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Sainsbury’s Bank has agreed a new five year contract with Travelex which will see it make an ambitious push into the travel money market. The Bank is maximising the opportunity presented by the growth in overseas travel which could see UK consumers take more than 100 million holidays* (overseas and domestic) by 2017.
Travelex will continue to supply over 50 currencies to the supermarket bank’s in store bureaux across the UK, and online via its click and collect and home delivery services. Sainsbury’s Bank’s growth plans include opening more bureaux. Today it is unveiling its 150th travel money bureau (in Brentwood) and is set to open a further 28 by the end of the year.
Since 2007 Sainsbury’s Bank has dispensed over £1 billion in foreign currency and has served more than 5m customers. In the last year, the supermarket bank has seen a 23% year on year growth in sales**.
As part of its strategy to offer customers a compelling reason to bank and shop at Sainsbury’s, around 500 foreign exchange colleagues will be transferring over from Travelex. The new Sainsbury’s Bank Travel Money colleagues will continue to be based in bureaux across the UK and will deliver on the Bank’s commitment to offer consistent customer service in the Sainsbury’s way.
As part of the deal, the Bank will also look at new distribution channels, which will include trialling ATMs that dispense foreign currency. The first will be installed in Sainsbury’s Tottenham Court Road, London, later this month.
Peter Griffiths, Chief Executive, Sainsbury’s Bank said: “Travel Money is a key part of our growth strategy and we’re delighted to be able to offer the convenience of competitively priced travel money in our supermarkets. Our unique Nectar offering, that rewards the Sainsbury’s customer, has seen around 85% of our travel money customers receive a special rate as well as Nectar points.
“Our new contract with Travelex will enable us to further enhance our offer for the Sainsbury’s customer and we’re delighted to be welcoming our 500 new bureaux colleagues to the Bank.”
Steve O’Donovan, Partner & Business Development Director for Travelex said: “Over the past seven years we have worked closely with Sainsbury’s Bank to provide competitive foreign exchange solutions to meet their customer needs. I’m delighted that we are renewing this partnership and will continue to provide our expertise and innovation to help drive growth for the Bank.”
Euros and dollars are the Bank’s most popular currencies but it has seen significant growth in a range of other currencies such as Mexican Peso up 49% and the Croatian Kuna up 55% on last year.
Sainsbury’s Bank Travel Money offers a great exchange rate on over 50 currencies. Nectar Card holders buying US Dollars and Euros can receive a preferential rate. Customers can convert their money into cash or Sainsbury’s Bank Cash Passport™ prepaid MasterCard® currency card***.
Through Sainsbury’s Bank’s Buy Back Plus***, customers can exchange their unused foreign currency at the same rate they paid for it. Customers have 31 days from the date of purchase to return their unspent currency to the bank, with 0% commission. There is a charge of just £3.99 for this.
Customers can order online or on the phone or buy in-store. Nectar points can also be collected on every order.
For further information, please contact:
Phil Anderson Natasha Virtue
Citigate Dewe Rogerson Sainsbury’s Bank
020 7282 1031 0131 338 2974
Notes to editors
*Mintel – UK Holiday Review 2014 – forecasts steady year on year growth for UK holidays over the next five years. It predicts that UK consumers will take more than 100 million holidays (overseas and domestic) in 2017, up from 94 million last year.
**Sainsbury’s Bank data (Sainsbury’s Preliminary Results May 2014 for the year 2013/2014)
***Travel Money terms:
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Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.
Sainsbury’s Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury’s Bank is a member of the Financial Services Compensation Scheme.
About Travelex: Travel Money online and in store is provided by Travelex Agency Services Limited, registered number 4621879. Sainsbury’s Travel Money ordered by telephone is provided by Travelex Currency Services Limited, registered number 03797356. Registered office for both companies: 65 Kingsway, London WC2B 6TD.
Travelex In 1976, Lloyd Dorfman opened the first Travelex Bureau de Change on Southampton Row, London. He is now the Chairman of the world’s leading foreign exchange specialists. We trade in over 80 currencies and in 25 countries.
Customers can find Travelex online and in over 1,500 stores, including all the major airports. Travelex has over 1,250 ATMs around the world and takes care of foreign currency services for partners including banks, supermarkets and travel agencies, extending our reach to over 100 countries and 20,000 locations.
Travelex continues to grow the geographic reach, both organically and through targeted acquisitions in growth markets. Recent acquisitions include FX Africa in South Africa and Grupo Confidence, the largest consumer foreign exchange specialist in Brazil. www.travelex.co.uk
Cash Passport: Cash Passport™ is issued by R. Raphael & Sons plc, pursuant to license by MasterCard International. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. www.cashpassport.com
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