Foreign currency services, that is providing an instore bureau de change, is set to be the next big thing in the small retail arena.
The availability of new, fully-mananged bureau de change services means that retailers are now able to easily sell foreign exchange, without having the hassles of managing stock and setting margins on a daily basis.
No1 Currency provides the service which includes full cash management software, foreign exchange rates boards, computers and training.
The main reason that travel money, as bureau de change is now commonly known, has worked well on the high street is that it provides convenience to time pressed customers. When coupled with some of the best exchange rates around, normally better than the post office and the high street banks, there is sure to be interest in the product.
The October 2010 Fed magazine mentions the example of a South London newsagent selling Western Union, Cheque Cashing and PayPoint who then added Travel Money and is already on course to make between £5,000 and £7,000 in his first year of offering the product, with greater profits forecast for the subsequent years.
We expect there to be significant take up of this product in 2011 across the CTN, C-store and leisure industries in particular.