Marks and Spencer (M&S) is to give members of its loyalty scheme Sparks preferential rates on foreign exchange.

The move is part of the retailer’s wider transformation of its financial services offering, which M&S said is focused on giving customers a better, more relevant experience.

Around 20 million Sparks customers will receive better rates on their travel money both online and in-store.

M&S added that customers can now Click & Collect over 50 currencies from more than 560 stores nationwide alongside its 96 Bureaux de change.

The service has been enabled by new technology which sends a notification directly to employees, which M&S said is an idea that came directly from employees themselves through M&S’ Straight to Stuart CEO suggestion scheme.

Around 80 per cent of customers purchasing foreign currency at M&S purchase euros and US dollars.

Katherine Carlson, director of financial services at M&S, said that the company aims to offer its customers the best services and rewards as part of the transformation of its financial services offering.

“We want to be able to reward our Sparks customers for their loyalty and what better way to do so than helping their money go further on holiday,” she added. “And with customers now able to pick up their travel money in more of our stores than ever before, it has never been easier to get ready for your holiday with M&S.”

Earlier this month, M&S announced its Sparks loyalty scheme was fully back online following a cyber-attack which had a devastating impact on the business.

The April attack on M&S forced the group to close its online store for nearly seven weeks and led to empty shelves at shops during May as automated stock systems were shut down.

The incident has cost the company an estimated £300 million in lost profits this year.

With the relaunch of its loyalty scheme online, the company announced it would be providing a range of “thank you” treats and rewards, including its popular Coffee Stamp scheme which gives customers who have collected their six stamps a free coffee in their Sparks Hub.

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