Our History

Over 30 years of expertise

First Rate started supplying foreign exchange services (FX) to the Post Office in 1994. Since then, we’ve grown to become a multi-billion pound wholesale business providing tailor-made financial exchange solutions for companies in the finance, travel and retail sectors.

We are the instigators behind a number of innovations, including 0% commission, which revolutionised the foreign exchange market and led the Post Office to become the UK’s largest retail outlet for foreign currency.

In 2002, First Rate became a joint venture between the Post Office and Bank of Ireland Group.

1994

First Rate is formed when the Bank of Ireland starts supplying foreign exchange (FX) services to the Post Office

2001

First Rate pioneers 0% commission for consumers, which revolutionises the FX market

2002

First Rate becomes an official joint venture between the Post Office® & Bank of Ireland Group

We open our first distribution centre and set-up our in-house call centre

2008

First Rate onboards Santander UK business

2011

We become programmes manager for a new prepaid travel money card with Mastercard® & Clydesdale bank

2012

First Rate onboards Debenhams Finance

2014

First Rate onboards John Lewis & Partners

2016

First Rate obtains e-money license and becomes a primary member of Mastercard®, meaning we can issue prepaid cards on their scheme

2017

First Rate acquires American Express Wholesale Currency Services, our first major acquisition, which expanded the Corporate Client portfolio with 10 new partners, including TUI, Jersey Post, Althams Travel, Mid-Counties Travel, East of England & other regional players

2020

First Rate onboards Hays Travel

First Rate retains John Lewis & Partners after a successful five years

2022

First Rate onboards Currency Exchange Corporation (Fexco Ireland)

2025

First Rate moves to a new head office in Botanica, Datchet, Berkshire and undergoes a significant rebrand