Marks & Spencer has unveiled a new loyalty offer for holidaymakers, giving Sparks members preferential rates on foreign currency as part of its latest financial services revamp.

The high street retailer is also expanding its travel money offer, now allowing customers to click and collect over 50 currencies in more than 560 stores across the UK, in addition to its 96 existing Bureaux de Change.

The move comes as M&S looks to transform its financial services proposition by aiming to offer better value and convenience to loyal customers.

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“We want to reward our Sparks customers for their loyalty, and what better way than to help their holiday money go further on holiday”, said M&S director of financial services Katherine Carlson.

“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.”

The launch follows Waitrose’s recent move to introduce a “last-minute” travel money service in 100 of its stores, with pre-packed euros and dollars available from welcome desks.

M&S said the changes are part of its wider push to make its financial products more relevant to customers’ everyday needs.