Is Travelex safe for international money transfers? | finder.com
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How safe is Travelex money exchange?

Guaranteeing the best currency exchange rate in the US, Travelex will match any lower price you find online while keeping your information secure.

Travelex offers up-to-the-minute exchange rates and lower fees than banks on money transfers to 177 countries. You get big savings using Travelex while taking comfort in knowing that your money and personal information is safe.
Travelex International Money Transfers

Travelex International Money Transfers

Enjoy fee-free transfers to 177 countries around the world when you send more than $5,000 overseas with Travelex International Payments

  • Order the currency you need, with no extra fees and free shipping over $1,000.
  • Your currency can be picked up at over 100 Travelex stores or delivered to your door.
  • Pay for your foreign currency with either your debit card or credit card

    How does Travelex protect my money?

    Keeping your information safe is a point of pride at Travelex, and several safeguards are in place to secure your transaction. International money transfers are provided by the trusted OFX, which is registered with the Financial Crimes Enforcement Network.

    • Trusted company. Travelex was founded in 1974 and has more than 6,500 employees. It is one of the largest money exchange companies in the world.
    • 2048-bit Secure Socket Layer encryption. State-of-the-art technology secures the connection with your server. Travelex is accredited by the Better Business Bureau and certified by Norton Secured.
    • Customer service. Helpful representatives are available to help you throughout the process from Monday to Friday.
    • Experienced provider. Travelex and its provider OFX are renowned overseas transfer specialists.

    What are my rights when it comes to money transfers?

    The Consumer Financial Protection Bureau established rules in 2013 that protect US citizens when transferring money internationally. Federal law now requires many credit unions, money transfer services and banks to disclose information both before and after a transfer.

    Before a transfer, you have the right to know:

    • The exchange rate.
    • Fees and taxes collected from you.
    • Fees charged by agents overseas and others involved in the transfer process.
    • The amount your recipient is expected to receive (excluding foreign taxes and recipient fees).

    You also have the right to know:

    • Your ability to cancel the transfer. Unless the transfer has been picked up or deposited, you have 30 minutes (and sometimes more) to cancel at no charge.
    • The company or bank’s process to investigate and fix any mistakes. It generally has 90 days to resolve any problems.

    These rules apply to all international transfers of $15 or more.

    How do I report suspicious activity to Travelex?

    Travelex will never email you to confirm passwords, transaction details or personal information. If you receive an email from someone claiming to be Travelex, do not respond. If you suspect it is fraudulent, email it to toemailsecurity@travelex.com.

    How to avoid a money transfer scam

    Chances you know about someone who’s been victimized by a money transfer scam. Stay alert with these simple tips.

    • Don’t answer unsolicited phone calls and emails. Phishing scams often involve an email asking you to resend passwords or information. If you’re not sure whether it’s legit, go to the company’s website directly instead.
    • Don’t transfer money to someone you don’t know. If for an online sale or auction, be sure that you have all of the seller’s information. And do a little research online before sending your payment.
    • Ask questions. If a business responds quickly and accurately, that’s a good sign you’re working with a reputable company.

    Tips for picking up cash safely

    Knowing your money is secure during a transfer is important. But it’s just as vital to be safe when retrieving money. Follow these easy tips.

    TipDescription
    Call ahead.Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
    Bring a friend.Carrying money when alone can be dangerous. Ask a friend to come along.
    Deposit your money immediately.The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
    Keep your cash hidden.Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.

    Bottom line

    Travelex is a great way to save money while securely transferring money overseas. Compare minimum transfer amounts and available countries to see which option suits your needs.

    Common money transfer scams to watch out for

    ScamWhat to watch out forWhat to do
    Online purchasesAsking for money up frontDo not pay up front, ask to meet or arrange escrow
    Lottery and sweepsMust pay a fee to receive your prizeIgnore it; it’s not a real prize
    “Guaranteed” loansRequest to pay for your application or taxes before you receive the loanRip it up; do not send the money
    PhishingAsking for personal details over email (bank accounts, passwords, SSN)Do not reply or click any links – forward the email to spam@uce.gov
    CharityDonation requests from a fake charity posing as real one.Never wire money when donating to charity, regardless of their legitimacy.
    Nigerian dignitarySomeone contacts you to help recover a large sum of money, and need your bank account info to help pay fees.Never provide financial information over email.
    “Stranded traveler”A loved claims to be in trouble, and they are asking for you to send cash.Never send a money transfer until you can verify you know the recipient.
    Online datingGetting to know someone online and after you feel a connection, they ask you to wire money.Never send money to someone you have not met in person.

    Keep your money safe from money transfer scams

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