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.

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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.”

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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.”

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Recession Sparks Franchise Boom for No1 Currency

Since the start of the economic slowdown at the beginning of last year, No1 Currency has seen increasing demand for its franchised bureau de change package, with a number of travel agents, financial services, and even letting agents keen to diversify their product range and add a new source of income to their existing business.

No1 Currency is the only Foreign Currency Specialist in the UK to offer a fully managed and branded Bureau de Change solution for retail chains and independents that are looking to diversify their product range.

The popular demand for this low risk - high profit business model, which can be incorporated into any existing retail outlet at a very low cost, is testament to the fact that during an economic slowdown low risk diversification is a highly favourable option.

In 2008 No1 Currency opened one new bureau de change outlet every week using this business model, growing their network of Bureau de Changes by 25% in just one year.

According to FranchiseInfo.co.uk a downturn in the economy actually encourages people to seriously consider their options and franchising is considered the safest route for business expansion.

“It’s a win-win situation for everyone,” Managing Director of No1 Currency, Mark McElney commented, “our fully managed Bureau de Change franchise offers retail outlets the chance to expand and diversify their product range, widening their client base and grabbing a slice of this highly lucrative market, at a very low risk and cost to themselves.”

“Not only is this arrangement beneficial to our Bureau de Change partners but it’s also advantageous for our Bureau de Change customers,” Mr McElney continued, “by using this unique model to grow our Bureau de Change network we are able to save costs on start-ups and overheads, we put this saving directly into our customers pocket, which is why they get a better deal for their currency every time.”

No1 Currency for Fastest Growing Company

It was announced last month that Edinburgh-based No1 Currency is ranked as the 4th fastest growing company in Scotland. The news was revealed in the Sunday Times Virgin Fast Track 100 annual league tables, which ranks the top 100 fasting growing companies in the UK.

The Fast Track 100, now in its twelfth year, is a prestigious national league table which ranks 100 private companies with the fastest growing sales over a three year period to the latest available accounts.

No1 Currency has risen by a staggering 42 places from its UK position of 96 last year, to its new UK ranking of 54. As such No1 Currency retains its title as the UK’s fastest growing independent Foreign Currency Specialist.

It’s been a record year for No1 Currency, who has continued to rapidly expand its sales growth, staff and retail outlets. This time last year No1 Currency boasted a Bureau de Change network of 221 outlets. By the end of this year they will have increased this by 25% taking the figure to 272. That’s 1 new outlet opening every week.

As well as phenomenal growth in all areas of its business, No1 Currency successfully re-branded itself at the beginning of this year. The re-brand saw the unification of the world wide transfer currency service brand, Xchange Business, and the No1 Currency Bureau de Change brand under the one identity of No1 Currency.

Reacting to the news on Sunday, Managing Director of No1 Currency, Mark McElney, who earlier this year made the final for the Ernst and Young Entrepreneur of the Year Award said:

“We are absolutely delighted to be recognised by Fast Track 100 for our 2008 achievements. Being named as the 4th fastest growing company in Scotland and the 54th in the UK is such as honour.” Mark commented, “We have continued to grow year on year expanding our UK-wide Bureau de Change network from a single branch to 272 outlets in just over a decade.”

So what’s the secret of success for No1 Currency? Mark McElney explains, “We are the only UK-based foreign currency specialist to use a unique business model to grow our Bureau de Change network. By working with our partners we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers by offering considerably better currency rates than our high street competitors.”

“Whether our customers are looking to emigrate, make business transfers, buy property abroad or simply use our Bureau de Change services, we offer fast and secure transactions, professional guidance, and the most competitive exchange rates in the marketplace with 0% commission and no transaction charges”

“The downturn in the economy has not stopped international business trade or people from booking weekend breaks and short getaways however, value for money has never been so imperative,” said Mark McElney, “Our expanding Bureau de Change network is testament to the market demand for our cost effective currency exchange services.”

Founded by Mark McElney and David Hale in 1996, Edinburgh was chosen as the ideal headquarters for No1 Currency. “Initially we considered locations worldwide; finally we narrowed it down to Scotland’s capital city.” Mark explained, “Edinburgh provides a high quality of life, more so than London. It’s a beautiful city offering not only an outdoors lifestyle, but incorporating a large corporate and financial district. It’s perfect.”

