Due to this relaunch, CBA’s retail customers will be able to order more than 30 different currencies online, at any time of day, for collection at any of its network of branches.
How FX cash services works
Users who want to exchange foreign cash currencies have to pre-order and pay online using ExpressFX. Their money is then delivered to the nominated branch by a chosen date.
The order must be placed online between 5-21 days before travelling.
Clients can pay using BPAY in Netbank, telephone banking or through their own financial institution.
Currently, some CBA branches buy and sell over 30 foreign currencies including USD, EUR, GBP, JPY, NZD, HKD, CAD, SGD, and CNY.
This service is available to both CMB and non-CMB customers.
Leftover exchanged currency can be sold back.
The demand for travel cash among Australians remains high
According to recent research conducted by Travelex, the demand for travel cash among Australians remains high despite the suite of digital payment options on hand. More than half of Australian travellers still use cash as their primary payment method when traveling abroad, with those under the age of 25 using cash more than any other age group (62%). The study also found that travelers who plan and purchase their travel currency needs before their trip are the most satisfied with their foreign currency experience. Additionally, nearly 64% of those who brought foreign cash on their trips that they had purchased before travel reported being satisfied or very satisfied with their experience.
Commenting on the announcement, Travelex said that with cash remaining the payment method of choice for more than half of Australians travelling abroad, the company saw the need for reinstating FX cash services for Australia’s main bank. Thus, by supplying CBA with more than 30 currencies available for order online across the country, Travelex aims to make the foreign currency purchase process as accessible and convenient as possible for 11 million Australians.
On this matter, CBA said that when venturing overseas, it’s important for customers to have a mix of payment options to ensure they are adequately covered. Thus, alongside bank cards, having some local currency on hand can be useful and simple to arrange online before departing on holidays.