Travelex Review

Learn everything you need to know about using Travelex.


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 a commision or fee however paying them using a credit card may incur more fees.

  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.

 

Click Here To Compare Travel Money Exchange Rates

 

 

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 article, we’ll explore:

  • How safe and secure are Travelex 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

  • What about Travel Cards?

  • Should you use Travelex?

 


Receive 4 Money Saving Emails About Currency Exchange

 

 

How safe and secure are Travelex and who owns them

In 2015, the founder of Travelex, Lloyd Dorfman sold the company to Dr Shetty. The Indian businessman 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 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

Commissions

Travelex does not charge a commission.

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. If you use a debit card, keep in mind that most banks have a daily EFTPOS limit attached to each card, so 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.

Travelex Exchange Rates

Travelex consistently has better exchange rates than the Commonwealth BankNABANZWestpac or Travelex for most major currencies. 

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

Related: Travel Money Exchange Rate Comparison Table

 

 

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 or credit/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.

 

International money transfers at Travelex

If you are sending money overseas in a Travelex store, you will be directed to Western Union. 

Related: Western Union Reviewed

If you are making an international payment online through Travelex, it is easy enough. Travelex use OFX for to process their international payments. 

Related: OFX Reviewed

 

What about Travel Cards?

You can purchase the Travelex Multi-currency Cash Passport 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 your set-up card load. Travelex then issue the card on the spot and you’re ready to use it overseas. Check the Travelex Multi-currency Passport Product Disclose Statement (PDS) for all terms and conditions to make sure it meets your needs.

 

Should you use Travelex?

Pros of Using Travelex

  • 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 of Using Travelex

  • 1.45% card handling fee if you want to buy currency using a credit card

  • 3-5 business day wait for online orders

 

Do you still have more questions?

Talk to a local consultant

Call 1800 004 930