“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.”
Travelex has partnered with the Commonwealth Bank of Australia (CBA), the nation’s largest bank, to relaunch online foreign exchange (FX) cash services.
This development allows CBA’s over 11 million retail customers to order over 30 different currencies online, anytime, for pickup at any branch in their extensive network.
52% of Australian travelers want cash
This move marks a significant step in the recovery of Australia’s retail FX industry post-Covid-19, catering to the many Australians who travel internationally each year.
Travelex’s research indicates that over half of Australian travelers (52%) prefer cash as their primary payment method abroad, with the under-25 age group using cash more than any other (62%). The research also found a high satisfaction rate (64%) among those who pre-plan their travel currency needs.
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, CBA 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.”
Travelex and HedgeFlows launched pre-order FX service
Last year, Travelex partnered with HedgeFlows to launch a pre-order FX service that helps people plan against volatile exchange rates.
The pre-order FX service provides a secure exchange rate product that enables, for example, UK holidaymakers to secure rates ahead of their holiday and protect travel money against currency fluctuations. In other words, the partnership has facilitated a product to fix exchange rates when booking a holiday.
The new product allows foreign exchange to be pre-ordered when customers book, creating a significant additional revenue stream within airline and online travel agent’s bookings flows. By fixing the rate, customers are guaranteed to not lose out if the exchange rate worsens before their trip starts.