Lloyd Dorfman started Travelex in 1976 with the intent of helping travelers everywhere access their money while abroad. Today the company trades in more than 80 currencies in 24 countries around the world. It boasts of 1,100 different storefronts and is based in Southampton Row in London. This company also operates 850 ATMs in different locations in supermarkets, banks and various travel agencies. Travelex has also recently acquired FX African and Grupo Confidence in South Africa and Brazil respectively.
Individual Services Offered
Travelex is a world leader in foreign currency exchange. It supplies many of its offerings online. Travelers can access their cash at a variety of airports, financial institutions, malls and cities. Currency orders can be picked up at the stores or Travelex can deliver the order to the client’s front door. The ordering process is simple and direct. It can be completed entirely online or customers can call the company for additional assistance.
Clients at Travelex can choose to have their money put onto the company’s Chip and PIN Cash Passport. This prepaid MasterCard is applied for online and can be picked up at a store or delivered to the client’s home. Choosing to use the Travelex MasterCard helps provide the traveler with a heightened level of safety during their experiences abroad. No longer does the traveler have to deal with cashing traveler’s checks or suffer the stress of identity theft. With the prepaid MasterCard, consumers can alert Travelex after they lose it and thieves can never access their personal information. Currently, Travelex only offers the Cash Passport in euros or British pounds.
Benefits of Using Travelex
Clients like that Travelex is a large international corporation. It provides them with a heightened level of security as well as easy access to their services. It offers numerous currencies available. For common currencies, clients can normally pick them up the same day. More unusual currencies may have to be ordered in advance. Clients also can instantly access wires, drafts, phones cards and travel insurance which makes this company a one-stop shop for travelers and expatriates.
Negatives of Using this Company
In former years, Travelex used to provide customers with British Airways frequent flier miles whenever they used their card at Travelex. Recently, they discontinued this practice, so this unusual benefit is out of the picture. Individuals who are transferring small amount of funds are also hit with fees. Luckily, with larger than transactions these fees are waived.