Travel Money Innovation on the High Street
Declan Morton
January 17, 2025
In the UK, consumers often have little choice about where to buy travel money. This is not to say there’s a lack of banks and bureaux de change. Rather it’s the fact that, whichever way the consumer turns, the offering is very similar. It’s dominated by supermarkets, banks and the Post Office. Alternatively, travellers can leave things until the airport or to when they arrive in the destination. Increasingly, it has become more difficult for consumers to find and secure the best deal for the currency they need.
The value of ‘local’ is increasing
Many travellers buying foreign currency for their holiday still want to do so locally. And often they will choose somewhere for its convenience as much as for its value. This tends to give the large supermarket chains an advantage, although in a perfect world it shouldn’t. What if there was a way to make travel money available locally, at the best exchange rate, and in a way that also worked for local bureaux de change and independent travel money retailers?
It’s an important question. Outbound travel from the UK has recovered well since the pandemic, and is likely to stabilise at least at pre-2020 levels. According to IBIS World, 2023-2024 will have seen a 17.6% increase in passenger numbers year on year. Even larger increases in outbound tourist numbers in the years after 2020 suggest the growth is slowing, though total numbers will continue to increase. Future Market Insights predict the UK’s outbound travel industry will be worth approximately US$ 90.5 billion (£69.2 billion) by the end of 2024, and potentially as much as US$ 206.43 billion (£158 billion) by 2034.
Why outbound travel matters for the high street
This sustained growth results in continued demand for easily accessed travel money at the best exchange rates. “Traditional” methods of exchanging currency, such as queuing at bank counters, or paying premium rates at airport kiosks, now align less comfortably with the expectations of modern travelers. They seek simplicity, efficiency, and value, close to their home or office.
For foreign currency retailers this is a real opportunity. That includes smaller chains of bureaux and other outlets like pawnbrokers and jewellers, plus convenience stores and money transfer businesses. Many of these have long offered travel money as a service to regular customers, but face stiff competition from the ‘established’ players in the market.
However, many consumers would just as happily buy from a smaller outlet than a bank or supermarket. What’s needed is a way to streamline travel money services for convenience and cost-effectiveness, and to move the ‘process’ online. Then all the consumer needs to do is collect the pre-arranged currency.
Buying and selling travel money – seamlessly
This is where Money4Travel from Essiell opens up opportunities. It provides everything needed for a convenient and efficient travel money service.
Money4Travel connects travellers with local bureaux de change and independent currency retailers. It offers the best exchange rates within a 10-minute drive. Money4Travel is online and easy to use. Consumers benefit from convenience and great pricing, while currency exchangers gain increased visibility and a larger customer base in their local area. The community focus ensures travellers save money, and local exchangers grow their businesses.
With Money4Travel, everyone wins – travellers find great deals close to home, and exchangers boost loyalty and sales. Join us today for a smarter, more connected way to exchange travel money.
By Declan Morton, writer and editor at Money4Travel – the online service for foreign currency sales in the UK. More about the author.
For reference:
Outbound Tourism by UK Residents, IBIS World, September 26th 2024
Analytical Study of Outbound Travel in the United Kingdom from 2024 to 2034, Future Markets Insights Inc, March 2024
