This Travelex Review runs through everything you need to know about the company.
Travelex is the largest retail foreign exchange company in the world. 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 US 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?
- Lots of pick up locations across the USA
- You can order online 24/7.
- A large number of currencies to transfer money – 87 currencies in total.
- 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 Unimoni.
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.
Travelex is now part of Finablr group which is listed on the London Stock Exchange.
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 US banks 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.
- Firstly, if you are ordering online, you can use a promo code.
- You can also get a better exchange rate on the most popular currencies when you order over $2,000 in the US.
- 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.
Paying Travelex: Do They Accept Credit Cards?
You can pay in cash, debit card or credit card.
What about Travel Cards?
You can purchase the Travelex Money Card online or at your local Travelex store . 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.