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AUD 500
Min. Transfer Amount
No limit
Max. Transfer Amount
1 day
Transfer Speed
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Product Name | Travelex International Payments |
---|---|
Min. Transfer Amount | AUD 500 |
Max. Transfer Amount | No limit |
Transfer Methods | Online |
Transfer Options | Regular payments, One off payments, Forward contracts |
Transfer Speed Minimum transfer time | 1 day |
Customer Service | Phone, Email, Branch |
Available Currencies | AED, AUD, BHD, BND, CAD, CHF, CZK, DKK, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, USD, VND, VUV, WST, XPF, ZAR |
Online Transfer Fee | AUD 15 |
---|---|
Exchange Rate Updates | Real time |
Once your account is fully verified, you can enter into the following contracts with Travelex.
See the frequently asked questions section of this article for an explanation of what these terms mean.
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 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.
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.
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.
Use the currency transfer calculator tool below by entering the amount you want to send and choose the currency you are sending to.
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.
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.
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.
Main currencies
'Exotic currencies'
You can transfer money to bank accounts in any country except those listed below:
The following limits apply to Travelex International Payments.
*or equivalent foreign currency
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 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.
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
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
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
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.