With plans for further expansion of its Bureau de Change network over the next year and building a greater market presence south of the border, this Edinburgh-based currency specialist is paving the way to become a global leader.

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The Italian Job

Edinburgh’s leading independent food specialist Valvona and Crolla is managing its margins with comparative currencies to ensure the continued supply of its world famous continental foods and specialist Italian wines in light of the current economic slowdown.

It’s times like these that companies trading across borders really notice the adverse effects of fluctuations and movements in the currency market. For those firms who rely on importing goods, ensuring the best and most competitive rate of exchange can often make the difference between a profit and loss.

“In the last few months the pound has seen its most rapid fall in value against the euro,” said Mark McElney, Managing Director of No1 Currency, “coupled with the slowdown in consumer spending, ensuring the best exchange rates available has never been so imperative.”

Mr McElney continued, “My advice to international traders is to examine and compare exchange rates offered by their banks to those offered by other international transfer services and currency specialists,” He added, “More often than not banks are charging way over the odds for international payments,”

As a worldwide specialist food trader, Scotland oldest and best loved Delicatessen and Italian wine merchant, Valvona and Crolla is no stranger to the impacts that can occur as a result of turbulence in the currency market. The company relies on the continued import of fresh Continental-European products and the cost of these imports will ultimately impact on the company’s bottom line.

So how is Edinburgh’s undisputed food heaven faring up in light of the current economic climate and the state of the foreign currency market?

Despite the turmoil in the currency markets and the current economic slowdown, Valvona and Crolla has gone from strength to strength expanding its outlets into Jenners Food Hall on Princes Street and Loch Lomond Shores as well as opening its second café in House of Fraser at London’s Westfield shopping centre.

When importing fresh produce from abroad, Valvona and Crolla initially made international payments through its bank. However with the poor exchange rates and transaction fees being imposed by banks, Valvona and Crolla turned to their neighbour and local foreign currency specialist, No1 Currency, for more competitive exchange rates.

Managing Director of Valvona and Crolla, Philip Contini said, “We started using No1 Currency’s worldwide transfer services about 4 years ago for the purchase of our artisan food produce and specialist wines.”

“We discovered that using a foreign currency specialist such as No1 Currency was far cheaper than using the banks.” Mr Contini continued, “in fact by switching from our Bank to No1 Currency to make our transfers we saved around 20% which has certainly helped our margins.”

“Our trading needs change from month to month and many of our products are perishable, therefore it is vital for us that we are able to use a flexible transfer service that is fast and efficient.” Mr Contini explained, “No1 Currency tailored their service to fit our needs and provided unbeatable exchange rates which has really made a difference to our trading.”

“In today’s economic climate it is vital for all companies that rely on international export and import or deal in foreign currencies compare rates in the marketplace, making sure they are getting the best deal available.”

Last this year a €56,000 transaction through a high street bank would have cost £46,311. The same transaction made through No1 Currency would have cost £45,271*. That amounts to a £1,041 saving by simply using No1 Currency over a high street bank.

For SMEs (small and medium-sized enterprises) with typically low profit margins, the overall savings made on each transaction could seriously improve the business’ bottom line.

For forward thinking companies like Valvona and Crolla, No1 Currency has been providing Scottish businesses of all sizes with the best value and most competitive exchange rates available.

Compare Your Currency with No1

The Pound tumbled to a new low against the Euro last week; it is now at it’s lowest since the Euro was introduced in 1999. Concerns over the British economy will continue to grow as additional interest rate cuts are likely to weaken the pound further.

Managing Director of No1 Currency, Mark McElney said “We live in a Global Village and few companies these days are truly isolated from the volatilities of the foreign exchange market. Tough times lie ahead for Scottish businesses involved in international trade, as the pound falls to its lowest ever value against the euro.”

“The weak value of the pound will make a significant impact on business profits, especially for those small and medium-sized enterprises (SMEs) with typically low profit margins.”

“In times like this it has never been so imperative to find the best rate of currency exchange,” warned Mark McElney, “it could mean the difference between profit and loss.”

