Travel money is a competitive market, where tailored software and seamless digitization brings significant benefits. With the right service, travel money retailers can grow their market share and profitability.
Credit unions in the US are well placed to take advantage of this opportunity. They can offer foreign currency exchange services to attract more business, meeting the need of their members who travel for business internationally or take vacations abroad.
The right travel money service opens up significant extra revenue. Credit unions can earn a commission on currency conversions, which help boost their bottom line. By offering access to foreign currency, they can appeal to new members who are seeking a full range of financial services. While credit union members are in their branch collecting travel money, staff can cross sell to a range of additional products.
In the past, providing a travel money facility has meant credit unions partnering with a foreign exchange provider or a third-party currency exchange service. These often come at a price – which must be passed on to members. The service may be rendered uncompetitive or margins might be low.
A better, more cost-efficient way to offer foreign currency exchange is to use Essiell’s Money 4 Travel. This is an online and branch software package that works in conjunction with a FX banknote contract with the credit union’s regular banknote wholesaler.
Money 4 Travel delivers a complete ecosystem for travel money transactions. Credit union members can order their travel money via their smartphone or pc, and collect at their branch or arrange home delivery. The software sits comfortably on existing systems at branch and network levels. It’s easy to use and cost effective.
Actively promoting this service is straightforward. Money 4 Travel is designed to be embedded in credit union websites and apps, so inviting existing members is easy. Additional advertising can target new business.
Overall, offering foreign currency exchange can be a smart way for credit unions to meet the needs of their members and attract new business. By partnering with reputable wholesale foreign exchange providers and effectively marketing these services to their members, credit unions can provide a valuable service while earning additional revenue.
Money 4 Travel comes with the excellent pedigree of its creators, Essiell. They have a well-deserved reputation for software that streamlines financial transactions for convenience, efficiency, and reliability. Their expertise in the digital sphere is of the highest caliber.