News & views

13 July 2009

First Rate delivers Euro on demand service to 8400 Post Office® branches

600 more outlets launch on demand service

Spain offers holidaymakers best value in the eurozone

First Rate Exchange Services has announced that it is has increased its provision of over the counter euro foreign exchange services to the Post Office® network, increasing availability from 7800 to over 8400 outlets. 

Commenting on the extension of its foreign exchange provision to the Post Office network Gordon Gourlay, Managing Director, First Rate Exchange Services said:  “We’re delighted to be supporting the Post Office in the extension of its euro on demand service.  It’s a move which is good news for UK travellers as it coincides with sterling’s relative high against the euro in comparison to recent months.  Summer holiday makers can benefit from easier access to their holiday cash in the knowledge that their pounds look set to go further than expected in destinations across the eurozone.”

According to a recent survey holidaymakers heading to the eurozone will find Spain is the cheapest destination, with prices for tourist staples around 15 per cent less than the most expensive destinations, France, Cyprus and Italy¹. 

Although new entrants to the eurozone, Malta and Cyprus, have both seen price rises since they adopted the euro on January 1st, based on the information received from their tourist offices, Malta has emerged as one of the cheaper destinations, taking third place after Spain and Portugal. 

First Rate is the UK’s leading provider of foreign exchange services to foreign currency retailers.  It provides 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.

Note to Editors:

¹ Figures based on the prices for 10 holiday items, using data supplied by tourist offices of participating countries. The survey compared the lowest average resort prices for each commodity and is reliant on the accuracy of information received from tourist authorities.

HOLIDAY COSTS BAROMETER SUMMER 2009

Items	Euro MALTA	Euro GREECE	Euro CYPRUS	Euro FRANCE	Euro MALTA	Euro MALTA	Euro MALTA
Filter Coffee Bar/café	£0.93	£3.72	£2.79	£1.86	£0.51	£0.84	£1.21
Bottle of Heineken/local beer Bar/café	£1.30	£4.65	£3.61	£3.72	£0.93	£1.16	£1.86
Bottle/Can of Coca-Cola Bar/café	£1.02	£3.25	£3.16	£3.25	£0.93	£2.32	£1.77
Bottle of mineral water Supermarket	£0.46	£0.46	£1.86	£0.84	£0.37	£0.31	£1.12
Suncream (Factor 15) Supermarket	£6.51	£6.51	£12.08	£8.36	£10.21	£11.15	£8.36
Postcard and stamp to UK Tourist shop	£0.56	£2.32	£1.81	£1.49	£0.93	£1.02	£0.86
Insect repellent Supermarket	£3.72	£3.72	£4.65	£7.43	£4.60	£4.65	£7.43
Pack (20) Marlboro Lights cigarettes	£3.35	£2.79	£3.95	£4.93	£3.25	£4.09	£3.02
English tabloid newspaper	£1.67	£2.32	£2.79	£2.32	£1.93	£2.79	£2.32
3 course evening meal for 2 in a local restaurant (inc bottle of house wine)	£46.47	£37.17	£39.03	£41.82	£41.82	£46.47	£37.17
TOTAL COSTS	£65.99	£66.91	£75.73	£76.02	£65.48	£74.80	£65.12

Data relates to Post Office tourish exchange rates as at 8 July 2009

About First Rate Foreign Exchange Services:

First Rate is the UK’s leading provider of foreign currency services supplying over 11,500 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: 0203 201 6509
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.