“I would seriously urge anyone who is looking to make a currency transfer at the moment, to take fifteen minutes to compare the market place.” Mark McElney continued, “Banks are notorious for providing poor exchange rates and high transaction fees, the best rate are often to be found with specialist currency traders, such as No1 Currency.”

“Whether our clients are looking to make business transfers, purchase a forward contract or simply use our No1 Currency Bureau de Change services,” Mark McElney explains, “we offer fast and secure transactions, professional guidance, and the most competitive exchange rates in the marketplace with 0% commission and no transaction charges”

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No1 Currency fill the Service Gap

It’s been four months since the Royal Mail announced the closure of 44 of its Post Offices and Bureau de Change outlets across Scotland, as it continues to downsize its retail network.

The closure of Post Offices throughout Scotland and the UK has left many small towns and rural communities feeling cut off and isolated from local shops and services which often nurture and maintain a sense of community spirit as well as providing valuable amenities to local residents.

The loss of these community services has left a huge gap for those who relied on the Post Office for their pensions, banking, cheque cashing and foreign currency exchanges and transfers. As a result alternative financial services such as Cash Generator and No1 Currency have seen an increase in demand for their services.

Realising the vial part that these community services play for rural and small town residents, Cash Generator and No1 Currency have been working together to ensure that their services are readily available to all.

This Friday saw the Greenock branch of Cash Generator located on West Blackhall Street opening a new No1 Currency Bureau de Change service. Greenock Cash Generator Manager, Alan Murdoch said, “Since the closure of some Post Offices we have seen an increase in the number of people using our Financial Services. Along with No1 Currency we are able to provide our customers with the full financial solution as well as offering the best currency exchange rates on the high street.”

Managing Director of No1 Currency, Mark McElney, said, “We are the only foreign exchange service to use a unique Bureau de Change model. By working with Cash Generator branches we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers.”

Established in 1996 with just 2 currency exchange outlets, Edinburgh-based No1 Currency has seen rapid and continued growth in Scotland and the North of England, with further expansions intended to continue into 2009.

The launch of the new Greenock outlet comes at a time when there is much uncertainty in the Scottish holiday market, yet despite the current economic climate, Cash Generator and No1 Currency have gone from strength to strength.

“The downturn in the economy has not stopped holiday makers from booking weekend breaks and short getaways, however value for money has never been so imperative,” said Mark McElney, “This new Bureau de Change outlet is testament to the continuing expansion and market demand for our cost effective currency exchange services.”

“With our unique business model, 0% commission and the most competitive exchange rates in the marketplace, we continue to offer better rates than our competitors. By using this new currency exchange service at Cash Generator our customers are able to make their holiday money and currency transfers stretch that little bit further.”

It seems that with the use of travellers’ cheques diminishing, and banks continuing to offer poor exchange rates alongside high commission fees as well as the soaring charges to make withdrawals from overseas ATMs, getting cash before you go is an essential item on the holiday check list.

No1 Currency operates 300 Bureau de Change outlets in through the UK, from Inverness to the Brighton. These outlets can be found in all major cities and towns, to find your nearest branch please visit http://www.no1currency.com/bureau-de-change/store-loc.asp

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Scotland-Based No1 Currency Specialist Defies the Crunch

Edinburgh-based Foreign Currency Specialist, No1 Currency, is defying the credit crunch as it continues to grow it Bureau de Change network UK wide.

Last weekend No1 Currency, the UK’s fastest growing Foreign Currency Specialist, celebrated the opening of its 250th Bureau de Change outlet in partnership with Cheque Centre in Wakefield, Yorkshire.

Established in 1996 with just 2 currency exchange outlets, No1 Currency has seen rapid and continued growth in Scotland and the North of England, with further expansions intended to continue into 2009.

No1 Currency is the only UK-based foreign currency specialist to use a unique partnership business model to grow its Bureau de Change network; as such it is able to offer high quality service and considerably better currency rates than its high street competitors.

Managing Director of No1 Currency, Mark McElney, said, “We are the only foreign exchange service to use a unique Bureau de Change model. By working with Cheque Centre branches we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers.”

The Wakefield Cheque Centre manager said, “Along with No1 Currency we are able to provide customers with the full financial solution while offering the best currency exchange rates on the high street.”

