Sainsbury’s Bank today (Thursday 20th August, 2015) opened its 200th Travel Money bureau in Salford, Manchester. This is the latest milestone in the Bank’s continued growth which includes strengthening its relationship with Sainsbury’s customers.
The Salford bureau is the 34th to open this year, and follows the Bank’s best ever month for travel money in July, which saw a 36% year-on-year increase in transactions(1).
Since opening its first bureau in west London in 2007, the Bank has dispensed over £1 billion in foreign currency and served more than five million customers. The Bank has reported seven consecutive years of growth(2) and in the year to 14th March 2015, it saw like-for-like growth in turnover of 24%.(3)
Simon Taylor, Head of Travel Money at Sainsbury’s Bank said: “The opening of our 200th bureau is a significant milestone in our strategy to grow our travel money business. We have an ambitious expansion strategy and hope to open many more bureaux by the end of 2016.
”Our travel money is competitively priced and we regularly offer even better rates through our rate sales. In addition, travel money customers with a Nectar card also receive a special rate as well as Nectar points as part of our strategy to reward our customers.”
Simon added: “We also give our customers peace of mind that ordering their currency in advance means they could get a better rate than if they left it until the airport – so their spending money could go further.”
The five most popular currencies sold by Sainsbury’s Bank Travel Money are Euros, US Dollars, Turkish Lira, Canadian Dollars and Australian Dollars. The Euro has seen the greatest increase in popularity with a 72% uplift in sales over the last two years from July 2013 to July 2015(4).
In April this year, Sainsbury’s Bank signed a direct contract with Western Union to provide its money transfer service in all existing and future bureaux. In May, the Bank launched its first ever Multi-currency Cash PassportTM which allows customers to load up to seven different currencies in bureaux. Customers can manage their money online and via an app, as well as move funds between the currencies.
The Bank has around 600 colleagues in its bureaux at Sainsbury’s stores across the UK. Sainsbury’s Bank Travel Money offers 0% commission on foreign currency and consistently competitive exchange rates. There are over 50 currencies available to order. Open seven days a week and with convenient parking, customers can also purchase a Sainsbury’s Bank Multi-currency Cash PassportTM and collect travel money whilst shopping. Customers can also order currency online or by telephone on 0845 301 2724 and collect from a travel money bureau, or receive free delivery for orders of £500 or more.
Travel Money customers with a Nectar card also benefit from Nectar points, in line with the supermarket bank’s reward strategy which sees customers rewarded for holding selected Sainsbury’s Bank products. The Bank continually looks at ways to further strengthen the rewards on offer for its customers.
– Ends –
For further information, please contact:
Lorna Gilmour or Jennifer Johnston-Watt, Sainsbury’s Bank on 0131 286 0010 / firstname.lastname@example.org
Notes to editor:
(1) Monthly Sainsbury’s Bank Travel Money reporting figures taken from July 2014 and July 2015.
(2) Seven consecutive years include 2007, when first bureau opened, until December 2014. Figures taken from product finance reports.
(3) Sainsbury’s Preliminary Results May 2015 for the year ended 14 March 2015.
(4) Sainsbury’s Bank Travel Money data.
About Sainsbury’s Bank:
To view our latest press releases and product information, please visit the media centre at www.sainsburysbank.co.uk/media
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 Finance is a trading name of Sainsbury’s Bank plc. Sainsbury’s Supermarkets Ltd is an appointed representative of Sainsbury’s Bank plc. Sainsbury’s Bank plc, Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no. 3279730) 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 Multi-currency Cash Passport™ is issued by R. Raphael & Sons plc, pursuant to license by MasterCard International Inc. MasterCard® is a registered trademark of MasterCard International Incorporated. R. Raphael & Sons plc is a UK bank authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority (registration number 161302) and is permitted to issue e-money. Head office and registered office at 19/21 Shaftesbury Avenue, London, W1D 7ED, registration number 01288938