No1 Currency
No1 Currency is a UK retail foreign exchange and travel money operator running 350+ physical stores and online channels, serving UK holidaymakers with commission-free currency exchange, Western Union transfers, and Fexco high-value international payments.
- Company typePrivate
- Founded1996
- HeadquartersEdinburgh, United Kingdom
- Headcount251–500
- GTM typeB2C
- OfferingServices
What No1 Currency does
No1 Currency is a UK-based retail foreign exchange and travel money company operating 350+ physical stores across the United Kingdom plus a digital channel stack spanning online ordering, Click & Collect, Home Delivery, and Click & Sell. The company was founded in 1996 and operates as a subsidiary of Fexco, the Irish international payments group, which underwrites No1 Currency's regulatory permissions through its Central Bank of Ireland and Financial Conduct Authority registrations. The platform allows consumers to reserve foreign currency online at enhanced web rates and either collect in-store or have it delivered, with a 2-day exchange rate guarantee applied to orders.
The product portfolio centres on commission-free retail currency exchange across 130+ currencies, monetised through the spread between buy and sell rates, supplemented by tiered delivery fees (£6.95 for orders under £800, free above). Beyond core travel money, No1 Currency distributes Western Union in-store money transfer services for small international transfers and Fexco-branded international bank-to-bank transfers for high-value transactions of £10,000 or more (property purchases, vehicle purchases, repatriation). The company has launched adjacent products including eSIMs for travellers and a Currency Buy Back Guarantee for unused currency.
Go-to-market is primarily direct-to-consumer through the physical store network and online storefront, augmented by content marketing (destination travel guides), email, and organic social. The customer base is overwhelmingly UK holidaymakers and individual travellers, with no enterprise accounts disclosed. No1 Currency operates joint subsidiary networks with Currency Exchange Corporation (CEC) and Thomas Exchange Global (TEG), plus agent locations including Cash Converters and Cash Generator, extending effective distribution. Revenue is generated entirely through transaction-based pricing on FX spread, delivery charges, and partner-channel transfer commissions.
No1 Currency firmographics
Firmographics- Name
- No1 Currency
- Legal name
- No1 Currency
- Website
- https://no1currency.com
- Company type
- Private
- Founded year
- 1996
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- No1 Currency is a UK retail foreign exchange and travel money operator running 350+ physical stores and online channels, serving UK holidaymakers with commission-free currency exchange, Western Union transfers, and Fexco high-value international payments.
- Ownership category
- akta.pro rank
No1 Currency industry classification
Industry- Product category
- Currency Exchange Services
- NAICS
- Retail Trade (44-45)
- akta.pro primary industry
- Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)
- akta.pro secondary industry
- Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)
Keywords
Where No1 Currency is headquartered
LocationHeadquarters
- HQ city
- Edinburgh
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
No1 Currency business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Currency Exchange Spread: Revenue generated from the difference between buy and sell exchange rates. All orders are commission-free, with revenue coming from the exchange rate spread.
- Home Delivery Fee: Delivery charge of £6.95 for orders under £800. Free delivery for orders £800 and over.
- Western Union Transfers: Money transfer services through Western Union partnership, available in-store for small transfers.
- Fexco International Payments: International bank-to-bank transfers for transfers of £10,000 or more. Potential savings of up to 5% compared to high street bank rates.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Rate |
| Transaction based/ take rate | Pay-as-you-go | Click & Collect Enhanced Rate |
| Unit Pricing | Pay-as-you-go | Home Delivery |
| Transaction based/ take rate | Pay-as-you-go | Click & Sell |
| Transaction based/ take rate | Pay-as-you-go | Fexco International Transfers |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels5 records
No1 Currency product offering
Product offeringCore offering
No1 Currency buys and sells foreign currency for UK consumers at 0% commission through a network of 350+ physical stores and an online platform supporting Click & Collect, Home Delivery, and Click & Sell services. The company also acts as an agent for Western Union money transfers and offers high-value international bank-to-bank transfers via its parent company Fexco for amounts of £10,000 or more.
