Sainsbury’s Bank is reportedly planning to launch 28 new in-store bureaux de change by the end of the year, as part of its plan to tap evolving opportunities in the travel-money market.
The bank, which is testing ATMs that dispense foreign currency, said with the proposed launch of the new bureaux, its total number will touch 178 in the country. It is also planning to bring 500 from Travelex’s employees into its banking division to boost its travel money operations, by attracting more customers.
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Reports emerged that Travelex will continue to supply over 50 currencies to Sainsbury’s Bank.
Sainsbury’s noted that it has exchanged over £1bn in foreign currency to around five million customers since 2007, when the company first forayed into travel money. In 2013, the supermarket bank witnessed 23% year-on-year growth in sales.
Sainsbury’s Bank chief executive Peter Griffiths was quoted by telegraph.co.uk as saying, "Our new contract with Travelex will enable us to further enhance our offer for the Sainsbury’s customer and we’re delighted to be welcoming our 500 new bureaux colleagues to the Bank."
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