296th Outlet, 6 New Jobs, No1 for Currency

Nothing seems to hamper the rapid growth of Scotland’s and the UK’s fastest growing foreign currency provider, No1 Currency, as they celebrated the opening of their latest Bureau de Change outlet in Edinburgh yesterday.

As the UK economy continues to spiral deeper into recession and Scottish unemployment hits an all time high of 137,000, Edinburgh-based No1 Currency shows no sign of slowing down.

The first three months of 2009 have seen an unprecedented growth with the opening of 24 new outlets. No1 Currency is predicting growth of more than 60% over this year, which will see the number of its Bureaus expand to an impressive 426 outlets by December 2009.

The latest Bureau de Change outlet located at 34-35 Queensferry Street, Edinburgh, brings the total number of branches in the No1 Currency network to 296, creates 6 new jobs and stocks 14 currencies for immediate exchange.

Cutting the ribbon to officially open the new store, Managing Director of No1 Currency, Mark McElney said, “We are very excited about the launch of this new city centre branch. Not only will 6 new jobs be created but the outlet is ideally located to offer both surrounding businesses and private individuals a convenient exchange service with unbeatable rates.”

“The downturn in the economy has not stopped business travel to and from Scotland’s capital or private individuals from booking weekend breaks and short getaways,” Mark McElney commented, “however consumers have become far more price savvy and value for money has never been so imperative,”

As Mark McElney points out, “The current lack of trust among the UK’s banking sector has stimulated an increasing number of individuals and businesses to look for alternatives when they buy their foreign currency.”

“Although people are shopping around more than ever before, convenience is still fundamental,” explained Mark McElney. “Our unique business model ensures that we can offer the best rate of exchange every time and with a rapidly expanding network of Bureau de Change outlets we can be found on nearly every high street in the UK.”

“This latest branch opening on Queensferry Street is testament to the continuing expansion and market demand for our cost effective and convenient currency exchange services,” concluded Mark McElney.

http://www.no1currency.com/

http://no1currencypresscentre.blogspot.com/

http://no1currencycomment.wordpress.com/

Navigating the Best Deal on Easter Travel Money

Determined to escape the weather and take respite from the credit crunch, UK travellers are still planning short Easter vacations despite the current economic downturn.

Destinations such as Turkey, Egypt and even the USA have become target locations for British holidaymakers who are looking to avoid eurozone countries as the pound hovers around the €1 mark.

When it comes to organising and purchasing travel money, there seems to be numerous options, each with their own set of the advantages and drawbacks. Navigating the best use of each option can make a huge difference to the overall cost of the holiday.

Here’s a summary of the pros and cons of each option:

Credit and Debit Cards
Pros:
This is the only option that requires no preplanning and is the most convenient and hassle free method of shopping abroad. For expensive purchases, £100 or more, using a credit card is the safest option as your purchase will be protected against faults by the Consumer Credit Act.

Cons:
Most bank and card companies typically charge two types of fees for the use of plastic abroad. Firstly a loading fee, this is similar to a currency conversion fee, typically at 2.75% and a second charge is added for the transaction itself.

Using a credit card to make a withdrawal from an ATM should be avoided, as it is the most expensive option for obtaining cash, and interest will be charged from the date of withdrawal. Poorer exchange rates than bureaus also mean you actually pay more for the goods.

Another risk is the card skimming scams which are prevalent in Europe and North Africa. You also need to remember to pay your card off as soon as you get back or you risk costly APR % charges.

Prepaid Currency Cards
Pros:
The prepaid cards combines the safety of travellers cheques with the convenience of a bank card, these cards allow you to preload currency onto them at a fixed exchange rate, so if the pound devalues while you’re travelling you won’t be affected.

Cons:
Only available in Euro and US$ currencies, the market in prepaid cards is relatively new and there are discrepancies between vendors. Watch out for: card issuing charges, preloading, reloading and card replacement fees, expiry dates and transactions levies which can be either fixed per use or as percentage of the transaction.

For those on a tight budget, the prepaid card might end up being an expensive option despite its low risk and high convenience appeal. But it’s important to always check the small print.

Cash
Pros:
Cash is an essential item on your holiday check list because it’s always handy to have a bit of local currency when you arrive. Even for an all inclusive holiday package it’s worthwhile having a bit of spending money for drinks, excursions and gifts. Using cash avoids surplus charges incurred by credit, debit, and prepaid cards.

