Travelex Australia Review including all the fees, commissions and rates (2024)

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.

• 3000 pick up locations, including Australia Post offices and most airports
• A large number of currencies to transfer money - 87 currencies in total
• You can order online 24/7

When to use (and avoid) Travelex to change money

There are multiple ways to use Travelex so you can benefit from convenience and better exchange rates. Here are our top tips:

In-Store or at the Airport

Travelex have a number of handy store locations including the airport - but it's not your cheapest option. Exchange rates in-store aren't as good as online unless you are doing a larger amount over $2,000 and are prepared to negotiate. Even then, they may not offer you a rate as good as their own website.

The airport should be avoided at all costs. The fees and exchange rates at Australian airports are close to (if not) the worst in the country. It would be easier and cheaper to use your everyday debit card overseas - and that's saying something!

Online

Using Travelex online is definitely the best way to go in most circ*mstances. There are some things to keep in mind though.

• You can't sell foreign currency online, you can only buy it
• Be prepared. It usually takes 2-7 days until the currency is ready for delivery or collection
• There are additional fees if you use a credit/debit card to pay for your order or if you want to collect it from Australia post
• You can often get a better rate if you order more

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.

Travelex is owned by Finablr, a financial company that owns many well known brands like Remit2India and UAE Exchange.

The company listed on the London stock exchange in 2019 with an implied valuation of about 1.23 billion pounds, making it one of the largest foreign exchange businesses in the world.

Step 1: Order

Enter the amount of currency you need and how you'd like to pay for it. Then choose either delivery or collection.

Step 2: Payment

You will need to pay for your order before it's ready for collection or delivered to you. You will also need to provide some identification.

Step 3: Confirm

Make sure you check all the details before your confirm your order.

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