The launch of No1 Currency’s 250th outlet comes at a time when there is much uncertainty in the holiday market in the UK and Scotland, yet despite the current economic climate, No1 Currency has gone from strength to strength.

“The downturn in the economy has not stopped holiday makers from booking weekend breaks and short getaways, however value for money has never been so imperative,” said Mark McElney, “Our 250th Bureau de Change outlet is testament to the continuing expansion and market demand for our cost effective currency exchange services.”

“With our unique business model, 0% commission and the most competitive exchange rates in the marketplace, we continue to offer better rates than our competitors. By using this new currency exchange service at Cheque Centre our customers are able to make their holiday money and currency transfers stretch that little bit further.”

It seems that with the use of travellers’ cheques diminishing, and banks continuing to offer poor exchange rates alongside high commission fees as well as the soaring charges to make withdrawals from overseas ATMs, getting cash before you go is an essential item on the holiday check list.

Shopping around on your local high street and comparing currency rates could save up to €25 on a £450 exchange. The average holiday maker takes around £450 in cash for a week’s holiday to the continent. With an exchange rate* of €1.245 to the Pound, No1 Currency customers get €560.25 for their holiday money. This beats the likes of the Post Office (€535.50) and M&S Money (€555.75)*.

No.1 Currency operates 250 Bureau de Change outlets in through the UK, from Inverness to the Brighton. These outlets can be found in all major cities and towns, to find your nearest branch please visit http://www.no1currency.com/bureau-de-change/store-loc.asp

Protect your Savings with Predetermined Exchange Rates

Emigrating from the UK to destinations such as Australia and New Zealand requires a large amount of time for careful research and preparation. Planning can typically take a year or more during which time currency fluctuations can often be between 25-30%. These indeterminate moves could result in huge losses against original budgeting when transferring savings abroad.

Recent market tensions have seen favourable moves in sterling against both the Australian and New Zealand dollar. However, we only need to look back to last summer when a peak in sterling resulted in a fall in value against both the Australian and NZ$ in the region of 20% over a five to six month period. This type of adverse currency movement would clearly have a huge negative effect on the value of your savings.

Putting this example into hard cash figures, a couple planning emigration to Australia last year needed to exchange £150,000 to Australian dollars. At the beginning of the process in August, their savings would have secured around A$382,500. By the time they were ready to make the move in May of this year, the fall in the value of the pound had seen the equivalent value fall to A$307,500. This equated to a loss of A$75,000 or, in sterling terms, £36,585.

By speaking with their Foreign Currency Specialist, this type of exchange loss could have been avoided. From the moment you are aware of the approximate value and timescale of your transaction, you have an exposure to exchange rate fluctuations and the obvious knock on impact on your budgeting. This can be avoided by booking what is known as a forward contract. When entering into this contract, you are agreeing a predetermined exchange rate for a date in the future. This then allows you to concentrate on the other important aspects of your move without the worry of potentially damaging moves in the foreign exchange market.

In general terms, exchange rate fluctuations tend to be far greater in £-aud and £-nzd than many other currencies. This renders currency predications less reliable for those looking to transfer large sums of money to these countries. This again highlights the benefits of a forward contract.

David Lamb of No1 Currency explains ‘A forward contract is an agreement that enables you to lock into a favourable exchange rate for up to two years before you need to transfer your savings. Essentially, this means you are able to buy your currency now and pay for it up to 24 months later, thereby protecting your savings from any negative currency movements’

Forward contracts provide an ideal solution for anyone who is planning on moving abroad. Often, transfers of savings and assets are left until the last minute, the consequences of which have been highlighted. In some cases, transferring of funds can take far longer than anticipated, especially if money is tied up in a UK property which is proving difficult to sell.

By contacting your Foreign Currency Specialist straight away these exchange rates can be fixed at a predetermined rate. Thereby, not only allowing you to lock into favorable rates but giving you the added security of knowing exactly how much you will have when you start your new life abroad.

With your savings protected from the uncertainties of the foreign exchange market, you can relax and take your time in planning the rest of your emigration to paradise.

The No1 Currency Specialist Comes to Wakefield

No1 Currency, the UK’s fastest growing Foreign Currency Specialist, celebrates the opening of its 250th Bureau de Change outlet in your local Cheque Centre store at the Ridings Shopping Centre in Wakefield.

