News & views

19 May 2008

Champions League fans drive record month for Russian ruble sales

Chelsea fans first to score as savvy travellers

Football fans heading to Moscow for Wednesday’s Champions League final are set to drive a record month for ruble sales by UK foreign currency retailers according to First Rate Exchange Services.

Retailers using First Rate’s 0% commission pre-ordering and online travel money solutions have already seen year on year ruble sales more than double, and First Rate are predicting this to triple to over nine million rubles (over £200,000) before the big day.

First Rate also reports that Chelsea fans are set to be the winners when it comes to taking advantage of great value 0% commission deals when purchasing Champions League currency. Foreign currency retailers in the Stamford Bridge area are reporting fans purchasing on average £265 in rubles, whilst those close to Old Trafford are recording average purchases of £215. Are Chelsea fans predicting they’ll need some extra cash to celebrate!

People travelling to Moscow usually have to pre-order currency in advance, or exchange it at the airport where they may potentially incur commission fees or uncompetitive exchange rates. However, with the ruble 11.5 per cent up against sterling compared to a year ago, football fans are looking for ways to make their cash go further. With this in mind First Rate Exchange Services is providing over 200 Post Office^® branches with a 0% commission on-demand ruble service in the run up to the Champion’s League final – ensuring there doesn’t have to be any losers when it comes to getting great value on travel cash.

Gordon Gourlay, Managing Director, First Rate Exchange Services commented: “Our foreign currency retailers across the UK are reporting a record result for rubles with currency providers close to Stamford Bridge recording the strongest growth. It certainly looks like Chelsea fans are set to be the winners when it comes to pre-match preparation in seeking out some of the great 0% commission deals available.”

First Rate provides retailers with a wide range of foreign exchange services, from currency stock provisioning to fully white-labelled ordering solutions. Its Travel Money Online service provides a fully integrated online platform, allowing retailers the ability to offer travellers online access to rubles and over 70 other currencies, as well as traveller’s cheques, currency advice and a secure online payment service.

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.

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 Irelwand First Currency Services is a division of The Governor and Company of the Bank of Ireland.

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