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Moneycorp closes last remaining branches in Gatwick

Moneycorp currency exchange counters disappear as it closes its last branch in Gatwick to focus on payments and banking services

  • It began phasing out its 77 currency exchange sites in 2014
  • The last retail branches to close were those in Gatwick yesterday
  • Moneycorp’s revenue now comes primarily from payments and banking

Moneycorp’s red currency exchange counters, a staple of UK airports and high streets, are now a thing of the past.

The London-based group said it had completed the exit from retail sites after closing its last branches at Gatwick Airport yesterday.

It began phasing out its 77 exchange offices in 2014, including those at Heathrow and Stansted airports, and Oxford Street.

Finished: Moneycorp yesterday closed its last branches at Gatwick Airport

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 past eight years, the group has evolved from being primarily a national provider of traditional currencies to an “international provider of digitally-enabled B2B currency solutions”.

In 2014, its retail business accounted for nearly 60% of its revenue, with the vast majority coming from domestic revenue streams in the UK, the company said.

Today, Moneycorp’s revenue comes primarily from payments and banking, with 84% business-to-business and 65% from international revenue streams.

Moneycorp offers international payment services to consumers, for example for people buying properties overseas or sending money to family overseas.

He also works with companies of all sizes, providing them with global payment solutions and helping them reduce their foreign exchange risk.

Mark Horgan, Managing Director of Moneycorp, said: “Moneycorp continues to adapt to the changing needs of our customers in a rapidly changing and increasingly digital environment.

“Retail 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 SMB customers and financial institutions looking for a reliable and scaled partner to provide sophisticated foreign exchange solutions to their businesses around the world.”