travel currency can be ordered from Sainsbury’s Travel Money at 126 in-store bureaus across the country, over the phone, or online.
Those ordering holiday money over the phone or internet are given the option of picking it up from a store or having it delivered to their home.