In an interview with Brian Finn, business journalist for RTE, Joe Redmond, Managing Director of the Retail Foreign Exchange Division for Fexco said;
"Don't believe the fake news about the disappearance of cash, quite the opposite is true. There is more cash in circulation than ever before now. What drives behaviour of tourists is the question, can I be absolutely sure my card will work? So people still take an element of cash in their portfolio."
Fexco estimates that it will have a 12% share of the UK retail foreign exchange market with its latest British acquisition. The Kerry based foreign exchange and corporate payments company has added London-based Thomas Exchange Global to its network.
The retail operator has 15 stores across the English capital. It's Fexco's sixth acquisition in the UK since 2012. It is believed the deal is valued at around £10m.
"It's the most attractive market in the world for Fx (foreign exchange) operators for three reasons," Joe Redmond, Managing Director of the Retail Foreign Exchange Division in Fexco explained.
"It has high levels of inbound and outbound tourism. It's outside the eurozone and it's still a very cash orientated society." He rejected the suggestion that there was a diminishing demand for cash by tourists who can increasingly use their bank cards to carry out transactions when abroad. Joe Redmond said average transaction values were holding up quite well.
To listen to the original interview visit;
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