FX Trader, Jamaica's leading cambio, has launched a revolutionary loyalty programme - "Get Smart Rates and Money Back" - that will offer customers double benefits by way of preferential foreign exchange rates and cash back. Through an exclusive partnership formed with Magna Rewards, FX Trader will be rewarding their valued customers every time they buy or sell foreign exchange using their Magna card at any of its 26 locations islandwide.
Magna Rewards is a free card-based loyalty membership program designed to reward customers who display their Magna card every time they spend at a participating Magna partner. Customers are rewarded with Magna points representing a cash back portion of the amount they spent, which can be redeemed at most Magna retail partners.
With this new double benefits program, FX Trader customers who present their Magna card will not only receive Magna points, but they will also get better rates than those displayed on the rate boards in each location when buying or selling any foreign currency. At present, they will enjoy an instant discount of 5 cents off the cambio's sell rate and gain an extra 15 cents on the buy rate every time they do business with FX Trader.
Customers who are not yet Magna card-holders can actually sign up for their card at any FX Trader location. All these first-time Magna card-holders will receive even better rates when they complete a foreign exchange transaction immediately after signing up. Today, these customers will enjoy bonus rates of 20 cents more than the posted buy rates and 10 cents off the sell rates.
Sheila Segree White, General Manager for GraceKennedy Currency Trading Services Limited, operators of FX Trader, said that the new programme is consistent with the GraceKennedy tradition of continuously providing practical and innovative solutions that support our customers' lifestyles, need for convenience and value for money. "This partnership with Magna will allow FX Trader to offer even greater value to its customers. FX Trader will be the only place where customers can change foreign currency and earn Magna points. In addition to earning Magna points, the preferential rates that will be offered to Magna card-holders when they change money at FX Trader, will serve as an instant reward. FX Trader is the only Magna partner to offer this double benefit."
Segree White also noted that the programme is straightforward. "We have engineered a simple programme that smoothly automates the capturing of card information into each foreign exchange transaction at the counter. Additionally, we make it very easy for our customers to calculate the number of points earned and the exact amount they will get back on their Magna cheque."
Jamaica's foreign exchange market is quite dynamic, characterized by competitive market forces. The Bank of Jamaica, regulators of the local foreign exchange industry, lists 80 companies including cambios, banks and building societies authorized to trade foreign exchange in Jamaica. In 2004, a total of US$5.2 billion (equivalent of all currencies traded) was purchased by these entities combined, with cambios accounting for 32% of total volumes.
Since 1995 cambios have grown in terms of money traded moving from an average of US$20 million purchased each month to over 6 times that amount 10 years later. Cambio sales reflected an even more significant increase moving from US$4 million in July 1995 to a monthly average of over US$90 in July 2005.
FX Trader started operations locally in 1996 and quickly grew to become Jamaica's leading cambio, now trading over US$500 million annually. This growth has been driven by FX Trader's continuous effort to offer unique service enhancements to maximize value and convenience for their customers. Over the years FX Trader has offered gift cheques, a foreign currency bridal registry and a funds reservation system. The "Get Smart Rates and Money Back" programme is the latest such service enhancement.
Segree White also expects the introduction of the programme to provide an added benefit to FX Trader customers who are not yet Magna card-holders. She pointed out that those customers who sign up at FX Trader locations will have the opportunity to immediately start earning rewards from other Magna partners in their communities.
Posted: September 19, 2005 |
