Cheaper foreign currency is on the way with the arrival of British-based online foreign exchange dealer Simplyfx.com.
The company has forged a partnership with Ryanair.com offering the airline's customers competitive exchange rates and no commission charges. The service will extend to the general public by Easter.
Initially, Ryanair passengers can place a credit card order for currency through the Ryanair.com site and Simply fx.com undertakes to deliver the money within 48 hours by secure post.
Simplyfx.com has been operating in the UK for 10 years, buying its foreign currency from hotels.
Yesterday, it was offering a rate of $1.07 to the pound compared with $1.04 at Bank of Ireland's foreign exchange bureau at Dublin Airport. Bank of Ireland also charges a commission of £2.50. This means that for £400 you would get $428 from Simplyfx.com compared with $413 from the Bank of Ireland airport branch.
Comparable savings are possible on all other currencies, with euro currencies likely to be significantly cheaper as Bank of Ireland's airport branch charges an additional 2.25 per cent handling charge on top of commission on those currencies.
Simplyfx.com chief executive Mr Derek Somerville said the group planned to extend its service to all consumers at Easter and has the capacity to handle up to 60,000 orders per second.
Customers using the Ryan air.com website must place a minimum order of £330 to avail of the service. It also issues American Express traveller's cheques and these will be delivered by SDS in Ireland.
The foreign exchange is insured and Simplyfx.com guarantees delivery dates. Ryanair.com commercial director Mr Sean Coyle said: "Finally, the consumer will have the chance to avail of the best rates for forex, without the additional commissions, transaction fees and delivery charges which, up to now, they have been forced to pay."
