Travel Money update - November
Travel Money update from Product Director Nick Boden
As I write this market assessment, we are continuing to manage our Travel Money across varying UK government Covid-19 guidelines and their associated timelines. Needless to say, the latest travel restrictions have continued to move our trading volumes back towards March levels, resulting in us showing further unused stock levels across the branch network.
To help balance our cash needs across both Sterling and Foreign Currencies (mainly Euros) across our Travel Money services, we contacted around 400 branches recently to ask them to return their stock.
In addition, area managers will also be contacting further branches that currently have excess Euros in stock against the latest sales trends, to make sure your cash holdings match current customer needs. We won’t leave any branch without stock, but will be looking to reduce holdings to within €1,000 or €2,000 levels. Thank you in advance for your support with this request if your area manager contacts you.
We’ll also be looking at Travel Money stocks at the remaining branches this month too, so even if you haven’t heard from us, if you feel you have too much Foreign Currency stock please return it in the next week with your next available remittance – that way our review will take into account the latest stock levels, which will help to reduce any further requests for stock returns in December.
Given the continually changing market, we’ll continue to monitor Travel Money holdings each month to make sure stock levels match branch and customer needs between now and March 2021 alongside our marketing initiatives to help maximise sales as the travel market returns.
Thank you for your ongoing understanding as we continue to navigate through the changing circumstances, and we’ll update you again when there are further developments to share.