Leading travel money brand Travelex has announced that it has relaunched online foreign exchange (FX) cash services for the Commonwealth Bank of Australia (CBA), the country’s largest bank.
The relaunch means CBA’s more than 11 million retail customers will now be able to order more than 30 different currencies online, any time of the day, for collection at any of its branch network, which is the largest in Australia.
Travelex said the reinstatement of CBA’s online travel money service represents a major milestone in the recovery of Australia’s retail foreign exchange industry following the Covid-19 pandemic and will help serve the millions of Australians who travel overseas each year with travel cash. .
Recent research from Travelex shows that demand for travel cash remains extremely strong. More than half (52%) of Australian travelers still take cash as their main form of payment overseas, with under-25s using cash more than any other age group (62%). The survey also found that those who plan ahead for their travel currency needs before their trip are the most satisfied with their foreign currency experience. Almost two-thirds (64%) of those who took foreign cash on a trip that they had purchased before traveling were satisfied or very satisfied.
Darren Brown, ANZ Managing Director, Travelex, said:
“Rather than disappearing, cash remains the payment method of choice for more than half of Australians traveling overseas – and that’s why we’re delighted to bring back FX cash services for Australia’s largest bank. By providing CBA with more than 30 currencies available for online ordering across the country, we hope to make the process of buying foreign exchange as accessible and convenient as possible for 11 million Australians. This relaunch with CBA is a testament to the strength of Travelex’s unrivaled distribution network.”
David Tenaglia, General Manager Everyday Products, Commonwealth Bank of Australia, said:
“When traveling abroad, it’s important to have a mix of payment options to ensure you’re adequately covered. Along with your bank cards, having some local currency can be very handy and it’s easy to arrange online before you go on holiday.”
About Travelex
Founded in 1976, Travelex has grown to become one of the leading specialist providers of foreign exchange products, solutions and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s leading international airports, major transport hubs, luxury shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels around the world. In addition, we supply and distribute significant quantities of foreign currency banknotes for clients on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
About Commonwealth Bank
Commonwealth Bank (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share brokerage services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to build a better future for all. Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands such as Bankwest in Australia and ASB in New Zealand.