Morrisons is to expand its foreign currency exchange service to 50 more stores next year in partnership with Irish financial services group Fexco.
Fexco introduced 50 travel money branches under its No 1 Currency brand into Morrisons stores during 2019 and will roll out the service to a further 50 stores by the end of 2020.
The partnership includes an in-store travel money and money transfer service.
“The partnership provides our customers with yet another useful service that they can obtain from their local Morrisons supermarket,” said Ashley Myers, head of trading and operations ambient services at Morrisons.
“We are very pleased to be working with Fexco on this ambitious plan to roll out foreign exchange branches in 100 of our stores by the end of next year. As well as helping shoppers to stock up on holiday essentials like sun cream before a trip, Morrisons can now also cater for all their travel money needs.”
Joe Redmond, MD of Fexco’s retail foreign exchange division, added: “We are very pleased to be partnering with a retailer of the scale and stature of Morrisons. This will allow us to rapidly expand our retail footprint in the UK and benefit from the high footfall which goes through Morrisons’ busy supermarkets.
“The supermarket sector has the largest share of the UK travel money market. With its large national network and high store footfall, Morrisons is ideally positioned to occupy a market-leading position within this.
“The 50 branches we have already opened have been enthusiastically received by Morrisons customers, who now have an extremely convenient way of fulfilling all their travel money needs while doing their shopping.”
Fexco, which has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America, hold a UK market share of about 12% of the £12bn exchanged into foreign currency each year.
The Morrisons partnership will grow Fexco’s UK branch network from 125 to 225 by the end of next year, an increase of 80%.