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