Travelex collapses into administration

[Mattg]

Foreign currency exchange business Travelex is now in administration, with more than 1,300 jobs immediately impacted.

As far as I can tell, most of the Australian outlets still appear to be open. Although, when I tried to get some foreign currency exchanged back to AUD a few months ago, they only accepted a few of the major currencies. I was told that was a temporary thing due to Forex volatility with many currencies.

Travelex falls into administration, with loss of 1,300 jobs

PwC says foreign exchange firm was ‘acutely impacted’ by Covid and recent cyber-attack

www.theguardian.com

 

[Spongbob]

This is unwelcome news. Who or what will be next?

 

[henrus]

Hardly surprising given they were often the most expensive (in terms of the exchange rate getting cash).

It probably doesn't help that more countries/places are now accepting cards with contactless payments becoming standard.

 

[Mattg]

It probably doesn't help that more countries/places are now accepting cards with contactless payments becoming standard.

Indeed. With rare exceptions, I haven't had to use a physical currency exchange outlet for several years now. Just withdraw at the destination from an ATM using a fee-free card (e.g. Citibank Plus). I can only imagine how much money this has saved me over the years - not to mention the convenience!

I guess that one day - albeit a fair way into the future - outlets like Travelex will become about as redundant as traveller's cheques.

 

[Spongbob]

Plus the convoluted and lengthy process Travelex had in order to get cash.
Then go to an outlet, and wait in line for 15 minutes while someone tries to exchange $20,000USD into AUD.

 

[tomlee1986]

that is very sad news to hear! that is the company I used to exchange cash before I travelled overseas in the past

 

[Spongbob]

And they once sponsored the Australian men's cricket team during an Ashes tour of England.

 

[tomlee1986]

And they once sponsored the Australian men's cricket team during an Ashes tour of England.

I almost forgot that too! oops!

 

[oz_mark]

The brand will still be around in Asia Pacific. The good bits have been spun off....