Travelex Canada money transfer: Fees, rates and transfer times

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You may know Travelex already from their network of exchange offices around the globe. As well as buying your foreign currency at a Travelex in the airport, you can also send international payments via Travelex thanks to their partnership with Canadian Forex. ¹

This Travelex review looks at their international payment service, including the currencies and countries covered, and the limits and fees you need to know about. We’ll also look at the foreign exchange rates used by Travelex, and highlight an alternative service for comparison — Wise. You can make low cost, convenient international payments all over the world with Wise, with a transparent fee and no markup on the exchange rate used. More on that later.


How does an international transfer with Travelex work?

Travelex partners with Canadian Forex to provide international payment and related services in Canada. Here’s the full list of the services you can choose: ¹ ²

International money transfers

International payments are available online, with money being paid directly into recipient bank accounts around the world. You’ll find a full list of countries and currencies served, below.

Spot deals

A spot deal means you will lock in the exchange rate at the time, for a payment which will be made later. Usually this foreign currency transfer will happen a day or two after the spot deal is made.

Forward contracts

A forward contract is similar to a spot deal, in that it locks in an agreed exchange rate. However, a forward contract may be agreed which lasts for anything from 2 days to 12 months. You can then either buy or sell foreign currency at the rate agreed, upon the maturity of the contract.

Limit orders

A limit order fixes a target exchange rate for the exchange you want to make. The order will be completed when the exchange rate is achieved. The payment is automatically triggered, so it’ll go through even if you’re asleep when the exchange rate hits the target you’ve set.

This guide will mainly focus on international payments, and the Travelex rates, limits and fees you need to know about. It’s worth comparing a few different services before you decide whether or not to use Travelex for your international payment. Have a look at the cross border payment options available through regular banks, as well as alternative specialists like Wise.

Wise offer international payments all around the world, which can work out cheaper than making a wire transfer through a traditional bank.

You can also get a Wise borderless account to hold multiple currencies, and send and receive payments using the exchange rate you’ll usually find on Google. There’s just a low, transparent fee to pay when you exchange currencies, or send international payments. More on that a little later.

What are the fees when you want to transfer money overseas with Travelex?

When you arrange your overseas payment with Travelex you’ll see the price of fees and charges, and the exchange rate used for your currency. You can then compare this cost with other providers.

There are a few different costs you need to think about when choosing an international payment provider. Here’s what you need to know:

Fee type Travelex charge ² ³
Transfer fee The fee you’ll pay depends on the currency you’re transferring. There’s also a fee free threshold — payments above that amount do not incur a transfer fee, although there may be other costs to consider. Here are some examples: AED payments — AED50 for payments under AED30,000AUD payments — AUD15 for payments under AUD10,000CAD payments — CAD15 for payments under CAD10,000CHF payments — CHF15 for payments under CHF10,000DKK payments — DKK 20 for payments under DKK50,000EUR payments — EUR10 for payments under EUR5,000FJD payments — FJD20 for payments under FJD15,000GBP payments — GBP7 for payments under GBP3,000HKD payments — HKD60 for payments under HKD50,000JPY payments — JPY1500 for payments under JPY1,000,000NOK payments — NOK20 for payments under NOK50,000NZD payments — NZD12 for payments under NZD10,000PLN payments — PLN15 for payments under PLN10,000SEK payments — SEK20 for payments under SEK50,000SGD payments — SGD15 for payments under SGD10,000USD payments — USD5 for payments under USD5,000ZAR payments — ZAR50 for payments under ZAR50,000
Exchange rate markup Many banks and international payment services may add a markup to the mid-market rate when they calculate the exchange rate they offer their customers. Compare the rate offered by Travelex with the mid-market rate, using a simple google search, or an online exchange rate calculator.
EFT or wire transfer fees Some banks may charge for EFT payments, which are the most common type of transfer used to pay Travelex. Depending on how the transfer is processed, you may also be charged fees relating to the SWIFT network. These are intermediary costs which are charged by banks involved in processing the payment, or the recipient’s own bank.

What are the currencies that Travelex supports?