Shopping around to find the best deal on your local high street is by far the best option when it comes to buying foreign currency. This can be done by comparing exchange rates, commission charges and the option of a buy-back service.

Cons:
If lost, cash can not be replaced, and getting the best exchange rate requires a preholiday shopping around to find the cheapest and most convenient deal before you get to the airport. Check that your holiday insurance protects against loss or stolen cash.

Navigating the best combination
Managing Director of No1 Currency, Mark McElney navigates the minefield of options available when it comes to choosing how to pay for your travel money:

“When it comes to spending money on holiday I would advise people to avoid using their banks cards as much as possible. Credit cards are ideal for large purchases to protect against product faults; however for everyday spending using bank cards should be avoided.”

“Prepaid cards can also be useful for larger purchases and you are already protected against currency fluctuations but beware of transaction levies and reloading fees, the prepaid card can be expensive so always check the small print. For those people who are avoiding eurozone countries this year, prepaid cards are, of course, not an option.”

“For everyday purchases on holiday, taking cash before you go will not only save time and hassle when you get there but it will actually save you money in the long run. These days every hotel, apartment and villa has a security box to keep your money and passports safe, so the risk of carrying cash is greatly reduced.”

“To ensure the best rate of exchange it’s important to shop around to find the best deal before you get to the airport. A foreign currency specialist tends to offer significantly better rates than banks, tour operators and airport bureaux which all helps to save you money.”

“At No1 Currency we pride ourselves on not only offering the best exchange rates but with nearly 300 outlets nationwide we can be found on nearly every high street in the UK, making No1 Currency the most convenient choice, offering the best rates every time.”

http://www.no1currency.com/

http://no1currencypresscentre.blogspot.com/

http://no1currencycomment.wordpress.com/

Letting agent to offer….No1 Currency?

Edinburgh Letting agent, EH Letting has become the very first property management company to offer a currency exchange service in its Southside office located at 22-24 Newington Road.

The new service which was launched at the beginning of this week is running in partnership with Edinburgh-based foreign currency specialists, No1 Currency and will stock all major currencies for immediate exchange.

This development comes shortly after a report by the FDS (Franchise Development Service) claimed that the franchising industry is set to boom in 2009 as an increasing number of small businesses are looking to diversify and more people are becoming self employed.

No1 Currency already operates licensed Bureau de Change outlets in partnership with Scotland’s leading travel agents, Barrhead Travel and a number of alternative financial services such as Cheque Centre and Cash Generator. EH Letting, however will be the first of its kind, a letting agent, to incorporate the currency exchange service.

Managing Director of EH Letting, David Klan said, “We have a large office at EH Letting, and there was space going spare. I needed to identify a business opportunity that could operate and co-exist with my current business. A Bureau de Change partnership with No1 Currency presented the perfect opportunity to utilise this space effectively.”

“The new currency exchange service creates an additional income stream to the business,” explained Gordon Allan, who will be managing the operation of the bureau, “the whole package is ideal because it’s low risk and can be set up with minimal outlays and it’s a great way to increase the client base.”

“I personally used the No1 Currency Bureau de Change located in Edinburgh whenever I needed foreign currency because they seemed to consistently offer the best rates,” Mr Allan continued, “When I enquired about a bureau opportunity with EH Letting, No1 Currency sent one of their team over to the office and the rest, as they say, is history,”

Managing Director of No1 Currency, Mark McElney, said,
“The downturn in the economy has not stopped people from travelling and taking holidays overseas, however as consumers become far more price savvy, value for money has never been so imperative.”

“This latest opening is testament to the continuing expansion and market demand for our cost effective currency exchange services.”

“By using this new currency exchange service at EH Letting our customers are able to make their holiday money and currency transfers stretch that little bit further.” Mark McElney concluded.

When asked if the operation of this new Bureau de Change service coupled with his existing property letting business would pave the way for a business expansion into overseas lettings, David Klan commented, “never say never, if there is a business opportunity there then it is always worth reviewing and considering.”

http://www.no1currency.com/

http://no1currencypresscentre.blogspot.com/

http://no1currencycomment.wordpress.com/