Powering Convenience – Helping the Post Office build a leading online travel money service
Introduction
The Post Office is the UK’s largest retail network, with over 11,500 branches serving millions of customers annually. As the leading provider of foreign currency, the Post Office has continuously innovated to make travel money more convenient and accessible. A key part of this innovation has been the development of the Travel Money Online product, a digital service allowing customers to order foreign currency online for home delivery, or for collection from a local branch.
First Rate Exchange Services has partnered with the Post Office since 2001 to develop and enhance this service, ensuring it drives travel money sales while meeting evolving customer expectations.
Travel Money has become an integral Post Office service.
Meeting the Shift to Digital
With customer behaviour increasingly shifting towards digital channels, the Post Office faced the challenge of delivering a seamless online travel money experience. Customers wanted convenience, flexibility, and security in accessing foreign currency. To maintain its position as the UK’s top travel money provider and achieve sales targets, the Post Office needed to expand its digital offering while ensuring efficient integration with its nationwide branch network.
Building a Seamless Online Journey
First Rate worked closely with the Post Office to develop and refine the Travel Money Online service. This partnership focused on creating an end-to-end solution that combined online ordering with in-branch collection, supported by marketing initiatives designed to drive adoption. First Rate’s expertise in foreign exchange operations, logistics, and branch support enabled the Post Office to deliver a reliable and convenient online travel money experience to customers.
Driving Growth Through Collaboration
- Since Travel Money Online launched in 2006, First Rate has worked with Post Office to develop the product in line with customer demand, from the early days of travellers’ cheques to the evolving landscape of currencies across the world, such as the growing adoption of the euro. The service now includes a wide selection of exotic currencies available for next-day delivery or collection.
- Online Ordering and Click & Collect:
The Travel Money Online platform allows customers to select from a wide range of currencies, place orders, and pay securely online. In 2014, First Rate implemented the Click & Collect service, enabling customers to collect their currency at any participating branch, with primary currencies available in as little as 2 hours. Payments are processed through First Rate and disbursed by the branch. This integration ensured a seamless customer experience.
- Branch Support:
To support the online service, First Rate coordinated with Post Office to manage currency allocations efficiently. Branch staff were trained to handle Click & Collect orders, ensuring that customer transactions were smooth and reliable. This support was particularly important as the service expanded to around 3,000 branches providing a same-day collection offering, creating a consistent experience nationwide.
- Marketing and Promotions:
First Rate collaborates with Post Office on campaigns timed around key travel periods, such as summer holidays, Easter, and half-term breaks. Marketing includes digital content, social media promotion, and in-branch materials, all designed to raise awareness of the Travel Money Online service and encourage uptake.
- Customer Experience Enhancements:
By providing a straightforward online ordering process, real-time updates, and convenient collection at local branches, First Rate helps the Post Office enhance customer satisfaction and drive repeat usage. Customers can access multiple currencies securely without needing to visit a branch, offering greater convenience and flexibility.
Delivering results at scale
- Seamless integration of online ordering with branch collection, providing customers with a convenient and reliable service.
- Increased adoption of digital travel money services, particularly during peak travel periods, boosting overall foreign currency sales. Travel Money Online now supports over 500k foreign currency transactions annually.
- Efficient currency allocation across participating branches, ensuring availability and a smooth customer experience.
- Strengthening the Post Office’s position as the UK’s leading travel money provider by offering an innovative, customer-focused online solution.
Looking Ahead
Through this partnership, First Rate and the Post Office have successfully transformed Travel Money Online into a convenient, widely accessible service that drives sales and meets customer expectations. By combining operational expertise, branch support, and targeted marketing, First Rate has helped the Post Office maintain its market leading position in the UK travel money market.
*Quote from Laura Plunkett
“Working with First Rate has enabled us to transform our online travel money service into a real growth driver for the Post Office. Together we’ve introduced Click & Collect, scaled participation across our branch network, and continually improved the digital journey for customers. It’s a partnership that keeps us at the forefront of convenience in travel money, and we’re excited about what comes next.”
Left: Laura Plunkett, Post Office, Director – Travel, FX and International Payments
