Travelex international money transfers for businesses review
Competitive exchange rates backed by a Price Promise for better deals on your money transfers.
You’ve likely seen a Travelex kiosk at your local international airport, perhaps even in a large city’s downtown tourist area. Among the leading independent forex businesses worldwide, Travelex allows for easy currency exchanges on the go.
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But it’s also a leading money transfer specialist, helping international businesses to securely pay clients and suppliers in more than 50 countries. You can set up one-off transfers of $500 or more at strong real-time rates or take advantage of spot deals, limit orders or forward contracts on transfers of up to a year into the future.
While Travelex no longer operates a specific global payments division, it advertises a tailored payment solution for international businesses. Through its proprietary technology, you just might be able to integrate its strong rates and low fees into your existing business platforms.
What is Travelex’s Online Price Promise?
For US customers, Travelex promises to give you the best online price on your money transfer. If you find a better overall price elsewhere — including commissions and fees — let Travelex know within 14 days, and it refunds up to $100 of the difference against what you paid. Because prices depend on live exchange rates, this promise is limited to competitor rates found for the business day on which you made your Travelex purchase.
What can Travelex offer my business?
Travelex used to operate a division dedicated to international payment solutions. Today, it continues to advertise the ability to help businesses benefit from its strong rates and low fees through seamless technology.
For these services, you work with a corporate rep to tailor your needs, noting the countries you work in, the type of transactions you conduct and your expected remittances and payments. Travelex then creates either a standalone platform for your employees or a solution that integrates with your existing platform.
More typical business tools include forward contracts and limit orders, agreements that help you lock in today’s favorable rates or specify the rate you’d like to lock in for transactions up to a year in the future.
Services come with 24/7 support and the competitive rates you can expect from this money specialist.
What is Travelex’s relationship to Western Union?
Travelex used to provide business-to-business services through its Global Business Payments division. That changed in 2011 when global payment giant Western Union acquired Travelex Global Business Payments for some $968 million.
The acquisition appears to have moved most of Travelex’s corporate services to Western Union, though its site continues to advertise corporate solutions for international businesses.
How much will my business pay to send money with Travelex?
Travelex charges no fee for transfers of $5,000 or more and a flat $5 for all other transfers. If you transfer money within a month of opening a Travelex account, your first transfer is typically free.
Depending on the volume of your international payments, your business could save more with Travelex’s tailored corporate services.
How are Travelex’s exchange rates?
Travelex’s rates will likely beat your local bank’s. But depending on how much of your business is international payments, you might be able to find another independent money specialist offering close to the mid-market rate — or the rate banks and specialists use when trading among themselves.
Travelex guarantees its rates on one-off transfers, offering to refund you the difference if you find a better deal through a competitor. It looks at the total price you paid, including the rate and fees, including those specific to your method of payment.
What types of transfers can my business make?
You can schedule international bank-to-bank payments to satisfy clients, suppliers or associates. Aside from one-off transfers, spot deals allow you to lock in a rate for up to two days, whereas forward contracts can lock in today’s rate for a transfer you plan to send within a year.
For transfers of $20,000 or more, a limit order helps you to specify a desired exchange rate that Travelex uses to monitor the market, automatically transferring your money as soon as the market reaches that rate.
Pros and cons of using Travelex for business
- No fees for large transfers.Pay no fee on transfers of $5,000 or more and a low $5 on all other transfers.
- Integrated business possibilities.Talk to a Travelex rep about its ability to tailor a standalone or integrated payment solution to your specific needs.
- Hedge the market.Get the rate you desire with spot deals, forward contracts and limit orders.
- Quick turnaround.Most transfers are delivered within three days, depending on the destination country.
- May not be cheapest.If you conduct a lot of business overseas, you may save more through the corporate services of another specialist.
- Limited business services.In 2011, Travelex sold most of its international business services to Western Union, weakening the comprehensiveness of its offerings.
- Minimum $500 transfer.If you owe a client overseas anything less, you’ll have to look elsewhere.
How does Travelex compare to other services?
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How do I make international payments with Travelex?
To send money with Travelex, start by registering for an account online. You’ll submit your personal and financial details, agreeing to Travelex’s terms and conditions. After you complete registration, a representative contacts you to discuss your requirements and set you up with transfers.
After fully registering your account, you transfer money into it through electronic funds transfer. From there, you can set up transfers with your recipient’s personal and banking information, specifying how much you’d like to send. If the rates and fees that apply to your transaction look good, approve it to confirm the transfer.
What do I need to transfer money with Travelex?
For typical one-off or scheduled transfers, you’ll need:
- The full name and contact information for your recipient.
- Your recipient’s banking details, including the bank name, SWIFT code and account number.
Tailored business services may require additional information.
What happens next?
- Track your transfer. Sign in to your Travelex account to see the progress of your money to delivery.
- Set up recurring payments. Schedule regular transfers from your account’s dashboard.
- Get support. Call 855-855-7292 or email email@example.com for help.
While Travelex greatly reduced its services to international businesses in 2011, it’s still a leading provider of money transfers that come with strong rates and low fees.
But Travelex isn’t the only money transfer company out there. Learn more about providers focused on helping businesses with integrated foreign exchange and payment services in our guide to business transfers.
Frequently asked questions
How do I pay for an international transfer with Travelex?
When you sign up, you’ll create a Travelex account to which you’ll transfer money electronically from your bank account. Because Travelex supports bank-to-bank transfers only, any fees for its services are deducted from your account.
How do I send money from my smartphone or tablet?
If you want to use your phone or tablet, you’ll be limited to using Travelex’s mobile site. Travelex’s mobile app is suitable for purchasing currency only.
How long does an international money transfer take?
Travelex delivers funds to your recipient’s account within three business days. For urgent transactions, contact Travelex about the availability of express delivery.