Travelex International Payments

Transfer your money overseas with a brand you trust.

Travelex is a foreign exchange and international payments provider. To transfer money simply register, enter an international bank account, select the currency you want and transfer the money to, and send the money to Travelex using BPAY or EFT.

Get your first deal fee-free and low or no fees thereafter. You will also be given the best price on international payments. If you get a cheaper quote from another provider, Travelex will beat it.

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.

Travelex and OFX

Travelex use OFX as their foreign cash provider, which means Travelex can piggyback off OFX's claim to leading rates. OFX gets 50% of the money. Travelex make from their foreign exchange margin. Both parties benefit.

A quick look at rates showed that Travelex were actually a little better (about ten cents) than OFX when selling $1,000 and converting to USD.

How to use Travelex to send money overseas

Once your register using the links provided on this page 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.

The Travelex international payments promise

Travelex offer a best price guarantee on international payments. If you can find a better quote on your international transfer from another forex institution, Travelex will beat the price.

*The total price includes commissions, foreign exchange margins and fees.

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.

How to register for travelex international payments

To use Travelex as your foreign currency and international payments provider, click the link on this page and you'll be directed to the Travelex website.

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.

What currencies can I transfer to?

Main currencies


'Exotic currencies'


What countries can I transfer to?

You can transfer money to bank accounts in any country except those listed below:

  • Afghanistan, Belarus, Burma, Democratic Republic of Congo, Republic of Congo, Cote d'Ivoire, Cuba, Iran, Iraq, North Korea, Lebanon, Liberia, Libya, Rwanda, Sierra Leone, Somalia, Sudan, Syria, Zimbabwe.

What limits apply?

The following limits apply to Travelex International Payments.

  • The minimum transfer amount is AU$500*.
  • If you want to make regular transfers (more than 4) the minimum transfer amount is AU$400*.

*or equivalent foreign currency

What is a foreign exchange margin?

A foreign exchange margin is the money the forex provider makes on the transaction - the difference between how much they pay to get the cash and how much the foreign currency is sold for.

Foreign exchange service providers make a little more when they sell foreign currency to consumers because they buy it cheaply in large amounts from markets where the value of the currency being bought and sold makes it inaccessible to the general public.

Information about how much the foreign exchange provider makes - the margin - is not usually public information.

Travelex general transaction fees

Travelex charge a flat fee for all transactions under AU$10,000*. You'll need to factor this into the overall cost of the transaction when you're comparing quotes from other foreign exchange providers. The transaction fee is added to the total amount you're required to pay Travelex.

If you're transferring to multiple beneficiaries, transaction fees may also be charged.

What is a spot contract?

A spot contract is another name for buying or selling foreign currency. Every time you use your card to buy something in a foreign currency - say when you're shopping online - you're entering into a spot contract.

What you need to know about Travelex spot contracts.

A spot contract is an agreement to transfer money from one currency to another within two days of completing the transaction.

- You have up to 48 hours to pay the money to Travelex once you confirm a spot contract quote. Travelex will immediately pay the beneficiary the funds.

What fees apply when I carry out a spot foreign exchange contract

The following fees and charges apply to spot contracts

  • The exchange rate margin,
  • Transaction fees,
  • Third party transaction fees.

What is a forward contract?

A forward contracts lets you set up a foreign exchange transfer up to 12 months in the future at agreed exchange rate.

A forward contract is useful for the purchase of international property and investors looking to hedge against unfavourable fluctuations in global currency markets.

Fees for a forward contract

  • The advance payment for the forward contract,
  • The foreign exchange margin,
  • Transaction fees,
  • Third party transaction fees.

What is a FX option?

An option gives you the right but not the obligation to purchase foreign currency in the future at a predetermined foreign exchange rate.

You're required to pay a nonrefundable fee to set up an options agreement, which gives you the right to withdraw from the foreign exchange deal when it comes time to settle the contract.

Travelex deals with Vanilla Options only.

Ever heard of the term 'plain vanilla'? This applies to the foreign exchange market too. A 'vanilla option is a deal with no special features. It's standard. Travelex only provide vanilla options.

Fees for a foreign exchange option

  • The FX Option premium,
  • Transaction fees
  • Third party transaction fees.

What is an order?

An order applies when you enter in to a spot contract or an order contact, but it only becomes binding when the foreign exchange rate reaches a certain point. This is known as the target rate, and is set by you.

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2 Responses

  1. Default Gravatar
    ericDecember 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 ?

    • finder Customer Care
      ShirleyDecember 18, 2014Staff

      Hi Eric,

      Thanks for your question.

      This enquiry is best directed to Travelex instead, as is an online comparison service.

      All the best,

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