The experts in foreign exchange About us What we offer Clients Sectors Corporate social responsibility Contact us Home > About us > History Our history Since 1994, First Rate has grown to become a multi-billion pound wholesale business providing tailor-made financial exchange solutions for companies in the finance, travel and retail sectors. Here are the key milestones on our journey. 1994 First Rate is formed when the Bank of Ireland starts supplying foreign exchange (FX) services via contract to the Post Office 2001 First Rate pioneers 0% commission for consumers, which revolutionises the FX market 2002 First Rate becomes an official joint venture between the Post Office® and Bank of Ireland Group We open our first distribution centre and set-up our in-house call centre 2006 First Rate launches a prepaid Visa Electron card through Bank of Ireland 2007 Post Office is voted Best Travel Money Provider at the British Travel Awards 2008 First Rate launches a corporate partnership with the Institute of Travel & Tourism Post Office is voted Best Travel Money Provider for the second year running 2009 First Rate launches an international payment service Post Office is voted Best Travel Money Provider for the third year running 2010 Post Office is voted Best Travel Money Provider for the fourth year running 2011 First Rate wins the Travel Sector category in the Top 50 Call Centres for Customer Service We develop a partnership with London & Partners to leverage inbound tourist opportunities We become programmes manager for a new prepaid travel money card with Mastercard® and Clydesdale bank Post Office is voted Best Travel Money Provider for the fifth Year running 2012 First Rate introduces our enhanced Travel Money Online platform We introduce additional currencies on our prepaid travel money card, taking the total to eight and also launch a home delivery service First Rate and Post Office win Best New Prepaid Product of the Year at the UK Card and Payments Awards Post Office is voted Best Travel Money Provider for the sixth year running 2013 First Rate wins the Santander contract First Rate & Post Office win Best Prepaid Consumer Programme UK at the Prepaid awards Post Office is voted Best Travel Money Provider for the seventh year running 2014 First Rate wins the John Lewis contract First Rate & Post Office win Best Prepaid Consumer Programme UK at the Prepaid awards for the second year running Post Office is voted Best Travel Money Provider for the eighth year running 2015 Post Office wins silver at the British Travel Awards 2016 First Rate obtains its e-money license and becomes a primary member of Mastercard®, meaning we can issue prepaid cards on their scheme Post Office regains the title of Best Travel Money Provider 2017 First Rate launches the new Post Office multi-currency prepaid travel money card as issuer, programme manager and scheme member We complete our first major acquisition by purchasing American Express wholesale division and in the process, expand our Corporate Client portfolio with 10 new brands, including Althams Travel, Barrhead Travel and TUI Post Office is once again voted Best Travel Money Provider 2018 Post Office is voted Best Travel Money Provider for the 11th time 2019 First Rate introduces additional currencies on our prepaid travel money card, taking the total to 23 Post Office earns the title of Best Travel Money Provider for the 12th time 2020 First Rate retains John Lewis, who renew their contract after a successful five years First Rate and Post Office win Best Prepaid Product of the Year at the UK Card and Payments Awards for the second time About us History Our people Work with us What we offer Foreign currency Prepaid travel money cards Insight Clients Sectors Banking Retail Travel agents Airports and ports Corporate social responsibility Our charity partner Contact us Cookie policy Privacy Notice Modern slavery statement Armed forces covenant © 2021 First Rate Exchange Services Ltd. First Rate Exchange Services Limited ‘First Rate’ is a Bank of Ireland/Post Office joint venture company registered in England and Wales. Company Registration number: 04287490. Registered Office: Great West House, Great West Road, Brentford, TW8 9DF. First Rate operates as a Money Service Business ‘MSB’ under supervision of HMRC (MSB licence number: MLR-64068) and is also an Authorised Electronic Money Institution (Reference number: 900412) which is regulated by Financial Conduct Authority (FCA). For the purposes of Data Protection, First Rate is registered as a ‘Data Controller’ with the Information Commissioners Office. Data Controller number: Z6622513. Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated We use cookies to help give you the best experience on our site. By continuing, you agree to our use of cookies.OkCookie policy