Ryanair launches new financial services website

Ryanair has launched a new financial services website called Ryanair Money.

The new site, which Ryanair describes as a one-stop-shop for passengers' financial needs, incorporates existing Ryanair financial services with a number of new offerings.

Among the new financial products being offered are house insurance, life assurance and mortgage protection in the Republic and home insurance in the UK.

These will be offered through online insurance broker 123.ie, with which the airline has partnered in the past.

Ryanair said that its passengers travelling from the UK could now avail of commission-free foreign currency with Travelex.

The service will allow passengers originating only from the UK to book foreign currency and collect it at the airport before departure.

Existing products such as travel insurance and a credit card will also be offered through the site.

Passengers will also be able to buy the 3V Visa disposable credit card.

Launching the new site, Ryanair's head of ancillary revenue, Santina Doherty said: "Ryanair.com is not only home to the lowest guaranteed fares, but from today our passengers can avail of great value travel and personal finance with Ryanair Money."

The move into financial services is seen as a clear intention by the airline to capitalise on the strength of its brand and proven online sales ability to cross-sell products and services not naturally linked to airline tickets.

The company has already been very successful in selling ancillary services such as car hire, hotel reservations and travel insurance.

Ryanair attributed its recent record first-quarter profits to strong growth in passenger volumes and strong performance in its ancillary business.

Ancillary revenues grew by 53 per cent to €117.1 million for the three months to the end of June this year due to increased revenues from car hire, hotels, travel insurance, onboard sales and excess baggage, the airline said

Ancillaries account for 17 per cent of total revenues, and this is expected to rise to 20 per cent over the next three years, Ryanair said.