Personal Finance Money transfer

Travelex Canada money transfer: Fees, rates and transfer times

Wise

18.12.23 (updated more than 1 year ago)

Read time 3 minutes

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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.

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.

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

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.

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

Sources:

Travelex - Transfer money 3 July, 19 July 2019

Travelex - FAQs 3 July 2019

Travelex - Fees 3 July 2019

Travelex - Supported currencies 3 July 2019

Travelex - International Payments Price Promise Terms & Conditions 3 July 2019

Travelex - Delivery of funds 3 July 2019

Travelex - About us 3 July 2019

Travelex directs customers to Instarem

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