Established in 1996 with just 2 currency exchange outlets, No1 Currency has seen rapid and continued growth in Scotland and the North of England, with further expansions intended to continue into 2009.

The new outlet is located in the Cheque Centre store at 74 Kirkgate and will be offering the most competitive currency exchange rates to Wakefield and its surrounding areas.

No1 Currency is the only UK-based foreign currency specialist to use a unique business model to grow its Bureau de Change network; as such it is able to offer considerably better currency rates than its high street competitors.

Managing Director of No1 Currency, Mark McElney, said, “We are the only foreign exchange service to use a unique Bureau de Change model. By working with Cheque Centre branches we are able reduce expenditures on overheads and set up costs. We pass this saving onto our customers.”

The Wakefield Cheque Centre manager said, “Along with No1 Currency we are able to provide our customers with the full financial solution and offering the best currency exchange rate on the high street.”

The launch of the Wakefield outlet comes at a time when there is much uncertainty in the UK holiday market, yet despite the current economic climate, Cheque Centre and No1 Currency has gone from strength to strength.

“The downturn in the economy has not stopped holiday makers from booking weekend breaks and short getaways, however value for money has never been so imperative,” said Mark McElney, “This new Bureau de Change outlet is testament to the continuing expansion and market demand for our cost effective currency exchange services.”

“With our unique business model, 0% commission and the most competitive exchange rates in the marketplace, we continue to offer better rates than our competitors. By using this new currency exchange service at Cheque Centre our customers are able to make their holiday money and currency transfers stretch that little bit further.”

It seems that with the use of travellers’ cheques diminishing, and banks continuing to offer poor exchange rates alongside high commission fees as well as the soaring charges to make withdrawals from overseas ATMs, getting cash before you go is an essential item on the holiday check list.

Shopping around on your local high street and comparing currency rates could save up to €25 on a £450 exchange. The average holiday maker takes around £450 in cash for a week’s holiday to the continent. With an exchange rate* of €1.245 to the Pound, No1 Currency customers get €560.25 for their holiday money. This beats the likes of the Post Office (€535.50) and M&S Money (€555.75)*.

No.1 Currency operates 250 Bureau de Change outlets in through the UK, from Inverness to the Brighton. These outlets can be found in all major cities and towns, to find your nearest branch please visit http://www.no1currency.com/bureau-de-change/store-loc.asp

For more information visit:
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Cash is Still King According to No.1 Currency

Cash, Cards or Travellers Cheques? Planning your holiday expenditure in advance can save you unnecessary costs and charges this summer says No.1 Currency.

Many of us have had our holiday plans booked for sometime now. We often spend ages shopping around to find the best holiday deal, but then forget about getting the best deal when it comes to buying foreign currency.

Recent research from No.1 Currency suggests that we are being charged far more than we should for our foreign currency and purchases while on holiday.

When it comes to holiday spending there are number options open to us, from credit and debit cards, travellers cheques, and prepaid cards to good old fashioned cash. Each option has pros and cons to watch out for.

Knowing which option to use for a particular purchase will save you paying through the nose for your currency and avoiding unnecessary charges.

For a typical holiday spend of £500, shopping around to find the best deal can save as much as £35, when comparing various bank and bureau de change rates.

Here’s how it works.

Credit and Debit Cards:
Using credit and debit cards to make purchases abroad offers the most convenient and hassle free method of shopping. However, beware of hidden charges which will occur with every transaction you make.

Consumer groups are concerned that major banks are using a number techniques to squeeze more money out of holidaymakers relying on their banks cards this summer.

Most card companies 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.

For an average spend of £500 on holiday, people who use credit ands debit cards face additional charges of up to £20.

For larger purchases abroad, £100 or more, using a credit card is a safe option as your purchase will be protected against faults by the Consumer Credit Act, but don’t forget to pay this off as soon as you return.

ATMs:
Using bank cards to withdraw money from an ATM is an expressive method of obtaining local currency. Not only does this option incur a 2.75% loading fee but most banks charge a handling fee of up to 2%.

The transaction costs of withdrawing the equivalent of £100 from an overseas ATM can be as much as £5. For some banks this charge can be even higher.

