Moneycorp currency exchange counters disappear as it closes its last branch at Gatwick to focus on payments and banking services
- It started to gradually close its 77 currency exchange sites in 2014
- Last retail branches to shut were those in Gatwick yesterday
- Moneycorp’s income now mostly comes from payments and banking services
Moneycorp’s red foreign currency exchange counters, a staple of UK airports and high streets, are now a thing of the past.
The London-based group said its has completed the exit from retail sites after shutting down its last remaining branches at Gatwick Airport yesterday.
It started to gradually close its 77 currency exchange sites in 2014, including those in Heathrow and Stansted airports, and Oxford Street.
Gone: Moneycorp shut down its last remaining branches at Gatwick airport yesterday
Moneycorp, which holds a banking licence, said the move marked ‘an important step’ in its evolution from a UK foreign exchange business to a ‘global payments and banking services provider’.
Over the last eight years, the group has gone from being largely a domestic provider of traditional foreign exchange to an ‘international, digitally enabled, B2B currency solutions provider’.
In 2014, its retail business accounted for nearly 60 per cent of its income, with the vast majority coming from domestic UK revenue streams, the company said.
Today, Moneycorp’s income predominately comes from payments and banking services, with 84 per cent business-to-business, and 65 per cent from international revenue streams.
Moneycorp offers international payment services to consumers, for example for people buying properties overseas or sending money to family abroad.
It also works with businesses of all sizes, providing them with global payment solutions and helping them reduce their foreign currency risk.
Mark Horgan, Moneycorp chief executive, said: ‘Moneycorp continues to adapt to the evolving needs of our customers in a rapidly changing and increasingly digital environment.
‘The retail business has been an important part of our business for many years…
‘However, Moneycorp’s future is firmly rooted in payments and banking solutions.
‘We continue to see a significant increase in demand from SME clients and financial institutions looking for a trusted, scale partner to provide sophisticated currency solutions for their businesses around the world.’