News & views

06 August 2009

First Rate Exchange Services launches International Payment service with HiFX

• New service offers easy way for UK businesses to offer an international money transfer service

First Rate Exchange Services and HiFX have joined forces to launch a new white-labelled international payment service which allows businesses to provide their customers with an international money transfer service which offers security, highly competitive exchange rates and simple online transfer options.

International Payments smoothes the process of making or receiving payments from abroad, whether it be an individual buying a holiday home overseas, or a business making regular payments for salaries or pensions. This new service is already creating interest from organisations which have identified its potential as an attractive and profitable add-on to their offering.

First to snap up the new service has been the Post Office® – already a market leader in travel services, the Post Office® is offering the International Payments service as a secure way to make online overseas property money transfers.

Gordon Gourlay, Managing Director, First Rate Exchange Services, explained: “Our wealth of experience gained through providing wholesale foreign exchange services has shown there is a need for a simple, value for money and secure way to transfer money to and from international destinations.

“Working with HiFX we have listened to UK businesses and introduced this service which can be tailored for a whole range of markets for which international payments play a part. Many companies are already realising how, as a bolt-on service, it could provide a valuable additional revenue stream.”
The key benefits of the International Payment product are:

• secure bank to bank service
• no hidden charges and competitive exchange rates
• fixed rates can be applied for extra peace of mind
• up to £10,000 can be transferred online at the touch of a button, with no upper limits on transactions made by telephone

First Rate has developed the new International Payment service through working alongside HiFX.  Laurence Butcher, CEO of HiFX explained: “HiFX has a strong track record for developing innovative solutions to help both corporate clients and private individuals make international currency transfers.  We have a wealth of experience on a global scale and are delighted to be working with First Rate to offer UK businesses a new service to complement their current service offer.”

First Rate’s range of foreign exchange solutions can be tailored to meet the needs of businesses both large and small across the UK. For more information visit www.firstrate.co.uk or call 0845 850 30 50.

Notes to Editors:

First Rate’s International Payment Service provision can be used to make the following transactions:

• buy or sell a property abroad
• make or receive regular international payments
• make a one-off international purchase
• transfer money when emigrating

The benefits include:

• no fees for sending or receiving money
• 0% commission
• convenience with arrangement over the phone or online
• competitive exchange rates
• peace of mind when you fix an exchange rate for a year
• help and guidance from an expert money transfer customer service team.

For more information visit www.postoffice.co.uk

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.

About HiFX

HiFX is the UK's premier provider of foreign exchange and cash deposit services. Established in 1998, it works with over 30,000 private individuals each year and approximately 2,000 corporate clients worldwide managing their foreign exchange and currency needs. Last year the group was responsible for managing over £20 billion in foreign exchange receipts on behalf of its customers.

To find out more visit www.hifx.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.