Travel Money Online – Why a Bespoke Digital Solution Makes Sense
Declan Morton
January 18, 2025
In the UK, many businesses take full advantage of digital systems and automation. The growing number of uses for artificial intelligence has added to this migration. However, for those who have not joined in, there is an important half-way house. Many organisations use computerised systems to manage stock control or payroll for example. Often, these are stand-alone packages. And that makes sense: digitising an entire enterprise could be time consuming and costly – and it may not be necessary. Moving travel money online is a good example.
Large foreign currency exchangers – banks, supermarkets, big chains of bureaux de change – can invest in their own systems. However, smaller groups of bureaux de change and independent foreign exchange outlets don’t usually have the resources to do that by themselves. They must seek an alternative solution.
A smarter approach: incremental digital integration
For currency exchangers, the transition to digital solutions need not be all-or-nothing. Gradual adoption of digital services, often through expert third-party providers, can ease the transformation. This allows independent currency exchangers and small groups of bureaux de change to adapt at a manageable pace, minimizing disruption and maximizing efficiency gains. Doing this also avoids the pitfalls of entire system changes. It’s far better to adopt what’s needed for each specific step.
The real potential of services that support travel money online
With steady continued growth in international travel, the demand for foreign currency exchange is more pronounced than ever. Carrying “local” cash is easier for minor transactions. Plus, it provides better security in destinations where electronic payment systems are underdeveloped.
Sometimes cash is essential, especially off the main tourist trails. And for convenience, travellers usually want to buy travel money before they go, or they can be persuaded to by the right offer. Doing this should be cheaper and more convenient than buying at airport booths or in-destination.
But how to provide this “before-you-travel” service? Conventionally, consumers have gone to their chosen supplier, queued up, and bought over the counter. It’s time consuming and unpredictable – and at odds with the convenience expected in a world where “it’s all online.” Of course, some providers do have an online service already, but then there is still the question of the exchange rate. How can consumers be sure there are paying a fair price? The answer lies in having an easy to use digital travel money service; one which offers increased operational efficiencies, while also satisfying customer needs.
A comprehensive digital solution for travel money online
Money4Travel is a new service from established foreign currency specialists, Essiell. It offers the perfect solution for all currency exchange businesses and it’s ideally suited to small groups of bureaux de change and independent travel money retailers.
For consumers – travellers preparing for their next trip abroad – it provides the convenience of click and collect, with a guarantee of the best exchange rate within a ten minute drive of their location. That’s provided there’s a subscribing retailer within that range, of course. Additional attractions include a buy-back promise and a loyalty scheme.
For the retail currency exchanger, Money4Travel’s focus on ‘local’ means that individual outlets can build their business within their community and compete with larger suppliers on a level playing field.
Operational Benefits: A Closer Look
Money4Travel will dovetail seamlessly with existing electronic systems. In particular,
- its associated point of sale system means there is an integrated platform that simplifies foreign currency purchases.
- because it’s designed to be compatible with existing infrastructures, it reduces the need for extensive investment in new systems.
- by digitising and streamlining foreign exchange services, Money4Travel increases the travel money revenue stream and improves overall profitability.
For currency exchangers, the benefits include secure, quick, and easy access to a wide range of foreign currencies, ensuring a seamless experience from ordering to collection. Money4Travel creates a dynamic marketplace in which subscribing travel money retailers have competitive advantage.
Money4Travel also addresses key operational areas, all of which contribute to greater efficiencies and cost effectiveness.
- Risk Management includes automated anti-money laundering screening to enhance compliance and reduce the risk of fraud and other financial crimes.
- Transparent and competitive pricing for retailers includes low fees and instant bank payments for quick account settlements.
- Customer satisfaction improves with an easy-to-use service that fosters loyalty and repeat business.
A strategic digital asset for travel money online
Money 4 Travel is more than a great service offering. It’s a strategic asset for travel money where convenience meets value. It brings efficiency, cost-effectiveness, and enhanced customer service. It’s an ideal choice for currency exchangers aiming to modernize their services while increase their local market share. If you already sell travel money online, or would like to, why not get in touch to find out more?
By Declan Morton, writer and editor at Money4Travel – the online service for foreign currency sales in the UK. More about the author.
