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.

Grow Your Profit with No1 Currency

Adapt, diversify and innovate - These were the key themes that circulated the 2008 ABTA Travel Convention held recently in Gran Canaria.

This year’s ABTA Travel Convention brought together a wide range of travel industries to address both current and emerging issues which face the Travel sector today. There was a strong focus on customer needs and concerns, gaining a comprehensive understanding of company cash-flows and ensuring the continued motivation and development of staff.

Despite fears of an economic slowdown, the travel sector in the UK continues to grow steadily and is worth over £36 billion a year. ABTA Travel Partner, No1 Currency, invites ABTA members to become a Bureau de Change partner and grab a piece of the action.

No1 Currency is the only Foreign Currency Specialist in the UK to offer a unique and fully managed Bureau de Change solution to its partners. This synergy allows No1 Currency and its partners to diversify into a new and lucrative market.

Working together as a partner with No1 Currency, you will be able to expand your travel business and gain a competitive edge by offering your customers a more comprehensive holiday package of travel and foreign currency.

With a strong knowledge of the travel sector, No1 Currency understands how important value for money is to travel businesses and their customers. This unique Bureau de Change business model allows partners to experience increased footfall by consistently offering the best currency exchange rates on the high street.

Partners also enjoy a dedicated support team with professional training on hand as well as a new income stream into its business. The strength of the No1 Currency brand and ongoing marketing initiatives ensures both business and customer expectations are met unconditionally and that partners’ new foreign currency business flourishes.

Managing Director of No1 Currency, Mark McElney, said, “This years Travel Convention has highlighted the need for the industry to adapt and diversify inline with the changing needs of the market. Offering the highest quality and best value in services is essential for instilling consumer confidence.”

“In our experience, agents that adapt and evolve their travel business have found great success working in partnership with us.” Mr McElney continued, “Our partners have seen their footfall increase since offering this fantastic service which their customers really value.”

Founded in 1996, No1 Currency is the fastest growing Foreign Currency Specialist in the UK with a rapidly expanding network of 259 Bureau de Change outlets in association with various business partners.

Earlier this year No.1 Currency was shortlisted for the Ernst and Young Entrepreneur of the Year 2008 prize. This is the second prestigious business nomination that No.1 Currency has gained in as many years, being named as the Sunday Times Fast Track 100 Company 2007.

With plans for further growth including doubling size of its Bureau de Change network over the next year and building a greater market presence south of the border, this Edinburgh-based Foreign Currency Specialist is paving the way to become a global leader.

For more information visit:
http://www.no1currency.com/

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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:
http://www.no1currency.com/

http://no1currencypresscentre.blogspot.com/

One Lawyer, One Estate Agent and No1 Currency

The road to buying property abroad can be a tricky one to navigate. There are many factors to take into consideration before final agreements can be made.

Getting it right requires a lot of research into location, property, budgets and payments, as well as an understanding of local rules, regulations and taxes.

Seeking advice from qualified professionals is crucial and will protect your long-term interests. In essence getting it right requires a good lawyer, an estate agent and a foreign currency specialist such as No1 Currency.

Use a good Lawyer:
Legal procedures involved with overseas purchases will vary, for example in Spain previous debt on a property can end up being inherited by the new buyer. So, it’s essential that your lawyer is impartial and has a good grasp of English as well as the native language, to deal with the endless stream of rules and regulations.

Use an Estate Agent:
Prior research is vital and estate agents are also a good source of advice and will have sound knowledge of the property market in which you hope to invest. It’s important you make sure that all information you receive is accurate and that your estate agent is officially registered and holds a license.

Use a Foreign Currency Specialist:
When transferring money overseas, using a currency specialist such as No1 Currency will not only save money but can protect your future mortgage repayments from currency fluctuations.

High street banks can charge up to 4% or more on exchange rates than a currency specialist. That works out as an extra £4000 on a £100,000 transaction. Banks often add further charges including commission fees and transfer fees.

A foreign currency specialist, like No.1 Currency promises bank beating exchange rates, transferring your money securely and providing expert guidance completely free of charge.

No1 Currency Gives You the Best Start in Paradise

Emigrating for work or retirement is likely to be one of the biggest decisions you will ever make. Emotions will be mixed as you leave your friends and family behind to embark on an exciting new life abroad. However careful research and preparation with No1 Currency is essential to make sure that your move runs as smoothly as possible.

Visit No1 Currency for more information www.no1currency.com

When considering emigration, taking time to fully understand the processes involved is vital. There is a lot to think about from obtaining a visa, finding a job or arranging pension or savings transfers to understanding local laws and renting or buying property.

Planning your emigration correctly can take months, even a year or more. Selling your UK property could take even longer, especially in light of the current economic climate. During this time currency fluctuations can vary by up to 30%; this can cause huge losses on currency exchange rates.

Visit No1 Currency for more information www.no1currency.com

For example, a couple emigrating to New Zealand last year needed to change £150,000 into NZ dollars. Between the 17th August and the 20th September 2007 the value of their savings fell from $384,000 to $348,750. By not securing their money transfers even a month in advance the couple lost £15,161 of their savings through currency fluctuations.

To maximize your currency exchange, it is important to contact a Foreign Currency Specialist such as No1 Currency, at the start of your emigration planning. Often people give little thought to money transfers at the time of planning and usually end up leaving it in the hands of their banks.

By contacting a No1 Currency early on, you will receive the best personal advice and expertise to help you decide when to make your transfer and if necessary even secure your assets and money transfers at a predetermined exchange rates from 6 to 24 months in advance.

Not only can No1 Currency protect your assets and savings from the volatilities of the FX market, but, with exchange rates that you’ll find hard to beat, you can save up to 4% on currency transfers compared with high street banks.

Banks often include additional charges for currency transfers as well as high commission and operational fees. By seeking a Foreign Currency Specialist such as No1 Currency, you could save £4000 on a £100,000 transaction.

With expert guidance on hand, your assets protected and knowing that you are receiving a secure service with the best exchange rates available, you can relax and take your time in planning the rest of your emigration to paradise with peace of mind.

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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