The Most Helpful Travelex Review You’ll Find Anywhere!

Travelex LogoTravelex was founded in 1976 but an English entrepreneur called Lloyd Marshall Dorfman. Since then, Travelex has grown to be a global currency cash provider and money transfer company. We’ve created this Travelex Review so you can decide whether to use the company.

We’ve put together a review below to help you decide if Travelex is a good company to make international payments. On their website, they boast four things:

  • Bank beating
  • Security
  • Price promise

You can also compare other providers and banks using our comparison table. This will allow you to review rates and charges.

What will this Travelex review cover?

Here at The Currency Shop, we like to know that the companies we recommend to you for international transfers are good value for money, offer a level of ease and convenience for you and your circumstances, and most importantly, keep your money as safe and secure as it can be. In this article, we will explore:

  • How to make an international transfer
  • How safe is Travelex?
  • Fees and Charges
  • How long does the transfer take?
  • Pros and Cons of Travelex?

How to make an international transfer

You can do two things through Travelex, either in store or online: you can buy currency, or complete a money transfer.

How to buy currency in store

  1. Find your nearest Travelex agent location
  2. Tell them what currency you need and how much, and in turn they will provide you with a rate based on the exchange rate and currency conversion, plus any other fees
  3. If you are happy, you can pay by cash or card.

How to buy currency online

  1. Go to www.travelex.co.nz
  2. Enter the amount you wish to buy, the location you wish to pick up the currency, when you wish to pick it up and how you would like to pay.
  3. Provide contact and payment details after you have seen the total amount.

To compare other providers that let you buy travel money online, you can view our comparison table here.

How to complete a money transfer

Travelex works in partnership with two money transfer companies. You will firstly be located to Western Union, whereby you can transfer your NZD to over 60 currencies quickly and easily. If you wish to complete the transfer with Travelex, you will be using OFX as this is what Travelex use for all their money transfers.

Nonetheless, to complete your money transfer through Travelex, you will be asked to go through the following steps:

  1. Register online
  2. Tell Travelex who you wish the money to be sent to, when, and in which currency
  3. Get a quote
  4. Transfer the money to Travelex, and they will do the rest

You also have various methods to transfer your money through Travelex:

  • Single Transfer: This is where you wish to make a single transfer to the recipient overseas, and you are happy with the quote given based on the exchange rate and transaction fee
  • Regular Transfer: If you wish to set up payments at different intervals, be it weekly, monthly or at irregular intervals.

If you are transferring money overseas, you can read more about it in the following articles:

  1. How long does an international transfer take?
  2. 5 Reasons For Transferring Money Overseas

How safe is Travelex?

Trusted by over 37 million clients across 6 continents, Travelex is the global industry leader in FX and has chosen to partner with NZForex, a global FX transfer specialist to bring you this service. Part of the OzForex Group, NZForex is registered as a financial service provider under the Financial Service providers (Registration and Dispute Resolution) Act 2008.

Travelex International Payments online platform uses:

  • Minimum 2048 bit SSL certificates to encrypt traffic
  • Thawte online security and protection

 

NZForex carries very little transactional or market risk as it does not take positions in the market. In addition, it has key relationships with some of the most trusted names in banking: Barclays, UBS, Bank of New York Mellon, DBS and Westpac.

Fees and Charges

Travelex will not charge any transfer fees for transactions above $10,000NZD. They will however charge you a fixed transaction fee of $12NZD for anything under.

How long does the transfer take?

Travelex offers 46 available currencies to transfer to globally, with a $500NZD minimum transfer.

You can request that Travelex send the money immediately, in which case it will take up to 2 business days to reach the account overseas

 

Pros and Cons of Travelex

 

PROS CONS
Cheaper than most banks You have to create an account with them
Different payment methods to suit different individuals and circumstances $12NZD transfer fee
Have a New Zealand office
Suitable for both personal and business use

Case Study

Erin is due to fly from Auckland airport to Singapore next week to visit her sister and brother-in-law.

Erin knows that there are 10 Travelex locations at Auckland airport for her to pick up cash if she needs it but she normally organises a transfer to her sister’s account in Singapore, and her sister will then draw out the money each time she needs it. Her sister doesn’t mind, and it saves Erin from carrying a wad of cash around with her.

Erin organised the transfer through Travelex’s ‘single transfer’ option and obtained a favourable exchange rate with a low fee. She also felt in safe hands as there were offices in New Zealand that she could visit if she ever had a query.

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