Compare Travelex Exchange Rates

What fees do Travelex charge for currency exchange

To buy foreign currency Travelex does not charge a commission, but it does make its money in a poor exchange rate, for example:

• It will cost you $9 more with Travelex than SMoney to convert $500 to US dollars
• It will cost you $17 more with Travelex than SMoney to convert $1000 to US dollars
• It will cost you $34 more with Travelex than with SMoney to convert $2,000 to US dollars

So while technically Travelex does not charge a commission for currency exchange, as illustrated above, the 'charge for currency conversion' is hidden in their poor exchange rates.

In store and airports

Travelex have most physical locations (stores) across Australia than almost any other money changer. They have a network of stores in all the major cities as well as airports.

They do not offer the same rate at every location. Each store has different exchange rates depending on your currency and amount.

This does not mean that the rates are set in stone.

If you are exchanging more than $1,000 worth of currency, they can often offer a better rate if you choose to ask for it.

As a general rule of thumb, the best exchange rates are located in the city stores where there is a lot of competition nearby.

Without a doubt, the worst exchange rates are at the airport.

Online exchange rates

In many cases, Travelex offer a better exchange rate online. This is because selling online doesn't come with the same costs of a bricks and mortar store like rent, insurance or security. The other benefit of buying currency online is the range and stock of currencies available.

Stores have a limited amount of currencies that they hold each day, and so it is sometimes be difficult to get the currency you need, particularly if it is a less popular currency like Fijian Dollars or Philippine Peso.

It does come with a few extra fees and charges that you should consider.

If you want to pay for your currency using a debit or credit card, there is an additional card surcharge. There is also a $10 fee to collect from Australia post for orders under $2000.

Alternatives to Travelex

While Travelex may be the biggest currency exchange retailer in Australia, they aren't always the best. There are many other alternatives that offer a similar range of products at services, but at a better exchange rate.

Read more: 4 Alternatives to Travelex with Awesome Exchange Rates