Travelex Group is a foreign exchange company based in London. While it previously offered international money transfers, it now focuses on providing foreign currency cash and offering prepaid cards for use by travellers.
Read on to find out more about what Travelex has to offer, and whether you should get your travel money through them before you go abroad.
What travel money services does the Travelex offer?
Travelex Money Card. This prepaid card is available in 22 currencies. You’ll be able to use it in shops, bars and restaurants wherever you see the Mastercard sign. The main benefit of using this card is you’re able to lock in exchange rates. There are also no fees for using your card overseas. You can manage your card and check your balance through the Travelex Money app.
Currency exchange. Travelex lets you exchange your pounds to a range of different currencies, giving you cash to use if you’re heading off abroad. Travelex offers click and collect from its stores across the UK and in most airports, or home delivery.
How does the Travelex Money Card work?
Travelex’s Money Card is a prepaid card that you can use abroad. Here’s a step by step guide to how the process works:
Get your card. Order your card online or in store. You can choose to pick up the card in store or have it delivered to your home.
Register your card. You can do this easily through the Travelex Money app.
Add funds. You can use the app to top up funds on the go, wherever you are in the world.
Spend! You’ll be able to use your card at millions of locations worldwide.
What currencies can I order through the Travelex?
Here’s a list of some of the main currencies that are available with Travelex:
For your security as well as Travelex’s, there are some limits on how much you can load onto your Travelex Money Card – and how much you can carry on your card at once.
Minimum you can load or top up: £50 or equivalent in other currencies.
Maximum you can load in one year: £30,000 or equivalent in other currencies. This means that you cannot load more than £30,000 during any given year.
Maximum you can carry at one time: £5,000.
Remember, it’s free to load your Travelex Money card in a foreign currency. A 2% fee applies if you load pounds sterling onto the card.
How soon can I get my money?
That depends. If you are ordering a Travelex Money card to be delivered to your home, you will receive it within 3-5 days. If you’re ordering foreign currency to your home, you may receive it the next working day or the second working day, depending on the day and time of ordering.
However, if you need your money sooner – perhaps because you forgot to organise anything in advance – you can order both foreign currency and a Travelex Money card to collect from most UK airports and it will be ready in as little as 4 hours.
How safe is my money?
Money is uploaded securely onto your card through your bank’s online payment services – so this aspect of the transfer is totally secure.
Are there any fees I might have to pay?
Here’s a table of the fees you can expect to pay in certain situations with the Travelex Money Card.
Fee Charged
Card Fee
FREE
Additional Card Fee
£5
Loading Money
Free for FX loads, 2% for GBP
Using your card: UK
FREE
Using your card: International
FREE
Replacement Card
FREE
Inactivity Fee
£2 per month after a year of inactivity
Foreign Exchange Fee
5.75%
Currency Transfer Fee
Foreign exchange rate applies, varies
Shortfall Fee
£10
Cash over the counter fee
FREE
ATM withdrawals: UK
FREE
ATM withdrawals: International
FREE
Cash out via Card Services
£6
Cash out at the purchase location
Check with the purchase location
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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