Travelex revamps CBA FX service: 30+ currencies online for 11M+ users

Wednesday, January 24, 2024

Travelex relaunches FX services for CBA, enabling over 11 million customers to order 30+ currencies online, revitalizing Australia’s travel money sector.

Travelex, Australia’s top travel currency brand, has recently rejuvenated its online foreign exchange (FX) services for the Commonwealth Bank of Australia (CBA), the nation’s leading bank.

This revitalization enables CBA’s extensive customer base, exceeding 11 million retail clients, to conveniently purchase over 30 various currencies online at any hour, and collect them at any branch within Australia’s most extensive banking network.

The restoration of CBA’s online travel money facility marks a crucial step in the resurgence of Australia’s retail FX sector, which was impacted by the Covid-19 pandemic. This service is particularly beneficial for the multitude of Australians who annually travel overseas, providing them with easy access to travel funds.

Travelex’s recent studies indicate a robust demand for travel cash. Over half (52%) of Australian travelers primarily use cash for international transactions, with the under-25 demographic being the most reliant on cash (62%). The study also reveals that travelers who organize their currency needs in advance tend to have a more satisfactory foreign currency experience. Around two-thirds (64%) of individuals who carried foreign cash on their journey, acquired prior to their trip, expressed high levels of satisfaction.

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.” 

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