Travelex International Payments
Our verdict
Transfer your money overseas with a brand you trust.
Travelex might not offer the mid-market exchange rate for your overseas money transfer but you'll always get real-time rates and see any fees that apply upfront. This makes Travelex a strong contender for your online and in-store money transfers where you can make use of spot, forward and option contracts. Transfers can be delivered within two days and can be sent to your recipient's bank account or debit card. Cash pick-up is only available in the Philippines.
Although never hidden, rates and fees do vary. For example, from Australia, you can benefit from zero fees on online transfers. Travelex uses OFX as their foreign exchange provider, who are known for their competitive rates on large transfers.
Details
Product details
| Product Name | Travelex International Payments |
| Pay By | Bank transfer, PayID |
| Receiving Options | Cash pickup location, Bank account |
| Customer Service | Live chat, Email |
| Maximum Transfer Amount | Unlimited |
| Number of Currencies | 41 |
What international payments services does Travelex offer?
Once your account is fully verified, you can enter into the following contracts with Travelex.
- Spot contracts,
- Forward contracts,
- Option contracts,
- Foreign currency order contracts.
See the frequently asked questions section of this article for an explanation of what these terms mean.
Services not offered
Travelex do not issue travellers cheques or overdrafts, they won't process a transfer between two accounts of the same currency and they won't perform a cash transfer.
How to use Travelex to send money overseas
Once you register and set up your account, you need to add a beneficiary or beneficiaries - someone receiving the money - to complete a transfer. Save the beneficiary, add them as a payee and choose the currency you want to convert the funds to once you log into the Travelex international payments website.
Five things you need to know about Travelex international payments
How to get the best price on international money transfers
- You need to contact Travelex with proof of a better price from another foreign exchange provider within 30 minutes of getting your quote from Travelex and before you confirm the Travelex transfer.
- If you do find a better price and you want Travelex to beat the foreign exchange quote. You'll need to contact Travelex and give them your details along with the total price you've been quoted*, and something to confirm the dates and times the competitor's quote was obtained. You will also need to provide the mid-market rate of the currency the foreign exchange margin was applied to. You can get this information from the quote provider.
- The International Payments Promise only applies to Australian customers.
- The payment promise only applies to Travelex transactions made online or over the phone.
Fees for small purchases
- A transaction fee applies to transfers under $10,000. In some cases, 'third party fees' may be charged by the overseas bank when the money is received. If there are third party bank processing fees, the charge will be deducted from the total amount received by the beneficiary.
Compare Travelex to other money transfer services
Information about registration
When you register for Travelex international payments, you need to enter the usual personal information and you also select the currency you have and the currency you want to send.
Verify your account
Once the registration is complete, you'll need to speak to a Travelex representative before your account is fully verified. A quote on spot deals is available at this stage of registration, but only a quote and not limit orders or forward deals.
Frequently asked questions
- Travelex official website, accessed March 2023
Your reviews
Tim Finder
Writer
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Shirley Liu Finder
December 18, 2014
Hi Eric,
Thanks for your question.
This enquiry is best directed to Travelex instead, as finder.com.au is an online comparison service.
All the best,
Shirley
eric
December 18, 2014
we import products in Australia manufactured in the € zone
we believe we will import around 3M€ of products per year for the next 4 years .. we need to provide a fix price in Aus$ during the next 4 years .. what can you offer ?
thanks
eric