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​Post Office resumes Travel Money service

Press release   •   Jun 27, 2020 00:10 BST

Post Office TravelMoney is re-activating its online foreign exchange service and its branch pre-order operation, both of which were suspended in late March at the start of lockdown. This means that the UK’s largest provider of foreign currency, which accounts for one-in-four of all UK currency transactions, will again offer a wide range of Travel Money services across the UK.

As a result of the move, customers planning trips abroad will be able to order over 60 currencies online for next day home delivery or collection from all 11,500 Post Office branches. Same day online ‘click and collect’ delivery will also be available at a selected number of branches nationwide from 1st July.

Pre-ordered currency purchase will be offered in selected Post Office branches alongside Post Office’s over-the-counter foreign exchange service, which enables customers to obtain euros, US dollars and up to 30 other popular currencies on demand. They can also load the Post Office pre-paid Travel Money Card with a choice of up to 23 currencies. Both these services remained active on a reduced scale during the three-month suspension of the online and pre-order Travel Money operation.

Nick Boden, Head of Post Office Travel Money said: “We have been monitoring the position carefully in recent weeks and are aware of growing consumer interest in holidays as lockdown rules have relaxed. With the reintroduction of flights by leading airlines and the re-opening of resorts in Europe, we feel that it is appropriate to resume our travel money services so that we can accommodate those who want to start planning trips abroad in the coming months.We’re following FCO advice closely and we advise holidaymakers to do the same.”

Post Office Travel Money stresses that with the ongoing uncertainty about future Covid-19 developments all customers purchasing currency online or from its branch network can be reassured of a full refund guarantee in the event of holiday cancellation. Claims need to be supported by currency purchase and sell receipts as well as evidence of holiday cancellation.

Post Office exchange rate research confirms that while sterling is currently 8.2 per cent weaker against the euro than at its 2020 high (14 February: €1.1773), today’s rate of €1.08031 is just 1.4 per cent lower than a year ago when £1 bought €1.0957. The Post Office has seen similar trends across other European currencies but adds that sterling is actually stronger than a year ago against some holiday currencies – notably the Turkish lira, where the pound is worth almost 13 per cent more year-on-year.

The Post Office also advises holidaymakers to spend time researching the costs they will encounter in resorts abroad as it says that these can make a big difference to the overall cost of a holiday overseas.

Its’ latest Holiday Costs Barometer research, which will be published later in the year, reveals that prices in most destinations – especially for meals and drinks – have either fallen or remained roughly in line with last summer.

In Marmaris, Turkey, Post Office research found that the cost of a family meal with drinks (2 adults, 2 children) has dropped by almost 12 per cent to around £39. In the Algarve, the cheapest eurozone destination, a family will pay around £45, the same as they did a year ago.

The resumption of Travel Money services comes after Post Office’s announcement on 17 June that its travel insurance products were back on sale and available online or through its dedicated UK contact centre. Cover for contracting coronavirus whilst overseas is now included as standard across the full Post Office Travel Insurance product range, ensuring that customers are protected for emergency medical and repatriation costs provided they only travel when there are no restrictions in place by the Foreign and Commonwealth Office.

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