September 01, 2011 09:22 ET

Turkey and Vietnam Among Destinations Providing Best Currency Value for Travelers

Travelex Reports on Locations Offering "Best Bang for Your Buck"

NEW YORK, NEW YORK--(Marketwire - Sept. 1, 2011) - According to a recent assessment by Travelex, the U.S. dollar has strengthened against the currencies of Turkey, Vietnam, Egypt and Argentina, among other top destinations for U.S. travelers. As the world's largest non-bank foreign currency provider, Travelex constantly monitors exchange rates and is therefore able to determine which overseas destinations are offering the greatest value at any given time.

The Turkish Lira, for example, experienced a year-over-year change of almost 14 percent, which means a visitor to the Eurasian country would receive 14 percent more for his or her currency this year compared to last year. The Vietnamese Dong, Egyptian Pound and Argentinian Peso are also offering a better bargain for U.S. travelers in 2011, with year-over-year percent changes ranging from approximately five to seven percent.

"When comparing last year's exchange rates to the rates for 2011, we have noticed the U.S. dollar weakening against the currencies of several common vacation spots for U.S. travelers, including Canada and Australia" said Jon Dario, president of Travelex Currency Services Inc. "However, the U.S. dollar has also strengthened against some top exotic destination currencies, such as the Turkish Lira and Vietnamese Dong, and our job is to help customers obtain and use that information to get the most out of their currency exchanges."

The U.S. dollar also weakened against the Euro, Chinese Renminbi, Israeli Shekel and Swiss Franc, making these frequently visited destinations more expensive for American travelers. Of particular note, the Swiss Franc experienced a year-over-year increase of more than 23 percent, indicating U.S. travelers will receive 23 percent less for their currency when traveling to Switzerland in 2011. In such destinations, where exchanging currency is significantly more expensive on the ground, Travelex recommends purchasing a greater amount of currency prior to departure in order to lock in the best exchange rates and avoid paying a commission to foreign banks and exchange bureaus each time more money is needed.

Travelex's website also offers historical currency charts, mapping out the daily changes each currency has experienced when compared to the U.S. dollar. The tool helps travelers monitor rates and plan vacations based on the trending history of the currency corresponding with the destinations they plan to visit. For more information, visit the easy to use currency conversion tool.

For more information on Travelex or to locate a Travelex retail store, visit Customers can also purchase the company's chip and PIN Cash Passport™ MasterCard® in stores or online.

About Travelex:

Travelex is the world leader in the foreign currency business, with more stores, more airport relationships, and more annual transactions than any competitor. Recently voted "Best Passenger Services" by major North American airports, Travelex has more than 700 retail stores across 30 countries at key airport, seaport, rail and tourist locations. Travelex is also one of the world's leading providers of outsourced travel money to banks, credit unions and travel agents. Among the innovative services the company offers is Cash Passport™, which allows users to pre-load their travel budget onto a convenient card for safe and convenient use in millions of ATMs, shops, and restaurants worldwide. Cash Passport is PIN and signature protected and is not connected to the user's bank account, thereby minimizing the risk of identity theft due to the loss or theft of a Cash Passport.

Cash Passport™ is a trademark of Access Prepaid Solutions, a MasterCard Worldwide company.

The Euro and British Pound Cash Passport is issued by West Suburban Bank®, pursuant to licenses by MasterCard Worldwide.

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