Abta defends new foreign exchange service after agent criticism
Trade questions if association will launch further holiday services
ShanonG
Abta has defended its decision to offer a foreign exchange service after some agents criticised the association for competing directing with some of its own members.
It has teamed up with Eurochange to provide the service through 190 of the forex provider’s locations or through home delivery. Abta Travel Money is to offer more than 60 currencies at ‘competitive’ online rates and commission free.
Abta said the move would provide income so that it could invest more in its membership.
More: Abta enters forex field with bespoke offering
A spokesman said: “Abta Travel Money has been developed to compete against other parts of the foreign exchange sector, such as supermarkets and the Post Office, rather than members.
“As a not-for-profit organisation, the income it brings will help us to invest further in member services.”
But agent action group Travel Agent Reform Group Engaged Together (Target) says its members which sell foreign exchange are unhappy with Abta’s move and questioned what other holiday services Abta might consider selling.
Target co-founder and Pole Travel director Jill Waite said: “This news is very disappointing for a lot of agents. Foreign exchange is something that makes agents money and they could now lose money [to Abta’s service].
“It is a big commitment for an agent to sell foreign exchange, and costly, and then you find Abta is doing it. What next, will Abta start selling holidays?”
Similarly, a post online commented: “Do I understand this right, a trade organisation competing against its members for direct customers? What next, Abta flights, Abta hotels?”
Deben Travel stopped selling foreign exchange during the pandemic. Owner Lee Hunt said Abta’s move would offer agents which did not sell foreign currency another outlet to recommend clients to.
But he admitted: “If I still had a foreign exchange bureau, I would not be happy. It is certainly not supporting those agents which have a bureau de change. What will Abta do next, flights and holidays?”
