Post Office branches: Scaling travel money sales across the UK’s largest retail network
Introduction
The Post Office is one of the UK’s most trusted financial service providers and the UK’s leading foreign currency supplier. With the largest branch network in the country, the Post Office makes it easy for millions of customers to access foreign currency conveniently, whether they order online for home delivery or collect in-branch. As the number one provider of travel money in the UK, the Post Office relies on a robust and seamless service to supply, promote, and sell foreign currency across its 11,500 branches.
The Challenge: Meeting Demand at Unprecedented Scale
The Post Office’s nationwide presence is unmatched, serving customers in city centres, rural communities, and everywhere in between. To maintain its leading market position, the Post Office must ensure a constant, compliant, and competitive supply of over 60 currencies. From popular travel destinations to harder-to-source “exotic” currencies, their branches must be ready to always meet customer demand, while also driving sales performance across such a large and varied network.
The Solution: End-to-End Expertise from First Rate
First Rate Exchange Services delivers an end-to-end solution that underpins the Post Office’s success in foreign currency sales. From wholesale supply to staff training and targeted marketing support, First Rate enables the Post Office to serve its customers with reliability and confidence, while empowering individual branches to maximise their performance.
Supporting Sales from Supply Chain to Storefront
- Pre-order Currency Service
Supply of over 60 currencies, including exotic currencies available for next working day, securely distributed from First Rate cash centres to Post Office branches nationwide.
- Branch Performance & Support
Working closely with sales teams, First Rate helps improve performance at an individual branch level. This includes tailoring support to maximise sales potential, while also driving remuneration benefits for staff.
- Training & Compliance
Through initiatives such as Currency Coach, branch teams are trained on how to compliantly sell travel money products.
“Since introducing the Currency Coach to my team, we’ve seen a real boost in confidence and engagement when talking to customers about travel money and travel money cards. The courses have helped us improve product knowledge in a simple, practical way, which has translated into better conversations at the counter and increased sales.
It’s also sparked healthy competition within the branch – the team enjoy seeing their progress and challenging themselves to improve.”
Quote from *Chris, Postmaster, Belfast.
Social Masters training programme helped Ann Street Post office build over 70,000 followers across their social channels.
In addition, the Social Masters programme equips staff with the skills to run local social media channels, allowing them to actively promote their branch’s travel money offering.
“Social Masters has made such a difference for us. Posting across all our channels is quick and simple, and lets us share to all platforms in one go. Our community loves seeing videos about local life, and with the Academy we’ve picked up new skills that help us keep growing and connecting with customers every day.”
Quote from *Juliet, Postmaster, Postmaster, Fletchley.
- Marketing & Campaigns
First Rate supports with full-service marketing, including a ready-made library of creative assets for use in-branch and online. Campaigns are optimised to capture peak travel periods, ensuring maximum visibility and customer engagement.
- Digital Rateboards
Digital Rateboards combine the function of displaying travel money rates for a wide variety of currencies with animated campaign assets. A leap forward from the old style rateboards, the new digital technology gives the opportunity to show dynamic and reactive location-based content.
The Results: Driving Millions of Transactions Every Year
This comprehensive approach has enabled the Post Office to deliver an unrivalled travel money service.
- Each year, the network facilitates over 7.6 million foreign currency transactions, providing customers with convenient access to the currencies they need.
- Digital Rateboard’s trial delivered a +2% growth in currency cash sales and +7% growth in new pre-paid card sales.
- The breadth of supply, combined with expert branch support and targeted marketing, has strengthened the Post Office’s position as the go-to provider of travel money in the UK.
Looking Ahead: Scaling innovation to meet future demand
The Post Office and First Rate continue to enhance customer convenience and service across the branch network. Following the success of the Digital Rateboard pilot, the next step is to scale this technology nationwide, giving branches the ability to display live currency rates alongside engaging, local campaigns.
At the same time, investment in Click & Collect and other branch initiatives will make it even easier for customers to access travel money in the way that suits them best. By combining digital innovation with the personal service of local branches, First Rate and the Post Office will ensure the UK’s largest retail network remains the nation’s trusted provider of travel money.
“Our long-standing partnership with First Rate has been a key factor in the success of our travel money business. Their commitment to innovation and support at branch level has made a real difference, from staff training initiatives like Currency Coach and Social Masters, through to the rollout of Digital Rateboards. We’re delighted with the results so far and excited to see these programmes continue to grow and support our colleagues and customers nationwide.”
*Quote from Laura Plunkett
Left: Laura Plunkett, Post Office, Director – Travel, FX and International Payments
