Sainsbury's Bank takes on 500 staff from Travelex as it steps up push into travel money market
SainsburyÂ’s Bank is accelerating its push into the travel money market after agreeing a new five year contract with Travelex.
Travelex will continue to supply over 50 currencies to the bank’s in-store bureaux across the UK, and online via its click and collect and home delivery services. It will also transfer 500 foreign exchange staff who already work in the supermarket’s in-store bureaus over to Sainsbury’s.
As part of the deal, the bank will also look at new distribution channels, which will include trialling ATMs that dispense foreign currency. The first will be installed in Sainsbury’s in London’s Tottenham Court Road later this month.
Sainsbury's Bank is set to open its 150th bureau this week and is planning to open a further 28 by the end of the year.
Peter Griffiths, chief executive of Sainsbury’s Bank, said: “Travel Money is a key part of our growth strategy and we’re delighted to be able to offer the convenience of competitively priced travel money in our supermarkets.
“Our new contract with Travelex will enable us to further enhance our offer for the Sainsbury’s customer and we’re delighted to be welcoming our 500 new bureaux colleagues to the bank.”
Sainsbury’s Bank has dispensed over £1 billion in foreign currency since 2007 and in the last year has seen 23% year-on-year growth in sales.
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