Using a credit card to make a withdrawal from an ATM should be avoided at all costs. It is the most expensive option for obtaining your cash, and interest will be charged from the date you withdraw the cash.

Travellers Cheques:
Travellers cheques have been largely superseded by plastic; however they still remain the safest way to take your money abroad. If lost or stolen, travellers cheques can be replaced and unlike credit and debit cards they are not linked to your bank.

Despite their risk free value, using travellers cheques is the most time consuming option for obtaining local currency and can be equally as costly.

You are usually charged commission when you buy them, and may have to pay a further commission when cashing them at your destination.

Prepaid Cards:
More recently there has been an option available on the market which allows you to combine the safety of travellers cheques with the convenience of bank cards; these are known as prepaid cards, or cash passports.

These cards require you to preload money onto the card before you travel, allowing you to use it as if it were a debit card for purchases and ATM withdrawals.

However, these cards also include a number of charges such as issue fees, loading and reloading fees as well as transaction charges. In essence you pay handsomely for this low risk, high convenience option.

Cash:
Cash is an essential item on your holiday check list and 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.

For small everyday items cash is crucial as it avoids surplus charges incurred by credit and debit cards, prepaid cards and even travellers cheques.

There are several options available for obtaining cash, these include getting it from your local high street provider, changing it at the airport or waiting until you’ve arrived.

There are huge variations between different Bureau de Change providers, choosing the right supplier can save you up £35 when changing £500 into foreign currency.

Leaving it until you get to the airport or using bureaux in touristy locations is an expensive method of obtaining local currency and can leave you feeling short changed.

According the foreign currency specialist, Mark McElney, getting cash before you go on holiday is essential.

“Most people do not shop around to find the best rate of exchange for their money, leaving it until they get to the airport or choosing to rely on their bank cards. This is costing them far more than it should.”

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.

If you’re still unsure which operator is offering the best deal, a safe bet is to seek advice from your local foreign currency specialist.

The Best Option:
According to Mark McElney of No.1 Currency, when it comes to spending holiday money, cash is still king.

“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.”

“Although taking your bank cards away with you, as an emergency back up, is advisable, good old fashioned cash remains No.1 on the holiday check list for foreign currency.”

Visit www.no1currency.co.uk for more information

Holiday Money - No.1 Currency Gets You More

As the pound falls to its lowest ever value against the euro, research from No.1 Currency shows its set to be an expensive summer for Scots holidaying throughout most of Europe this year.

High exchange rates coupled with steep bank charges for the use of credit and debit cards in foreign destinations mean that Scots will now be paying around 17% more for holiday expenses than they did at the start of 2007.

No.1 Currency, a leading international foreign currency service, can save Scots as much as 11% by changing their money before they get to the airport.

Founder and Managing Director of No.1 Currency, Mark McElney said, “Most people do not shop around to find the best rate of exchange for their money, leaving it until they get to the airport or choosing to rely on their bank cards. This is costing them far more than it should.”

No.1 Currency, recently listed as one of the top 100 fastest growing private companies in the UK, has a network of 245 Bureau de Change franchised outlets across the UK, offering the most competitive currency exchanges rates on the high street.

“We are the only foreign exchange service to use a franchise Bureau de Change model. This saves huge amounts in overheads and set up costs. We pass this saving onto our customers.”

With the use of travellers’ cheques diminishing and high bank charges for using plastic to make ATM withdrawals abroad, getting cash before you go is still an essential item on most people’s holiday check list.

Most people tend to change their holiday money with their bank or use the bureaux at the airport, however changing money at the airport drives up expenses because banks and foreign exchange outlets share a percentage of their income with the airport operator.

“With our unique franchise business model, 0% commission and the most competitive exchange rates in the marketplace, we can undercut our competitors considerably.”

The average Scot takes around £500 in cash for a week’s holiday to the continent. With an average* exchange rate of €1.236 to the Pound, No.1 Currency customers get €618 for their holiday money.

No.1 Currency operates 77 Bureau de Change outlets in Scotland alone, from Inverness to the Borders. These outlets can be found in all major cities and towns across Scotland. Visit www.no1currency.com to find your nearest store.