Update on Foreign Exchange Services at your Co-operative

Update on Foreign Exchange Services at your Co-operative

24 March 2022

The Channel Islands Co-operative Society are announcing the decision to cease the buying and selling of foreign exchange from their Member services counters.

In January 2022 we made the difficult decision to stop foreign exchange services in Jersey. As from 3 April 2022, the Society will officially end their services dealing with foreign currency in Guernsey too. This change will apply to all Co-operative stores which have a post office and/or member services counter and to all Society Members and members of the public/

This announcement follows a strategic review of all the services which the Society provide, and was believed to be the right decision in terms of protecting member value.

The decision to stop foreign exchange services was also influenced by the closure of the Society’s Travelmaker business in December 2020.

A spokesperson for The Channel Islands Co-operative Society said: ‘It is of highest priority to us at the Society that we ensure we are making the right decisions to protect Member value, and acting for the benefit of the organisation.

‘Since the Society made the difficult decision to close their Travelmaker business, it makes commercial sense too for the Society to end its foreign exchange services. All our other current services offered at our member services counters will remain unaffected, and our colleagues will continue to serve our island communities; including postal services, share account queries, and bill payments among many others.’

Members and customers can continue to use foreign exchange services until the last official day of trading in Guernsey on Saturday 2 April 2022. Further information on the changes can be found at your nearest Member services counter at selected Co-operative stores.