Holidaymakers will be able to fix their exchange rates at the point of booking driving ancillary revenues for retailers
Travelex launches pre-order FX service to partner with OTAs and airlines
A new fixed rate pre-order foreign exchange service has been launched by Travelex that can be integrated into OTA and airline booking flows.
Customers in the UK can secure their holiday money exchange rates and ensuring they receive Travelex’s best exchange rates ahead of their trip.
Travele3x said being able to pre-order foreign exchange at the point of booking offers a “valuable additional revenue stream”.
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.
Travelex said: “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.”
The launch comes after Travelex ran an Alpha phase pilot, offering a small number of customers the option to pre-order US Dollars, Euros, Australian Dollars, Canadian Dollars and UAE Dirhams. More currencies will be added in the future.
Travelex has collaborated with HedgeFlows, a UK based fintech partner and says the launch is part of a strategy to operate more innovatively and digitally.
Richard Wazacz, chief executive of 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.”
Earlier this year, Travelex relaunched its Travel Money Card app in partnership with KAYAK, enabling customers to order a 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 and collect service in the UK and Australia.
The company says it has also been increasing investment into ‘digital first’ airport experiences, including self-service stores and ATMs, across their international store portfolio.