Travelex Money Transfer Review

Travelex is currently one of the world's leading independent foreign exchange businesses. In addition to the Travelex International Payments service, which lets customers send money overseas, Travelex customers can also obtain cash or prepaid cards issued in a variety of foreign currencies for use around the globe. 

What Are Travelex’s Transfer Fees?

With Travelex International Payments, the standard fee is $5 for transactions below $5,000. For transactions above $5,000, there is no transfer fee.

How Fast Are Travelex's Transfers?

Depending upon the country and currency involved, Travelex money transfers can take up to 1-3 days to be completed. Often, the transfer will be delivered to your designated recipient on the same day that your funds clear.

Travelex's Backstory

Travelex was founded in 1976, it has its U.S. headquarters in New York and has an A+ rating with the BBB. The company has over 1,500 stores located in 28 countries and 1,250 ATMs worldwide. Travelex serves 37 million customers a year while processing an average of 2,000 orders every hour. For online international payments, Travelex partners with Western Union and OFX, previously known as OzForex.

Who Can Benefit From Travelex?

Serving an international market, Travelex was designed for customers who want to transfer money from one country to another. With Travelex International Payments, you can send money to 50 countries in over 47 currencies. Based on needs, customers can set up one-time transfers or regular payments. Travelers looking for easy access to foreign currencies can also benefit from Travelex’s additional services.

What Are The Advantages and Disadvantages Of Travelex?

This is what we love about Travelex:

- Rates are competitive. There's even an International Payments Price Promise that ensures you’ll get the best overall quote on your international money transfer. 

- Transfer fees are low or, depending on the transfer amount, even waived.

- Transactions can be completed online or by phone.

- Travelex’s additional services, such as prepaid cards that can be loaded with up to five different currencies, are great for travelers. 

- Customers can lock in an exchange rate with a Forward Contract.

What We do not Like About Travelex:

- With Travelex International Payments, you’re not offered cash transfers, same currency transfers, traveler’s checks, or bank drafts.

- Transactions must be a minimum of $500 for international payments.

- You’re limited to bank-to-bank transactions with international payments.