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The signing of an exclusive contract at one of the world’s great airports is a huge commercial coup for Travelex |
UK. Travelex has signed a contract with Heathrow Airport making it the airport company’s first-ever exclusive foreign exchange provider.
The new contract comes into effect from 1 July. Under the agreement Travelex will provide foreign exchange and ATM services across all terminals, serving the 70 million passengers that travel through London’s main gateway each year.
Currently Travelex provides these services to 65% of the airport, with rival Moneycorp running the balance.
Heathrow Airport told The Moodie Report: “Moneycorp took the commercial decision not to continue operating at Heathrow.”
In a joint statement from the airport and Moneycorp, a Moneycorp spokesperson said: “Moneycorp has resigned its contract with Heathrow Airport and will fully exit operations in June 2015 [see further comment below -Ed].”
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“The digital revolution and new technology has transformed how our passengers buy their foreign exchange“ |
Jonathan Coen Retail Director Heathrow Airport |
Travelex Chief Executive Officer Anthony Wagerman said: “Our 31-year partnership is built on a world-class team of committed, dedicated individuals who are focused on delivering the best customer experience, supported by cutting edge technology and innovative products.
“We’re thrilled by this news and are excited about what the future holds for us, Heathrow and its passengers.”
Heathrow Airport Retail Director Jonathan Coen said: “The digital revolution and new technology has transformed how our passengers buy their foreign exchange. Heathrow is therefore delighted to expand its relationship with Travelex who come with a wealth of experience in that market.
“Our focus will remain with the passenger front of mind and we will continue to work with Travelex to offer good value for money, competitive rates and the best performance with Travelex’s online pre-order service.”
The new agreement will see Travelex double its Heathrow personnel to approximately 750. Over 40% of travellers – 1.7 billion passengers a year – pass through airports where Travelex operates, including other major gateways in Amsterdam, Beijing, Frankfurt, Hong Kong,Mumbai, New York, Paris, Sydney and Tokyo.
A Heathrow spokesperson said: “We wish Moneycorp all the best in their future endeavours.”
Moneycorp commented: “For 2015, Moneycorp is looking forward to growing nationally and internationally and launching new and innovative travel money products. As well as a growing retail business, Moneycorp’s international payments business is delivering record growth this year, with high levels of customer acquisition across both its private and corporate divisions.
“The growth of the business is built on Moneycorp’s ability to offer bank-beating exchange rates alongside expert guidance and service provision for customers with international payments requirements.”
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