Product overview
No1 Currency is a UK-based travel money and currency exchange service offering a multi-channel portfolio of products: the core Travel Money exchange service (buy/sell foreign currency with 0% commission), supported by Click & Collect (reserve online, collect in-store with 2-day rate guarantee), Home Delivery (currency delivered to doorstep with free delivery over £800), and Click & Sell (sell unused currency back). The company also provides international Money Transfers via two partner services: Western Union (for small transfers, in-store) and Fexco (for high-value transfers of £10,000+, bank-to-bank). Additional offerings include eSIMs for travelers, a Currency Buy Back Guarantee, exchange rate tools, and an extensive UK store network of 350+ locations.
Differentiator
Problem solved
Functional benefit
Brands
- Fexco International Payments: International money transfer service via Fexco for transfers of £10,000 or more
- Western Union
Products and services
- Travel Money / Holiday Money Exchange Core foreign currency exchange service enabling customers to buy and sell foreign currency with 0% commission across 130+ currencies through 350+ UK store locations and online channels. Targeted at UK consumers preparing for overseas travel.
- Click & Collect Online reservation service that lets customers secure enhanced web rates and collect foreign currency in branch. Includes a 2-day exchange rate guarantee upon order arrival in store and 0% commission. Designed for UK travellers who want a better rate than walk-in branch pricing without waiting for delivery.
- Home Delivery Foreign currency delivery service that ships physical cash directly to the customer's home address. Free delivery on orders of £800 or more; £6.95 delivery charge for orders under £800. Available with 0% commission and enhanced web rates for UK travellers.
- Click & Sell Online service that lets customers sell back unused foreign currency at locked-in rates and complete the exchange in-store. Maximum order value of £3,000 per transaction with up to 4 currencies per order and a 2-day rate guarantee. Targeted at UK travellers with leftover currency after a trip.
- International Bank to Bank Transfers (Fexco) High-value international money transfer service via parent company Fexco for transfers of £10,000 or more. Covers property purchases, car purchases, repatriation of funds, inheritance, and overseas supplier payments with bank-beating FX rates and potential savings of up to 5% versus high street banks. Regulated by the Central Bank of Ireland and Financial Conduct Authority.
- Western Union Money Transfer In-store international money transfer and receive service operated as a Western Union agent across No1 Currency, CEC, and TEG locations. Supports over 130 currencies and 200+ destination countries. Designed for individuals sending or receiving smaller-value international transfers.
- eSIMs Electronic SIM cards available for purchase to provide mobile connectivity for travellers abroad. Positioned as an add-on to the core travel money offering for UK consumers heading overseas.
Quantifiable outcome
- Potential savings of up to 5% compared to high street bank exchange rates for international transfers via Fexco
- +1 more outcomes
Companies that use No1 Currency
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
No1 Currency technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
No1 Currency partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- FexcocoreParent company Fexco provides international bank-to-bank transfers for high-value items. Fexco handles the entire international payment process for transfers of £10,000 or more, offering bank-beating FX rates. Regulated by the Central Bank of Ireland and Financial Conduct Authority.
- Western UnioncoreWestern Union money transfer services available in-store at No1 Currency, Currency Exchange Corporation (CEC), and Thomas Exchange Global (TEG) locations. Allows customers to send and receive money internationally to over 200 countries.
- Currency Exchange Corporation (CEC)minorPartner network stores offering travel money services and Western Union transfers alongside No1 Currency locations.
- Thomas Exchange Global (TEG)minorPartner network stores offering travel money services and Western Union transfers alongside No1 Currency locations.
- Cash ConvertersminorAgent location for travel money services including buying and selling Euros, Dollars, and Turkish Lira.
- Cash GeneratorminorAgent location for travel money services including buying and selling Euros, Dollars, and Turkish Lira.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
No1 Currency competitors and assessment
Company assessmentDirect peers
- Western Union: Western Union is a global money transfer operator available in-store at No1 Currency as a channel partner. It is also a broader peer in the consumer cross-border payments space, competing for remittance and small-international-transfer volumes through agent networks and digital channels.
