News & views

22 August 2008

Yuan winners – First Rate reveals 120 per cent increase in Olympic currency sales

As one of the most successful Olympic Games for team GB comes to a close First Rate Exchange Services Ltd (First Rate) has revealed one of the other winners of the 2008 Olympics to be currency retailers offering easy access to yuan currency.

First Rate has announced that in the week immediately preceding and the first week of the Olympic Games sales of Chinese yuan by foreign exchange retailers, supplied by its wholesale currency service, have increased by over 120 per cent compared to the same period in 2007.

Sales figures also revealed that almost a quarter of Olympic travellers (22 per cent) appear to be taking multi trip holidays, purchasing a second or even third currency at the same time as Chinese yuan, with Russian roubles and Hong Kong dollars the most frequent multi currency purchases after US dollars.

First Rate is the provider behind the Post Office^®’s market leading foreign exchange service. In February this year it provided the Post Office^® with a yuan on demand service to allow its retail outlets to meet the increased demand for the currency, as well as providing a home delivery online travel money ordering service.

The Post Office^® recently reported that the yuan is now in its top five fastest growing currencies and the yuan is likely to remain a currency in strong demand as China looks set to continue to reap the benefits of increased tourism the hosting of the Olympic Games will bring in the months and years to come. For example the latest figures from Sydney show annual visitors of over eight million people to the Olympic Park, almost double the number in 2000 when the Games were staged.

Gordon Gourlay, Managing Director First Rate said: “The Olympic Games attracts many thousands of people to the host country, both during and after the event. Currency retailers offering easy access to yuan and currencies from neighbouring countries will certainly have benefitted from increased sales from the Olympic Games. Looking beyond the Games, foreign currency retailers can expect yuan to remain in demand as China continues to reap the tourism benefits for years to come.”

First Rate is the UK’s leading provider of foreign exchange services to foreign currency retailers. Its yuan on demand service is just one of a wide range of white labelled foreign exchange services available to businesses large and small across the UK.

First Rate’s Travel Money Online solution provides high street and online retailers with a fully integrated online platform, allowing them to offer their customers access to over 70 currencies, notes and travellers cheques, currency advice and secure online payment. First Rate’s Travel Money Online service also allows customers to select their required delivery date, with orders received before 3pm available for delivery the next business day to addresses across the UK.

About First Rate Foreign Exchange Services:

First Rate is the UK’s leading provider of foreign currency services supplying over 13,000 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 travellers cheques and currency for foreign exchange 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.

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
Claire Gorman
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.