Travelex Reviewed: The Ultimate Guide

Travelex reviewed

 

We have Travelex reviewed! Learn whether Travelex is a good option for buying currency and transferring money.

 

Travelex is one of the largest and oldest travel exchange companies in the world. Founded in 1976, they are a full-service financial provider offering cash, drafts, foreign currency bank checks, telegraphic transfers, traveler’s cheques and travel cards.

 

The Currency Shop says:

  • Travelex has an extensive network of retail locations and kiosks making their services easily accessible.
  • Their exchange rates consistently beat most US banks
  • They don’t charge commission fees unless you pay a transfer via credit card.
  • If you’d like to look further into foreign exchange rates, fees and services of other providers check out our comparison tool.

 

What we’ll cover

The most important things to understand here are Travelex’s safety record, their fee structure, and when it’s best to use them. The following article will dig into:

  • Travelex ownership, and their safety/security record
  • What fees should you expect from Travelex?
  • How buying currency with Travelex actually works
  • Making international money transfers with Travelex
  • Do they offer travel cards?
  • Is Travelex recommended?

 

Travelex reviewed: Ownership and their safety/security record

Being one of the largest currency transfer companies in the world, Travelex has a strong focus on keeping their customer’s data and money safe.

 

The Travelex website uses the latest 128-bit encryption technology to ensure that any information submitted through the website is secure. If you have additional concerns about security we recommend checking over here.

 

Travelex is licensed in the US by the relevant State Banking Department(s) as a Money Transmitter.  For further details on each individual state license, please refer to this list of states:

 

What fees should you expect from Travelex

 

Commissions

Travelex will never charge you any commissions, although be aware that you’ll be charged for shipping if your order is under $1000.

 

Does Travelex accept credit cards?

Yes, if you’d like to pay for your currency with a credit or debit card you can (Visa, Mastercard, Amex). If you fund a transfer in cash or with a debit card, be aware many banks have a daily withdrawal limit, so if you’re transferring or buying a large amount you might get jammed up.

 

You’ll want to take note that if you use your credit card your card issuer may apply separate charges (such as cash advance fees) to your order.

 

Travelex exchange rates

Travelex consistently offers better exchange rates than the big four US banks in major currencies, but rates do fluctuate so be sure to double check your specifics.

 

How buying currency with Travelex actually works

Travelex has over 200 locations in the US. To find the one nearest you click here.

 

One of the biggest advantages of Travelex is their extensive network that allows you to pick up currency at a variety of locations.

 

Available currencies

With Travelex, you can deal in over 87 different currencies. For full details check here.

 

How to buy currency online

To buy currency on the Travelex website there are 2 steps:

  1. Ordering — Enter the currency and amount you need, the pickup location and the date when you need the money. You’ll also need to designate a payment method.
  2. Provide your personal and payment details and confirm the order.

 

To buy currency in a Travelex store there are again 2 basic steps:

  1. Choose a currency and amount, get a verbal quote for exchange rate and total cost.
  2. Pay by cash or card and complete the transaction.

 

You’ll need an ID to complete most transactions with Travelex.

 

Making international money transfer with Travelex

If you’re transferring money internationally from a Travelex store you will be directed to Western Union.

Related: Western Union review.

 

If you’re transferring money online you’ll be directed to OFX, who processes Travelex’s overseas transfers.

Related: OFX review.

 

Do they offer travel cards?

Unfortunately, Travelex no longer offer Cash Passport. However, you can still reload your existing Cash Passport card or manage your account online through their website. Not to worry, your Cash Passport card will still be valid until the expiration date located at the front of the card.

 

Alternatively, Travelex has introduced their new Travelex Money Card where you can reload with these 6 available currencies: Euros, British pounds, Australian dollars, Japanese yen, Canadian dollars, and Mexican pesos.

 

You can buy the Travelex Money Card online, over the phone or in store. The card is automatically activated and you will receive your pin immediately when you purchase it or pick it up in store. Otherwise, you would have to call Travelex’s Card Services to activate your card should you order and request for a home delivery.

 

Be sure to read the fine print, though. Doing so will ensure that the terms & conditions and fees & limits match your needs.

 

Is Travelex recommended?

Travelex is hard to avoid due to the fact that they’re everywhere. But with that said, should you use them?

 

Pros of using Travelex:

  • A huge number of pickup locations including US post offices.
  • You can order 24 hours a day and they have excellent customer service.
  • They don’t charge commissions and deal in 87 different currencies.

 

Cons of using Travelex:

  • Travelex does not accept virtual card number products.
  • There is a 3-5 business day wait for some online orders.

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