- Eurochange: Eurochange is a UK retail foreign exchange specialist operating a network of high street branches selling travel money with 0% commission. It is one of No1 Currency's closest direct competitors, with a similar store-based distribution model and pricing strategy.
- MoneyGram: MoneyGram is a global cross-border money transfer operator competing with Western Union in agent-based and digital remittances. It is comparable to No1 Currency's Western Union service in the consumer money-transfer segment.
- Travelex: Travelex is the largest UK retail foreign exchange operator, offering travel money, currency cards, and international payments through physical stores and online channels. It directly competes with No1 Currency on consumer travel FX in the UK with a comparable product portfolio (buy/sell currency, home delivery, click & collect).
Emerging players
- Revolut: Revolut is a digital banking app offering interbank-rate FX spending abroad, fee-free currency exchange, and international transfers. It is an emerging digital-first competitor that pressures the entire UK retail FX market by capturing digitally native travellers who might otherwise exchange physical cash.
- Wise: Wise (formerly TransferWise) offers mid-market-rate international transfers and a multi-currency account/wallet for consumers and businesses. It is a digital-first competitor that overlaps with No1 Currency's Fexco international payments offering and the broader consumer FX market.
- Caxton FX: Caxton is a UK-based FX and payments specialist offering travel money cards, international payments, and currency exchange for consumers and businesses. It is an emerging digital-first competitor that overlaps with No1 Currency's travel-money and Fexco international payments offerings.
Broad incumbents
- M&S Bank Travel Money: M&S Bank offers travel money services to M&S customers, leveraging the retailer's brand and store base. It is another broad-incumbent competitor explicitly cited by No1 Currency in its Euro exchange rate comparison.
- Post Office Travel Money: Post Office Travel Money is offered through the UK's national Post Office branch network, providing currency exchange as an add-on to its core postal services. It is a broad incumbent competitor with extensive physical reach; No1 Currency explicitly benchmarks its FX rates against Post Office on its website.
- Tesco Travel Money: Tesco Travel Money provides currency exchange through Tesco Bank in partnership with specialist FX suppliers, leveraging the supermarket's national store footprint. It is a broad-incumbent competitor with significant distribution advantages and is explicitly referenced as a rate comparison by No1 Currency.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
No1 Currency social profiles
Digital presenceNo1 Currency financial estimates
Financial estimateRevenue estimate
Valuation estimate
No1 Currency leadership team
Management profileNumber of profiles
No1 Currency subsidiaries and ownership
Company hierarchySubsidiaries2 records
No1 Currency funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
No1 Currency M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about No1 Currency
What does No1 Currency do?
No1 Currency buys and sells foreign currency for UK consumers at 0% commission through a network of 350+ physical stores and an online platform supporting Click & Collect, Home Delivery, and Click & Sell services. The company also acts as an agent for Western Union money transfers and offers high-value international bank-to-bank transfers via its parent company Fexco for amounts of £10,000 or more.
Is No1 Currency a public or private company?
No1 Currency is a private company. It is classified as corporate owned and is currently operating.
When was No1 Currency founded?
No1 Currency was founded in 1996. It employs 251 to 500 people.
Where is No1 Currency based?
No1 Currency is headquartered in Edinburgh, United Kingdom, in the Europe region.
How does No1 Currency make money?
Four revenue lines are on record. Currency Exchange Spread is the primary driver. The others are home Delivery Fee, western Union Transfers and fexco International Payments.
Who are No1 Currency's main competitors?
Direct peers on record are Western Union, Eurochange, MoneyGram and Travelex. Emerging players are Revolut, Wise and Caxton FX. Broad incumbents are M&S Bank Travel Money, Post Office Travel Money and Tesco Travel Money.
Does No1 Currency have an API?
No public API is recorded for No1 Currency.
What industry is No1 Currency in?
No1 Currency's product category is Currency Exchange Services. Its primary akta.pro industry code is FSABAAAK, Remittances & Retail FX (Consumer Cross-Border), with a secondary code of THALAHAE, Cross-Border Payments & FX (multi-currency wallets, DCC, remittance). Its NAICS code is 44-45.