Our history

Since 1994, First Rate has grown to become a multi-billion pound wholesale business providing tailor-made financial exchange solutions for companies in the finance, travel and retail sectors.

Here are the key milestones on our journey.

1994
  • First Rate is formed when the Bank of Ireland starts supplying foreign exchange (FX) services via contract 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® and Bank of Ireland Group
  • We open our first distribution centre and set-up our in-house call centre
2006
  • First Rate launches a prepaid Visa Electron card through Bank of Ireland
2007
  • Post Office is voted Best Travel Money Provider at the British Travel Awards
2008
  • First Rate launches a corporate partnership with the Institute of Travel & Tourism
  • Post Office is voted Best Travel Money Provider for the second year running
2009
  • First Rate launches an international payment service
  • Post Office is voted Best Travel Money Provider for the third year running
2010
  • Post Office is voted Best Travel Money Provider for the fourth year running
2011
  • First Rate wins the Travel Sector category in the Top 50 Call Centres for Customer Service
  • We develop a partnership with London & Partners to leverage inbound tourist opportunities
  • We become programmes manager for a new prepaid travel money card with Mastercard® and Clydesdale bank
  • Post Office is voted Best Travel Money Provider for the fifth Year running
2012
  • First Rate introduces our enhanced Travel Money Online platform
  • We introduce additional currencies on our prepaid travel money card, taking the total to eight and also launch a home delivery service
  • First Rate and Post Office win Best New Prepaid Product of the Year at the UK Card and Payments Awards
  • Post Office is voted Best Travel Money Provider for the sixth year running
2013
  • First Rate wins the Santander contract
  • First Rate & Post Office win Best Prepaid Consumer Programme UK at the Prepaid awards
  • Post Office is voted Best Travel Money Provider for the seventh year running
2014
  • First Rate wins the John Lewis contract
  • First Rate & Post Office win Best Prepaid Consumer Programme UK at the Prepaid awards for the second year running
  • Post Office is voted Best Travel Money Provider for the eighth year running
2015
  • Post Office wins silver at the British Travel Awards
2016
  • First Rate obtains its e-money license and becomes a primary member of Mastercard®, meaning we can issue prepaid cards on their scheme
  • Post Office regains the title of Best Travel Money Provider
2017
  • First Rate launches the new Post Office multi-currency prepaid travel money card as issuer, programme manager and scheme member
  • We complete our first major acquisition by purchasing American Express wholesale division and in the process, expand our Corporate Client portfolio with 10 new brands, including Althams Travel, Barrhead Travel and TUI
  • Post Office is once again voted Best Travel Money Provider
2018
  • Post Office is voted Best Travel Money Provider for the 11th time
2019
  • First Rate introduces additional currencies on our prepaid travel money card, taking the total to 23
  • Post Office earns the title of Best Travel Money Provider for the 12th time
2020
  • First Rate retains John Lewis, who renew their contract after a successful five years
  • First Rate and Post Office win Best Prepaid Product of the Year at the UK Card and Payments Awards for the second time