Foreign exchange disrupter Travel Money Club received the Silver Award for Best Travel Money Retailer at last night’s British Travel Awards 2019 – the travel industry Oscars. The awards were voted for exclusively by the British travelling public, making the Silver Award a huge achievement for the foreign exchange newcomer. Founder and Chairman, Don Clark, said:
“We are humbled and honoured that the British public voted in such large numbers for Travel Money Club as the UK’s Best Travel Money Retailer. It’s truly a fantastic compliment to be ranked by the British public alongside the Post Office and Travelex.
“We are breaking the mould by offering British travellers the UK’s first genuinely transparent and truly commission-free travel cash service. By selling foreign currency at wholesale rates and charging a fixed pick, pack and delivery fee regardless of order value, Travel Money Club is the only retailer which does not hide its margin in the exchange rate – we sell currency at wholesale rates. More importantly, this means that unlike the rest of the industry (including the Post Office and Travelex), we do not make more profit the more a customer exchanges.
“I want to thank our customers for voting for us and sending a message to the rest of the industry that times are changing, and they need to take another look at the fairness and transparency of their pricing.
“I also want to pay tribute to our fantastic team of staff who work tirelessly to ensure that every single customer has the best possible experience with Travel Money Club. This award is for them!”
Travel Money Club was founded in 2018 by financial services entrepreneur Don Clark, previously a champion for fixed fees and greater transparency in the personal investment industry. Don turned his attention to the travel money industry as a result of his personal frustration with a lack of transparency in pricing across the industry. Don said:
“Like many people, I often went to my local Post Office for travel money, until I discovered one day that not only did they give different exchange rates depending on how much I exchanged, but I also got different (and much worse) rates in my local franchised Post Office than at the city centre branch. I then researched a variety of supermarkets, travel agents and bureaux de change and found their rates rarely reflected the market ones, and that their variance from the market rate changed from day-to-day. I thought there must be a fairer and more transparent way to do this, so working with experts in foreign exchange and software development we launched Travel Money Club. And after proving our model we now have supply arrangements in place that allow us to offer customer wholesale rates and a fixed pick, pack and delivery fee regardless of how much they exchange!”
Travel Money Club also features a Premium option – along the lines of Amazon Prime – with unlimited free next and nominated day deliveries, late 3pm order deadline, delivery to home and work (not just the cardholder address) and travel-related perks. This offers frequent travellers even greater transparency with a fixed annual cost for all their currency needs – £60 one-off or 12 monthly instalments of £5.99. Last year, Travel Money Club was voted Digital Startup of the Year at the BIMA 2018 Awards
Derek Taylor, our very own foreign exchange expert, is recommending that Travel Money Club members buying US Dollars this week should target their “Forward Orders” at $1.4100 for a great deal.
Derek Taylor, our very own foreign exchange expert, is recommending that Travel Money Club members buying Euros this week should target their “Forward Orders” at €1.3300 for a great deal.