Foreign currency specialist Essiell has launched an online marketplace for travel money which “provides travel agents with the opportunity to expand their offering and compete with larger businesses”.
Money4Travel aims to connect foreign currency retailers with new long-term customers, with its creators claiming it will “make it easier for people to buy and sell travel money online at a low cost”.
Customers visit the Money4Travel online marketplace and enter their postcode and required currency.
Money4Travel then identifies the currency exchange providers within a 10-minute drive of that location and lists them on screen.
The providers are then ranked by value – and currency retailers who subscribe to the Money4Travel marketplace will “always have the best exchange rate”.
Payment is then taken online on behalf of the selected retailer before the customer collects their money from the retailer within the next few days.
Bjorn Larsson, chief executive at Essiell and Money4Travel, said: “We are making it easier for people to buy and sell travel money online at a low cost.
“We’re providing the opportunity for high street outlets – travel agents and bureaux de change – to expand their offering and compete with larger businesses, yet still offer better rates.”
He added: “It’s about creating a marketplace that fosters accessibility, transparency, and convenience for both sellers as well as buyers.
“We’re providing the opportunity for the traditional bureau de change to reshape its trading model in a more inclusive and more profitable way.”
The Money4Travel service comes with a buy-back guarantee as well as a loyalty scheme, Money4Travel Loyalty PIPS (price interest point), and offers a discount on future purchases in addition to the existing best rate promise.
“These are real incentives for customers to come back,” said a Money4Travel spokesperson.
Money4Travel also includes automated anti-money laundering screening and next day bank payment.
Essiell is an established provider of foreign exchange solutions with more than 20 years’ experience in the financial services market. It has long-term relationships with an international client base of global travel operators, retailers, banks and department stores.
