Sainsbury's Bank has agreed a new five-year contract with Travelex which will see 500 of the travel money giant's staff transfer to the bank.
The Edinburgh-based supermarket bank is also to trial cash machines that dispense foreign currency as part of a big push into the holiday money market after 23 per cent growth in sales over the past year.
Peter Griffiths, chief executive of Sainsbury's Bank, said the venture was "a key part of our growth strategy".
Travelex has cemented its seven-year partnership and will continue to supply over 50 currencies to the bank's in-store bureaux across the UK and online. The bank yesterday opened its 150th bureau (in Brentwood, Essex) and is set to open a further 28 by the end of 2014.
Since 2007 Sainsbury's has dispensed over £1 billion in foreign currency and served more than 5m customers. euros and dollars are most in demand but it reports significant growth in other currencies such as the Mexican peso (up 49%) and the Croatian kuna (up 55%). The bank says 85 % of customers get a "preferential rate" by having a Nectar card.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article