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12 January 2009
First Rate reminds FX retailers of changes to US entry rules
Stateside travel to remain in high demand
First Rate Exchange Services (First Rate) is reminding foreign exchange retailers to urge travellers heading to the US to be aware of new rules which come into force from 12 January, which require them to give 72 hours notice of US entry.
The new Electronic System for Travel Authorisation scheme (ESTA) administered by the US Department of Homeland Security requires all travellers visiting the US on the visa waiver scheme to apply online for authority to travel at least three days prior to departure1.
Although the new regulations may present a deterrent to UK travellers looking for last minute weekend breaks to popular US cities such as New York and Boston, First Rate expects that foreign exchange retailers will continue to see strong demand for the US Dollar.
First Rate is the wholesaler behind the Post Office®’s market leading foreign currency service. The Post Office® has reported that despite the slump in sterling’s value from a high of $2:£1 to just $1.37 by December 2008 dollar currency sales were still up on 2007 levels – and over seven per cent higher than in 2006.
Gordon Gourlay, Managing Director First Rate commented: “Despite the slump of sterling by 27 percent against the dollar over the last year1, tourist prices for items such as meals and drinks remain relatively cheap in the US, and of course with the credit crunch also hitting retailers stateside it will continue to remain a popular destination for bargain hunters. This combined with some great deals on transatlantic flights and cuts in fuel surcharges by airlines including BA and Virgin, mean foreign exchange retailers can continue to expect strong demand for the dollar during 2009.”
Full details of the ESTA authorisation scheme available at
http://www.visitusa.org.uk/visitors/esta.aspx
Note to Editors:
1Post Office® rate for £1 on 5 January 2009: $1.381, compared with 1.8814 a year ago.
About First Rate Foreign Exchange Services:
First Rate is the UK’s leading provider of foreign currency services supplying over 12,000 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.
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.