Independent Currency Exchangers – selling travel money online is easier and more cost-effective
Declan Morton
January 16, 2025
Independent currency exchangers face numerous challenges when competing against banks, supermarkets and the large chains of bureaux de change. One factor is price: the exchange rate they can offer. Next, and related to the first, is the volume of transactions and the practicality of holding large amounts of cash in numerous currencies. Add to this the operational efficiencies that can be achieved with digitisation (and expensive-to-maintain online platforms) and it’s no surprise that the bigger currency exchangers have an advantage.
In contrast, independent and small group retailers have other strengths. Often located on a high street, they are a part of the local community. They have the opportunity to develop a loyal and reliable customer base. Often, two things threaten to limit their growth. First, they need a modern, reliable tech platform where they can grow online business. Second they need attractive exchange rates.
A smarter approach: specialist digital services for independent currency exchangers
Some currency exchangers may opt to replace older systems with complete digital infrastructures, although even those may not include all the services needed to meet consumer demands. However, for small groiup and independent currency exchangers, the transition to digital online offerings need not be all-or-nothing.
Gradual adoption of digital services, often through expert third-party providers, can ease the transformation. This allows adaption at a manageable pace, minimizes disruption and maximises efficiency gains. And if travel money is just one of a range of services offered, it makes sense to be cautious with tech investment.
The real potential of foreign currency services
The demand for foreign currency travel money continues to grow: travelling with “local” cash is easier for minor transactions and most tourists do choose to travel with some local currency. And buying it before they get to the airport is cheaper than leaving it until the last minute. Local currency exchangers have a real opportunity, therefore, to grow their business provided they can attract customers.
But how to provide this “before-you-travel” service? Conventionally, consumers go to their bank, supermarket or post office and queue up to buy what they need. It’s time consuming and unpredictable – and at odds with the convenience expected in a world where “it’s all online.” The answer lies in having an easy-to-use online travel money service that delivers customer convenience as well as operational efficiencies.
A highly effective online service for independent currency exchangers
Money4Travel, a service by Essiell, provides a service tailored for independent currency exchangers. It stands out in its ability to deliver best value for both consumers and travel money retailers.
- Consumers book and buy their travel money online, with convenient collection from their local currency exchanger.
- Money4Travel provides the best exchange rate for each consumer within a ten minute drive of their home or workplace, depending on where they went online.
- With Money4Travel, currency exchangers can offer a loyalty scheme and a buy-back guarantee, further adding value for the consumer
- Consumers further benefit from a local supplier with whom there is a developing relationship. Currency exchangers expand their customer base, and gain the ability to compete with previously dominant players locally.
- Everyone benefits from a stronger local economy that supports independent retailers.
A Strategic Digital Asset for Independent Currency Exchangers
Money4Travel is a great way to boost business but it’s more than that. It’s a strategic asset for independent currency exchangers and small groups of bureaux de change. It’s an easy way into digital transformation, with efficiency, cost-effectiveness, and enhanced customer service. Why not join us today for a smarter, more connected way to provide currency exchange for travel money?
By Declan Morton, writer and editor at Money4Travel – the online service for foreign currency sales in the UK. More about the author.
