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
Compare money transfer services like Travelex Wire

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,810.95Exchange Rate0.7274Transfer Fees$63.36Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,810.95Rate Updated 12:02AM 16/11/2018GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7274 will cost you $13,810.95 which includes a fee of $63.36

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated 12:02AM 16/11/2018
TorFXRead ReviewTotal (AUD)$13,816.68$5.73 more expensive Exchange Rate0.7238 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,816.68$5.73 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7238 will cost you $13,816.68 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$13,827.80$16.85 more expensive Exchange Rate0.7232 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,827.80$16.85 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7232 will cost you $13,827.80 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
HIFXRead ReviewTotal (AUD)$13,830.58$19.63 more expensive Exchange Rate0.7230 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,830.58$19.63 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7230 will cost you $13,830.58 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review

Pros

  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts

Cons

  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead ReviewTotal (AUD)$13,864.77$53.82 more expensive Exchange Rate0.7215 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $13,864.77$53.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7215 will cost you $13,864.77 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$13,933.40$122.45 more expensive Exchange Rate0.7177 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $13,933.40$122.45 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7177 will cost you $13,933.40 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,226.77$415.82 more expensive Exchange Rate0.7029 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,226.77$415.82 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.7029 will cost you $14,226.77 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,498.46$687.51 more expensive Exchange Rate0.6903 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,498.46$687.51 more expensive GET THIS DEAL
So, sending USD 10,000 to United States at an exchange rate of 0.6903 will cost you $14,498.46 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates