Travelex Australia Review

This Travelex Review runs through everything you need to know about the company.

Travelex is the largest retail foreign exchange company in Australia. They are licensed to provide currency in cash, drafts, foreign currency bank cheques, telegraphic transfers, travellers cheques and travel cards.

 

The Currency Shop says:

  • Travelex has a massive network of stores and pick-up locations making it easy to order online and collect later.
  • Their exchange rates are consistently better than any Australian bank.
  • They do not charge any commissions or fees. However paying them using a credit card may incur fees.
  • Use our travel money comparison tool to compare foreign exchange rates, fees and services of other providers.

 

What We Will Cover

We’re most interested in how safe it is to use Travelex, how they work and when you should use them. In this Travelex review, we’ll explore:

  • How safe and secure Travelex are and who owns them.
  • The costs, fees and charges to buy currency from Travelex.
  • How it works: buying currency online and in-store.
  • International money transfers at Travelex.
  • Travelex travel cards.
  • Should you use Travelex?
Pros
  • 3000 pick up locations, including Australia Post offices.
  • You can order online 24/7.
  • A large number of currencies to transfer money – 87 currencies in total.
Cons
  • Card handling fees if you want to buy currency using a credit card.
  • 3-5 business day wait for online orders.

How Safe and Secure Travelex are and Who Owns Them

In 2015, the founder of Travelex, Lloyd Dorfman sold the company to Dr Shetty. The Indian businessman who also owns UAE Exchange.

Being one of the largest currency companies in the world, Travelex has a strong focus on customer security. We recommend reading their Product Disclosure Statement (PDS) if you have any concerns or queries.

Importantly, Travelex holds an Australian Financial Services Licence (no. 2222444). You can find it here.

 

The Costs, Fees and Charges to Buy Currency from Travelex

Travelex does not charge a commission, or fee for exchanging currency with them.

 

Travelex Exchange Rates

Travelex consistently has better exchange rates than the Commonwealth Bank, NAB, ANZ, or Westpac for most major currencies.

Please note that their online exchange rates may vary from their in-store exchange rates.

 

How to improve the exchange rate

There are 3 ways you can improve the exchange rate you get.

  1. Firstly, if you are ordering online, you can use this Travelex promo code.
  2. You can also get a better exchange rate on the most popular currencies when you order over $2,000 in Australia.
  3. Finally, if you are in-store, the best way to get a better exchange rate is to ask for it. It doesn't always work but is worth the effort, particularly for larger amounts over $1000.

How it works: Buying Currency Online and In-Store

Find at Travelex Store Location

Travelex have a strong network of stores all over Australia. Click here to locate a store.

The biggest advantage that Travelex has is their pick-up locations. They have agents like Australia Post and HSBC banks that can be used to collect currency you have bought online.

 

Available Currencies

You can send 87 currencies in total – with all the rates available here.

 

How to buy Currency online

To buy currency online, there are 2 steps:

  1. Ordering – entering the amount of currency you need, your pick-up location and when you’d like to pick it up. You’ll also need to choose a payment method (either BPay, credit card or debit card).
  2. Your details – provide your contact and payment details.

How to Buy Currency In-Store

To buy currency in-store, there are 2 steps:

  1. Tell them what currency you need and how much. They will provide an exchange rate and a total cost
  2. Pay in cash or by card

For most purchases, you will need to provide identification.

Paying Travelex: Do They Accept Credit Cards?

You can pay in cash, debit card or credit card.

If you pay in cash or debit card, there is no charge. When using a debit card, keep in mind that most banks have a daily EFTPOS limit attached to each card. If you want to buy more than $1000 in currency, ask your bank what your limit is first.

Credit card transactions attract a fee of 1.45%. Your bank also may charge you in the form of a cash advance fee so be careful.

What about Travel Cards?

You can purchase the Travelex Money Card online or at your local Travelex store (excluding HSBC branches). It’s a matter of filling in an application form in-store and attaching acceptable photo identification, along with the money you initially want to load onto the card. Travelex then issue the card on the spot and you’re ready to use it overseas. Check the Travelex Money Card Product Disclose Statement (PDS) for all terms and conditions to make sure it meets your needs.

International Money Transfers at Travelex

If you are sending money overseas in a Travelex store, you will be directed to Western Union. You can read more information about the company, below.

Related: Western Union Reviewed.

If you are making an international payment online through Travelex, it is easy enough. Travelex process their own international payments.

Related: Travelex Wire Reviewed.