Escape Unemployment, Recession and the Weather

As the Bank of England warns of a deepening of the recession, research from the Office of National Statistics revealed that UK unemployment has reached an all time high of nearly 2million.

Along with the rapidly changing face of the high streets, loss of a number of the UK’s best loved retailers, coupled with the dismal weather so far this year, its hardly surprising that some 200,000 Brits emigrate each year.

Last weekend the UK’s most comprehensive Emigrate Show returned to Edinburgh to entice Scots away from the clutches of the UK’s recession to a new and exciting life in abroad. Emigrate Edinburgh is the only dedicated emigration event of its kind under one roof to visit Scotland.

This year, Emigrate Edinburgh was held at The Royal Highland Centre in Ingliston. The show exhibited a range of migration experts who were on hand to provide detailed information on starting a new life in New Zealand, Australia, Candia and America.

Being ex-pats themselves the experts had first hand experience of the pleasures and pitfalls encountered when moving your life abroad. Emigrate Edinburgh catered for all, from those who were just looking to see if they could escape Britain and the credit crunch right through to those who had their visas and who were almost set to start their new life abroad.

No matter what stage of emigration planning, the show provided a range of information on how to sort out visas, employment, relocation, removals, and currency exchange.

Many people tend to forget about organising the transfer of their money in the excitement of emigration planning and often leave it up to the banks to transfer it for them. This oversight can mean loosing £1000s in currency transfers.

Scotland’s leading foreign currency specialist, No1 Currency, who help hundreds of Scots emigrate each year, were in attendance and on hand to provide free and specialist guidance on the best way to move finances abroad.

When it comes to moving your savings, banks invariably provide poor exchange rates, why? Because they can! They hold your money and know you’re probably too busy or stressed to shop around for a better deal. Coupled with their high transaction fees, you can lose up to an extra 4% on your savings when transferring via your bank

MD of No1 Currency, Mark McElney said, “To maximize your transfer it is vital to shop around to find the best rate of exchange. If you are transferring a large sum of money then your best bet is to seek free advice from a specialist currency broker from the outset.”

Not only can No1 Currency offer competitive exchange rates without the hefty transactions fees, they can also offer other services such as fixing your exchange rate up to 24 months in advance. This avoids loss of savings through adverse currency fluctuations, so you know exactly how much you will have when you start your new life abroad.

A Healthier Job Down Under with No1 Currency and Elmvia

Unemployment among newly-qualified healthcare professionals nurses and midwives soared by more than 80% in 2008 according to a government survey revealed by the Nursing Times Magazine.

With UK employment levels at an all time low, No1 Currency, Scotland’s leading foreign currency specialist and Elmvia, an Australian health and medical recruitment firm will certainly not feel out of place at Glasgow’s Novotel this Friday (20th Feb) as part of their recruitment drive seminar aimed at Scotland’s healthcare professionals.

Elmvia Australia is coming to Scotland to join No1 Currency and recruit members of the UK health and medical profession promising them a new life Down Under. The recruitment drive is aimed at both newly qualified and highly experienced healthcare personal across all disciplines of the medical profession, including doctors, dentists, nurses, therapists and social workers.

Managing Director of Elmvia Australia, Iain Dalton said “Scotland and the UK has a long history of emigration to Australia and Elmvia Australia are really excited to be hosting this recruitment event with No1 Currency in Glasgow on Friday,”

“We believe that Scotland has a lot to offer the Australian economy as many of the skills and experiences found here mirror those which are in needed in back home.”

“We hope this recruitment drive will let people see that there are jobs and opportunities out there if you know where to look – and where better to relocate than in Sunny Australia.”

Emigrating to Australia for work or retirement is an exciting prospect, every year thousands of Brits leave the UK to start a new life abroad, however careful preparation is essential to make sure that the move runs as smoothly as possible. The Elmvia emigration seminar, which will take place at the Glasgow Novotel (181 Pitt Street) on Friday 20th Feb 2009 from 2pm till 7.3-pm, will provide a valuable source of information for anyone who is thinking of moving to Australia for a job in healthcare.

The seminar will be supported by Ferguson Cannon Lawyers, who will be attending the event to share their knowledge on other types of trade jobs that are currently in demand, and Scotland’s leading foreign currency specialist, No1 Currency, who help hundreds of Scots emigrate each year and will be on hand to provide free and specialist guidance on the best way to moving finances abroad.

MD of No1 Currency, Mark McElney said “Exchange rate fluctuations can have huge impact on the amount of money you transfer to Australia and fluctuations in £-aud tend to be far greater than many other currencies. This renders currency predications less reliable for those looking to transfer large sums of money to this country.”

“For example, a couple planning emigration to Australia needed to exchange £150,000 to Australian dollars. At the beginning of the process in August 07, their savings would have secured around A$382,500. By the time they were ready to make the move in May 08 the fall in the value of the pound had seen the equivalent value fall to A$307,500.” Mark McElney continued, “This equated to a loss of A$75,000 or, in sterling terms, £36,585.

“By seeking guidance from a Foreign Currency Specialist this type of exchange loss could have been avoided by fixing a predetermined rate of exchange up to 24 months in advance.” Mark McElney commented, “With savings protected from the uncertainties of the foreign exchange market, and health and medical recruiters Elmvia on hand, starting a new life in Australia has never been easier.”


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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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