Travelex, the world's leading foreign exchange specialist, announces its Travelex Money Transfer (TMT) subsidiary, has signed an agent agreement with China Pay under which TMT will be the first money transfer company to offer payments from overseas directly to individual bank card accounts in China.

China Pay is a subsidiary of China Union Pay (CUP). Since its creation in March 2002, CUP has built a nationwide network for bank card transactions, electronically linking the ATM networks of all of China's banks thus providing universal access to ATMs for bank clients.

This service will be available to all 500 million cardholders of China Pay's member banks.

Mohit Davar, Chief Executive Officer, TMT said:

"We are delighted to have entered into this agreement with China Pay, which will allow people in Britain to transfer money directly into individual bank card accounts in China for the first time. China is one of the world's fastest growing economies and, with one of the world's largest remittance markets, valued at around US$25+ billion a year, provides significant growth opportunities for Travelex."

TMT was established in July 2003 incorporating the Travelex Worldwide Money business and enhancing its online operating platform. TMT is currently available in 40 countries, with a further 20 countries being implemented.

For further information, please contact Anthony Wagerman at Travelex, on +00 44 (0)20 7400 4000 (anthony.wagerman@travelex.com) or Caroline Rety at Smithfield on 020 7360 4900 (crety@smithfieldgroup.com).

Notes to Editors

Travelex is the world's largest foreign exchange specialist, with over 650 retail branches and 16,000 business customers. There are retail branches at key airport, seaport and rail locations, in addition to tourist and business centres around the world. Around 40% of the world's airline passengers, over 1.3 billion people, pass through airports at which the business operates including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney.

Travelex is the world's largest non - bank provider of commercial foreign exchange services, providing integrated solutions for businesses. The Group is also one of the world's leading providers of outsourced travel money to banks, travel agencies and other financial institutions and the world's oldest issuers of Travellers Cheques.