News & views

26 March 2008

First Rate advises UK businesses to get set to cash in on Open Skies Agreement

First Rate Exchange Services, the UK’s leading provider of foreign exchange services, is anticipating a boom in demand for sterling to dollar currency transactions following the introduction of the Open Skies Agreement.

Whilst the debate continues as to who will be the true winners from the implementation of Stage One of the Open Skies Agreement, one area set to benefit from increased transatlantic travel is the foreign currency retail market, which First Rate forecasts will see strong demand for dollar currency in 2008 and beyond.

The Open Skies agreement is set to see new routes between UK airports and a range of US cities such as Fort Lauderdale and San Diego, and the ever popular business and city break destination of New York. Increased numbers of transatlantic flights, and in turn competition, is likely to result in better deals for UK travellers. This combined with sterling remaining strong against the dollar is set to ensure that the US remains a popular destination for 2008 and beyond.

Gordon Gourlay, Managing Director First Rate, said: “As more US bound flights get set for take off in the coming months, current and would be foreign currency retailers should consider introducing an online currency ordering channel to meet the needs of increased numbers of transatlantic travellers”.

“The ability to offer online access to competitive foreign currency rates and at the same time provide the convenience of delivery to addresses across the UK is a great enhancement to any retail or website offering, and a lucrative income stream for a wide range of UK businesses.”

First Rate can provide FX retailers with a fully integrated online platform, allowing it to offer its customers access to over 701 currencies, notes and travellers cheques, currency advice and secure online payment. First Rate’s Travel Money Online also allows customers to select their required delivery date, with orders received before 3 pm delivered the next business day1 to addresses across the UK.

First Rate’s range of foreign exchange solutions can be tailored to meet the needs of large and small businesses across the UK. By providing a fully out-sourced, white-label online currency solution, First Rate gives current and potential foreign exchange retailers an additional incentive for travellers to visit their website. Travel Money Online provides web based retailers with a home delivery solution, whilst businesses with a high street presence can also benefit from increased footfall by offering customers in store collection, providing further opportunities for brand communication and cross sale of products.

1 Next day delivery requires orders to be placed before 3pm on the previous business day. Next business day delivery cannot be guaranteed for exotic currencies.

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.

About Open Skies:

The Open Skies agreement is an air transport agreement between the United States and the European Union. The agreement allows any airline of the European Union and any airline of the United States to fly between any point in the European Union and any point in the United States. Airlines of the United States are also allowed to fly between points in the European Union. Airlines of the European Union are also allowed to fly between the United States and non-EU countries like Switzerland.

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.