Travelex allows customers to make payments in any of the following major currencies:⁴

  • AED — United Arab Emirates dirham
  • AUD — Australian dollar
  • CAD — Canadian dollar
  • CHF — Swiss franc
  • DKK — Danish kroner
  • EUR — Euro
  • FJD — Fiji dollar
  • GBP — Pound sterling
  • HKD — Hong Kong dollar
  • JPY — Japanese yen
  • MXN — Mexican peso
  • NOK — Norwegian kroner
  • NZD — New Zealand dollar
  • PLN — Polish zloty
  • SEK — Swedish krona
  • SGD — Singapore dollar
  • THB — Thailand baht
  • USD — US dollar
  • ZAR — South African rand

You can also use the following exotic currencies:

  • BHD — Bahraini dinar
  • BND — Brunei dollar
  • CZK — Czech koruna
  • HUF — Hungarian forint
  • IDR — Indonesian rupiah
  • ILS — Israeli shekel
  • INR — Indian rupees
  • KRW — South Korean won
  • KWD — Kuwaiti dinar
  • LKR — Sri Lankan rupee
  • MAD — Moroccan dirham
  • MYR — Malaysian ringgit
  • OMR — Omani rial
  • PEN — Peruvian nuevo sol
  • PGK — Papua New Guinea kina
  • PHP — Philippine peso
  • PKR — Pakistan rupee
  • SAR — Saudi riyal
  • SBD — Solomon Island dollar
  • SCR — Seychelles rupee
  • TOP — Tongan pa'anga
  • TRY — Turkish lira
  • TWD — Taiwanese dollar
  • VND — Vietnamese dong
  • VUV — Vanuatu vatu
  • WST — Samoan talar
  • XPF — CFP franc

You can also check out the wide range of currencies you can use when you transfer money through Wise. With a borderless account you can hold your money in over 40 currencies, and make payments in over 50.

What is the exchange rate you get with Travelex?

When you arrange a payment with Travelex, you’ll be shown the fees and exchange rate before you confirm and complete the transfer. It’s a good idea to compare the exchange rate you’re offered with other providers, and also check the exchange rate against the mid-market rate.

The mid-market rate is the one you’ll find on google, or using an online currency converter. This is the rate that banks and international payment services get when they buy currency themselves. However, it’s common for providers to add a markup or margin to the rate they pass onto their customers. They can then keep this as profit. By comparing the Travelex currency exchange rates with the mid-market rate, you can see if there is a markup used. ⁵

Not all currency services add a markup to the mid-market exchange rate. With Wise, payments use the rate you’ll find on Reuters, with just a transparent fee to pay per transaction. This can make it much easier to see the cost of your cross border payment, and can also save you money.

Are there any limits to the amount that you can transfer with Travelex?

Travelex will only process international payments which are valued at CAD500 or above. There are also a handful of countries where you can’t send money, and transfers can be arranged only using electronic transfers — no cash or checks are accepted. ⁴

How long does an international transfer with Travelex take?

The length of time it takes for your recipient to receive their payment will depend on how long it takes for Travelex partner Canadian Forex to receive your money, and also where you’re sending it.

If you’re sending money from Canada to another country, it’ll take 1 to 3 working days for your money to be received by Canadian Forex.

Canadian Forex will process the payment once they have received your funds. For some countries, such as Australia and the UK, payments will be processed on the same day or overnight. However, other payment routes will take longer — it’ll take a day or two to get money to Europe for example, and up to 4 working days to send money to Thailand. ² ⁶

How can you contact Travelex?

If you have questions, you can check out the FAQ section on the Travelex website, or get in touch using one of the following methods: ⁷

  • Email for general enquiries — info@travelex.canadianforex.ca
  • Email for technical support — system@travelex.canadianforex.ca
  • Call Travelex on 1-855-602-1682 from Canada, or +1-415-645-9582 for international calls
  • Write to Travelex International Payments at Suite 303, 65 Queen Street West, Toronto ON, M5H 2M5, Canada
  • Fax on 1-416-649-8580

Choosing an international payment provider can seem a little daunting as there are so many services available. You’ll find the right option for you if you do a little research, including looking at the fees and exchange rates available from different providers, including banks, payment providers, and currency specialists such as Wise.


Sources:

  1. Travelex - Transfer money 3 July, 19 July 2019
  2. Travelex - FAQs 3 July 2019
  3. Travelex - Fees 3 July 2019
  4. Travelex - Supported currencies 3 July 2019
  5. Travelex - International Payments Price Promise Terms & Conditions 3 July 2019
  6. Travelex - Delivery of funds 3 July 2019
  7. Travelex - About us 3 July 2019

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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