Sainsbury’s opens milestone forex bureau
Sainsbury’s Bank has opened its 200th foreign exchange bureau, in Manchester.
The Salford bureau is the 34th to open this year and follows Sainsbury’s best ever month for travel money in July, which saw a 36% year-on-year increase in transactions.
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’s travel money business has reported seven consecutive years of growth and in the year to March 14, it saw like-for-like growth in turnover of 24%.
Head of travel money Simon Taylor 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."
In April, 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 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.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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