Leading travel money brand Travelex has announced that it has relaunched online foreign exchange (FX) cash services for Commonwealth Bank of Australia (CBA), the country’s largest bank.
The relaunch means that CBA’s more than 11 million retail customers will now be able to order more than 30 different currencies online, at any time of day, for collection at any of its network of branches, which is the largest in Australia.
Travelex said that the reinstation of CBA’s online travel money service represents a significant milestone in the recovery of Australia’s retail FX industry, following the Covid-19 pandemic, and will help serve the millions of Australians who travel abroad each year with travel cash.
Recent research from Travelex shows that demand for travel cash remains extremely strong. More than half (52%) of Australians who travel still take cash as their main overseas payment method, with under-25s using cash more than any other age group (62%). The research also found that those who pre-plan their travel currency needs ahead of 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’d purchased before travel were satisfied or very satisfied.
Darren Brown, Managing Director ANZ, Travelex, said:
“Rather than cash dying, it remains the payment method of choice for more than half of Australians travelling abroad – and we are therefore delighted to be reinstating FX cash services for Australia’s largest bank. By supplying CBA with more than 30 currencies available for order online across the country, we hope to make the foreign currency purchase process as accessible and convenient as possible for 11 million Australians. This relaunch with CBA is a testament to the strength of Travelex’s unrivalled distribution network.”
David Tenaglia, General Manager Everyday Prodcuts, Commonwealth Bank of Australia said:
“When venturing overseas it’s important to have a mix of payment options to ensure you’re adequately covered. Alongside your bank cards, having some local currency can be very handy and is simple to arrange online before you head away on holidays.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market 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 top international airports, major transport hubs, premium 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 worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers 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
The Commonwealth Bank (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to build a brighter future for all. The 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 including Bankwest in Australia and ASB in New Zealand.
