" class="no-js "lang="en-US"> Travelex Launches New Product in the UK Allowing Customer to Secure Exchange Rates - Fintech Finance
Thursday, March 30, 2023
Tradetech Europe

Travelex Launches New Product in the UK Allowing Customer to Secure Exchange Rates

Travelex, a market leading foreign exchange brand, has launched a new product allowing customers in the UK to secure their exchange rates and ensuring they receive Travelex’s best exchange rates ahead of their holiday. This innovative new product enables foreign exchange to be pre-ordered at the point of booking, creating a valuable additional revenue stream within airline and online travel agents’ bookings flows.

For a small fee, customers who pre-order their currency for trips that will take place between April and December 2023, are guaranteed not to lose out if the exchange rate worsens before their departure date. By fixing the rate, customers can have peace of mind that if rates become less favourable, they will still receive the rate they secured at the time of pre-ordering. If the rate improves, customers will receive the better rate, a win-win!

The service gives customers the confidence and convenience of knowing that they have protected the value of their holiday money before they travel, and that Travelex will get their currency to them effort-free via home delivery.

Travelex ran an Alpha phase pilot of this product, offering a small number of customers the option to pre-order US Dollars, Euros, Australian Dollars, Canadian Dollars and UAE Dirhams, with more currencies to be added to the service in the future. The product forms part of a new, more innovative, digital-led strategy for Travelex, giving customers even more convenient travel money options.

To enable this launch, Travelex has collaborated closely with HedgeFlows, a UK based fintech partner that also cares deeply about helping people navigate the volatile world of foreign exchange rates with confidence.

At the start of the year, Travelex relaunched their Travel Money Card app in partnership with KAYAK, enabling customers to order a Travelex Money Card or cash, manage their card, and search for flights, stays and rental cars through the app. Late last year the company also launched the retail FX industry’s first ATM click & collect service in the UK and Australia. The company has also been increasing investment into ‘digital first’ airport experiences, including self-service stores and ATMs, across their international store portfolio.

Travelex is now actively exploring partnership opportunities with online travel agents and airlines, to incorporate this product into their booking journeys and customer offering, enabling the opportunity for an additional revenue stream.

Richard Wazacz, CEO, Travelex said:

“We’re hugely excited to be launching our new exchange rate service, which will reassure our customers that they are securing the best Travelex rate possible, even if rates move post-purchase. We are constantly striving to make exchanging currency as convenient and stress-free for our customers as possible, and we hope this product will add further piece-of-mind.

“This product represents a new, innovative, digital-led way of doing things at Travelex, and I’m extremely proud of the team who have managed to build everything from the ground up in just a few short months. We are excited about driving further innovation within the FX space and will build on what we learn through this product in the following weeks and months.”

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