Review: Travelex international money transfers
Enjoy free or cheap money transfers to 50 countries.
finder.com’s rating: 3.3 / 5.0
Speed: 3.0 / 5.0
Services: 3.0 / 5.0
User experience: 4.0 / 5.0
Travelex has discontinued its services in the US and Canada due to COVID-19. The company will accept no new trades or transactions until further notice.
If you’re a personal or business customer who’s concerned about your account, contact Travelex customer service at Online.Orders.USA@Travelex.com.
To find a suitable alternative, compare money transfer specialists to find the best rates, fees and turnaround you’re eligible for.
Travelex is a globally recognized provider of foreign currency services. As part of its services, Travelex International Payments allows customers to send money overseas to 50 countries. With more than 45 currencies supported and a simple online transfer process, Travelex allows you to send funds to your intended recipient on the other side of the world.
In addition, if you transfer an amount larger than $5,000 you will not have to pay any transfer fee, which, combined with Travelex’s competitive exchange rates, helps make international money transfers more affordable.
Get money overseas from the convenience of your home
Send money overseas without making a trip to the bank. Transfers start at $500, and Travelex’s Price Promise guarantees that you get the best exchange rate possible. Travelex supports 45-plus currencies and makes transfers to 50 different countries.
- Multiple transfer options. You can make spot contract, forward contracts, limit orders and recurring payments.
- Bank-to-bank. Travelex supports only bank-to-bank transfers. Your recipient cannot pick up cash.
- Not in a hurry. Because you first have to wait for Travelex to receive your funds before they can transfer the money to you recipient, it’s not the speediest process.
How much does it cost to send money with Travelex?
Travelex is so confident about its competitive rates, it challenges you to find a better price anywhere within 30 minutes — and they’ll beat it. Its standard transfer fee is $5 for transactions below $5,000 with a minimum transfer of $500. Better yet, transactions above $5,000 are free. Compare that to US banks, which charge between $25 to $30 for similar transfers.
As a specialist provider of a wide range of foreign currency services, Travelex is typically able to offer better exchange rates than those you’d find at most banks. Whenever you want to send money overseas, you’ll receive a display of the relevant live exchange rate, allowing you to calculate the amount of money that will arrive in your recipient’s bank account in their local currency.
What types of transfers can I make with Travelex?
Travelex allows you to transfer funds into your International Payments account via electronic funds transfer. You can then transfer money into bank accounts all around the world. The following options are available for sending your funds:
- One-off transfers
- Forward contracts
- Limit orders
- Regular scheduled transfers
Minimum transfer amount and available countries
In order to send money overseas using the Travelex International Payments service, you’ll need to transfer an amount of at least $500. You can send your funds in more than 45 currencies to 50 countries; however, there are certain destinations to which Travelex will not transfer funds.
These blocked countries include:
- Democratic Republic of Congo
- Republic of Congo
- Cote d’Ivoire
- North Korea
- Sierra Leone
Pros and cons of using Travelex
- Multiple currencies. Travelex supports international money transfers in more than 45 currencies.
- Fee-free transfers. Send more than $5,000 in one transaction and you won’t have to pay any fees. Even if you send less than $5,000, a flat fee of just $5 is still a manageable expense.
- No cash. Travelex does not allow you to pay for your transaction in cash, and your recipient is not able to collect the cash you send from a Travelex agent in person.
How does Travelex compare to other services?
How do I use Travelex?
Before transferring money through Travelex, you’ll need:
- Your recipient’s info. You’ll need the name, contact information and banking details, including the bank name, SWIFT code and account number.
- Your contact and banking information. Include the account number and security information for the account you’re transferring from.
The registration and transfer process
You’ll need to sign up for a Travelex account before you can transfer any funds. Registration can be completed online, which involves a simple process of providing your name, email address, country of residence and money transfer requirements.
Once you’ve registered you can transfer funds into your Travelex account via electronic funds transfer, and then you can start sending money overseas. You’ll need to provide details about how much money you wish to send, where you’re sending it and who you’re sending it to (including your recipient’s full name and bank account details).
Before you send any money, you will get a chance to review the exchange rate and fee that applies to your transaction. If you’re happy with the cost involved, you can send your funds to most locations around the world.
Ready to send your money? Steps to make a transfer.
- Go to Travelex’s International Payments website. Go to Travelex’s International Payments website then click “Get started now” or “Get started & register.”
- Click “Click here to get started.”
- Enter your contact information and the details of your transfer. You can enter either an amount that you plan to send or an amount that your recipient needs. Click “Get a Quote.”
- Create your account and initiate your transfer.
How long does the transfer take?
To work out the delivery time, add the amount of time it takes for your funds to be received by Travelex plus the amount of time it takes for a payment to arrive in your beneficiary’s account.
You can find a list of delivery times on Travelex’s website.
If there’s any delay, contact customer services at 877-414-6359 or online.orders.USA@travelex.com.
Travelex offers a competitive international transfer service to customers in the United States and around the world. Just ensure you compare the exchange rates, fees and benefits on offer with those of a number of other providers before deciding which company is best suited to handle your overseas money transfer.