News & views

12 February 2008

First Rate and American Express^® deal to deliver three million traveller’s cheques a year

First Rate Exchange Services, the leading provider of foreign currency services to UK businesses, has re-signed American Express^® as its partner and supplier of traveller’s cheques.

The renewed contract extends the two companies current relationship which spans over 10 years, and is set to deliver an estimated sale of three million traveller’s cheques per annum.

First Rate is the UK’s biggest foreign currency supplier. It provides UK foreign currency retailers, such as hotel chains, on-line travel service providers and retail outlets, including over 14,000 Post Office^® branches, with a range of currency services including notes and traveller’s cheques.

Continuing its relationship with American Express^® will allow foreign currency outlets across the UK to offer traveller’s cheques welcomed globally in thousands of shops and restaurants, and which can be exchanged fee free for cash in over 120,000 locations in more than 100 countries.

Commenting on the new contract Gordon Gourlay, Managing Director, First Rate said: “Providing a foreign exchange service is a vital source of income for many UK businesses. These businesses, both large and small, rely on First Rate to provide them with a range of high quality, value for money foreign currency services, including traveller’s cheques which offer their customers the highest level of security and convenience. I’m delighted that through this partnership we can continue to provide foreign currency retailers with traveller’s cheques from the one of the worlds most trusted and recognised brands.”

About First Rate Foreign Exchange Services:

First Rate is the UK’s leading provider of foreign currency services supplying over 14,000 retail outlets with a foreign currency service. It is the UK’s biggest foreign currency notes supplier and Europe’s major provider of traveller’s cheques and in the top five globally. First Rate sources currency through its associate business unit Bank of Ireland First Currency Services, one of the world’s leading wholesale currency operations.

First Rate can provide UK retailers and businesses with the following foreign currency services:

• Travel Money Online – a service enabling the ordering of foreign currency notes and traveller’s cheques securely via First Rate’s white label internet application
• Bulk provision of currency for currency retailers
• End-to-end consumer order processing – totally outsourced, white label currency solutions for phone, internet or retail outlet order placement

To find out more visit www.firstrate.co.uk.

Benefits of American Express^® Travellers Cheques include:

• Safer than cash
• Replacement service if lost or stolen – usually within 24 hours
• Worldwide customer service network
• Accepted worldwide
• No expiry date
• Suitable for almost every travel destination
• Free passport and credit card replacement assistance

For further information, please contact:

Four Countries Communications
Ruth Barker
Tel: 0207 749 9219
Mobile: 07814 571128
Email: ruth@fourcountries.co.uk

Bank of Ireland UK Financial Services
Sandra Grandison
Tel: 0207 634 3477
Mobile: 07912 298013
Email: sandra.grandison@boiuk.com

First Rate Exchange Services Ltd is registered in the UK and Supervised by HM Revenue & Customs for Money Service Business (MSB): License number 12133160. First Rate is a joint venture between The Governor and Company of the Bank of Ireland (Registered in Ireland and passported into the UK for regulatory purposes) and the Post Office^® Ltd. The Bank of Ireland is authorised by the Irish Financial Regulator and the Financial Services Authority for the conduct of business in the UK. Bank of Ireland First Currency Services is a division of The Governor and Company of the Bank of Ireland.