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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.
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.
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.
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.
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.
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.
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.
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.
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.
For typical one-off or scheduled transfers, you’ll need:
Tailored business services may require additional information.
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.
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.