Travelex reviewWhile most online money transfer services are safe and reliant, not all are trustworthy. Therefore, you need to choose your preferred service provider carefully when transferring money from one country to another. This is because there are shoddy services that charge hidden fees.

With the explosion of internet money transfer, swindlers have flooded the internet. While avoiding being ripped off by the service, take heed of dodgy individuals who pretend to help you transfer funds only to steal your hard-earned money.

Travelex international payments

Luckily, there are several trusted companies operating across the world, such as Travelex. It is one of the leading companies in Europe. Today, the service covers 177 countries where it accepts the transfer of cash in 48 different currencies. Apax Partners is the parent company that owns and controls Travelex. The controlling group appointed Hafiz Changani and Michael Phillips as the Directors.

The company set base in 1976 in London and has since expanded its tentacles to all corners of the world. Today, Travelex operates retail centers in 27 countries. The next time you are traveling abroad, you need to check out Travelex currency services for a fast, hassle-free money transfer. Like many other services, there are intermittent delays occasioned by the conversion of money from one currency to another.

How it works

You simply make a direct wire transfer, and the money reflects to the recipient within a couple of minutes. A foreign currency draft takes 48 hours to mature depending on the specific countries and currencies. Otherwise, International payments may take 1 to 2 days.

Travelex money exchange

Is it safe?

Your money is in safe hands en route to its destination. To testify this fact, a Travelex review recorded an average of over 10, 000 transactions per day in 2012. While the figure has risen by now, it reveals the fact that the service is highly trusted by many people. You can join the bandwagon and take advantage of the reasonable transaction fees.

While the company is headquartered in London, USForex Inc, a provider based in San Francisco, California, rolls out the service. USForex Inc is a subsidiary of OzForex, a group that is subjected to the annual risk and compliance audits. As it is registered with the Financial Crimes Enforcement Network (FinCEN), you can rest assured that your money is well taken care of. After all, FinCEN is a bureau of the respected United States Department of Treasury.

Advantages

You can use a MasterCard credit card to make a transaction on Travelex. Compared to various other money transfer options, this online solution does not take long. You will be charged the standard Travelex fees of $5 when sending a minimum of $500.

Disadvantages

Skrill hidden feesYou cannot send money under $500 as that is a minimum threshold. Sadly, the company website does not clarify if these fees are chargeable to international wire transfers and foreign currency drafts. When exchanging GBP to EUR, the Travelex fee is 1.2402 but when doing the reverse, the charge is 0.772. The XE Currency Converter has a charge of 1.26972 when exchanging GBP for EUR and a 0.78757 fee when doing the opposite. This example shows that there are some hidden fees in Travelex.

Another drawback is that Travelex only accepts Debit card payments as an option to send money. At the same time, you can only receive money from a bank account. While you can send money to Travelex UK, across Europe, Asia, and the Americas, you can only send money to two African countries – Morocco and South Africa.

Customer Opinions

  1. “The cash passport idea is great but its associated website is hard to find and very outdated. Where’s the app for checking transactions and transferring cash”
  2. “I found that obtaining foreign money through Travelex was simple. It was delivered on the day that I requested, which was when I was able to sign for it, so it could not have been easier.”

Negative Travelex Reviews

  1. “I needed £50 from my Visa card…went to Travelex ATM… transaction took place without any warning, but only a receipt showed up…went to the Travelex desk just beside and explained the problem, but they would not give me my money. They claimed that the desk had no responsibility for the Travelex ATM!”
  2. “Travelex Aberdeen is FRAUD; they stole 50£ from my visa account!”

Conclusions

ConclusionWhile there are hidden Travelex exchange fees, you can still use the service to transfer money. The service has almost become a household name in Europe, meaning that it is well trusted. Go ahead to send money to your loved ones with your Travelex card and hope that they will receive it in good time. However you may also like to check other alternatives on this website in order to make the final decision.

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