Travelex Wire Review

Travelex Wire is the latest service offered by foreign exchange company, Travelex. The company has been designed as an easy and cost effective way to send money internationally, and can currently send money from the UK to about 30 other countries. We review this relatively new service and look at its' associated fees and charges.

History of Travelex

Travelex was established in the 1970’s in London and has grown since into one of the largest and most successful foreign exchange companies globally. With presence world wide for it’s money exchange services, they are a very well known name.

 

To read more about our thoughts on Travelex, click here.

 

What We Will Cover in this Travelex Wire Review

  1. Pros and cons
  2. How safe Transferwise Wire is
  3. Fees and charges
  4. Exchange rates
  5. How to send and receive money
  6. How to pay and accepted payment methods
  7. Available currencies
Pros
  • Travelex is a known and trusted brand
  • The service is available to more than 30 countries.
  • The website is extremely informative
Cons
  • Travelex Wire is currently only available to send money from the UK internationally.
  • You’ll only be provided an ‘indicative’ rate when placing your order. Once the order is confirmed, a final rate will be sent to you via email.
  • Limited to paying with UK debit cards, can’t use cash, credit or cheques.

How Travelex Wire Works?

  1. Create account with Travelex Wire. This involves entering some basic personal information.
  2. You’ll receive an email requesting documentation to verify your identity.
  3. Once verified, you can go to the website and select the currency you want to transfer to, and whether you’d like standard or SWIFT delivery. Travelex Wire will give you an estimate of the total cost for you based on this.
  4. Next you’ll fill on your address, and Travelex Wire will send you a text code to verify your identity.
  5. Fill in the details of the recipient and the account that will be receiving the funds. You may also be asked your reasoning for sending the money, Travelex Wire state they are legally obligated to do so.
  6. You’ll be taken to a summary page that will give you a final estimate for the cost of the transfer you’re making.
  7. The payment page allows you to fund your transfer with either your debit or mastercard. You’ll receive a confirmation email for the order.
  8. You’ll receive one more email confirming the final cost of the transfer with the final rate the money is being exchanged at.
  9. Depending on your delivery choice, your recipient will receive the funds in 1-5 business days.

How Safe Is It?

Your money is safe with Compass Global Markets, and their website has a strong encryption system. In addition to keeping your money safe, the company offers a risk assessment service as well. The company is regulated by ASIC and held under Australian Client Money Rules. Because transfers are automated, there is no chance for human error during the transaction.

 

For investors with money overseas, this company also provides a clear picture of financial risk. Because the currency market fluctuates, it is essential for property investors to understand the risks with assets in other countries truly.

How Much Does It Cost?

For orders up to £300, customers will be charged a fixed fee of £3 and over £300 the fee will be a percentage of the total amount you are sending.

If you choose standard delivery, the payment can take up to 5 business days to reach the recipient, however there is no additional cost. You also have the option to do SWIFT delivery for £8.95. This additional fee means the recipient will receive it within 1-2 business days. It’s also important to note that if you’re sending money outside the EU, you will incur the £8.95 delivery fee regardless, however it will be SWIFT delivery.

This table demonstrates the applicable fees depending on the amount you’re sending and the destination of the recipient.

Amount Recipient Destination Delivery Type Fees
up to £300 Within EU Standard £3
up to £300 Within EU SWIFT £3 + £8.95
up to £300 Outside EU Standard N/A
up to £300 Outside EU SWIFT £3 + £8.95
More than £300 Within EU Standard Percentage of Total
More than £300 Within EU SWIFT Percentage of Total + £8.95
More than £300 Outside EU Standard N/A
More than £300 Outside EU SWIFT Percentage of Total + £8.95

 

What Exchange Rate Will I Get?

Travelex Wire will provide you with an indicative rate while you’re making your order and send you a final rate once the order is confirmed. To ensure that recipients receive the correct amount of funds, Travelex Wire will include a 2% ‘rate change allowance’ to factor in any changes in the exchange rate. If the exchange rate changes so substantially that even this 2% doesn't cover the cost, you’ll be notified by email and your order cancelled.

How Do I Pay?

Travelex Wire accept UK issued Visa or Mastercard. It needs to be a personal debit card that is registered with the same address as your UK address, for identification verification.

 

Can I Pay by Credit Card?

You cannot pay by credit card.

What Currencies Can I Transfer?

There are a number of currencies available to send from the the UK. These include: AUD, USD, EUR, CAD, CZK, DKK, HKD, HUF, JPY, NZD, NOD, PLN, RON, SGD, SEK, CHF and AED.

 

Comprehensive List of Currencies and Countries
Country Currency
Australia AUD
Austria EUR
Belgium EUR
Canada CAD
Cyprus EUR
Czech Republic CZK
Denmark DKK
Estonia EUR
Finland EUR
France EUR
Germany EUR
Greece EUR
Hong Kong HKD
Hungary HUF
Ireland EUR
Italy Eur
Latvia EUR
Lithuania EUR
Luxembourg EUR
Malta EUR
Netherlands EUR
New Zealand NZD
Norway NOK
Poland PLN
Portugal EUR
Romania RON
Singapore SGD
Slovakia EUR
Slovenia EUR
Spain EUR
Sweden SEK
Switzerland CHF
United Arab Emirates AED
United States USD
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