Travelex Foreign Currency Exchange Rates in 2024

Travelex is a well-known British retailer that offers foreign currency exchange for travel money, which you can pick up at their stores or have it delivered to you.

Understanding Travelex exchange rates is important for anyone who is planning to travel abroad because they do not often offer the best rates. In this article, you'll see how to find the Travelex exchange rate and how to calculate the hidden fees.

We also provide a list of some of the best Travelex alternatives, such as Starling Bank, Revolut and Wise, that exist in 2023.

What is the Travelex Exchange Rate in 2023?

The most important thing to note as a Travelex customer is that their exchange rates are always weaker than the real mid-market rate. This is also known as the spread. Exchange rate margins are used by Travelex to cover their costs and make a profit.

We recorded the Travelex exchange rate on their website from the British Pound to the Euro at 9:25 on 14 September 2023. For example, if you had exchanged £1,000 at the mid-market rate, you would have gotten around €1,162. With Travelex, you get only €1,140.

• Real Mid-Market Exchange Rate: £1 = 1.162 EUR
• Travelex Exchange Rate: £1 = 1.1400 EUR

Due to the hidden exchange rate margin fee in this example, you would lose £22 to Travelex if you exchanged £1,000 for Euros:

• Hidden Exchange Rate Margin Fee: £22

While mid-market exchange rates are subject to fluctuate constantly from second to second, be aware that the Travelex exchange rate will fluctuate along with it at a weaker rate.

Compare the Travelex Exchange Rate in 2023

In the graph below, we compare several travel money exchangers across the UK. See how Travelex's rates compare against other providers.

You'll notice that many providers advertise themselves as commission-free. However, commissions are not the only important factor to take into account when finding the best deal. The hidden exchange rate margin, card surcharges, and cash delivery fees will all affect how much currency you'll receive at the end of the transaction.

The hidden exchange rate margin fee that we recorded below is not guaranteed. However, we calculated the margin and by recording both the real mid-market exchange rate and the provider's exchange rates at the same time, at 9:25 CEST on September 14th, 2023. In this comparison test, we requested a £1,000 conversion into Euros at each provider:

Travelex Travel Money Limits and Fees

In addition to hidden exchange rate margins and commission fees, bureau de change in the UK may impose some transaction limits, cash delivery fees, and surcharges when paying by debit or credit card.

Travelex Travel Money for In-Store Pick-Up

Travelex sets £50 minimums and £4,999 maximums for travel money bought in-store.

• Minimum order amount: £50
• Maximum order amount: £4,999
• Surcharge for payment by debit card: None
• Surcharge for payment by credit card: None

Travelex Travel Money for Home Cash Delivery

For online travel money orders, the minimum order amount is £100 and the maximum is £2,500. Orders over £600 enjoy free delivery. Otherwise, Travelex will charge a delivery fee of £7.49 for orders of £100 to £299.99, £4.99 for orders of £300 - £499.99, and £2.99 for orders of £500 - £599.99.

• Minimum order amount: £100
• Maximum order amount: £2,500
• Minimum order amount for free delivery: £600
• Delivery charge for orders under free delivery amount: £2.99 to £7.49
• Surcharge for payment by debit card: None
• Surcharge for payment by credit card: None

Factors That Affect Travelex Exchange Rates

Exchange rates are influenced by a variety of complex factors, including inflation, interest rates, international trade flows, government intervention, and much more. The unpredictability of exchange rate fluctuations is due in large part to the combined influence that all of these factors have at once on the value of a given currency.

In regards to foreign exchange for travel money, customers should take heed on one crucial fact: bureau de change and providers like Travelex will often automate their exchange rates so that they fluctuates in sync with the market, but at a weaker rate.

Before you exchange your British pounds for Euros, US Dollars, or any other currency for your travels, make sure to compare Travelex's exchange rate to the real mid-market rate.

Get the Best Exchange Rates with Travelex Alternatives

With the introduction of travel debit cards and the development of multi-currency accounts, there are now limited benefits to getting travel currency in the UK through a travel money provider (such as those found on platforms like MoneySuperMarket).

Traditionally, getting physical bills of foreign cash from a travel money exchange in the UK served as a convenient option before your journey. Nevertheless, it has become significantly more cost-effective to simply withdraw cash at an ATM during your overseas trip. Additionally, the majority of retailers and merchants abroad now readily accept card payments. Moreover, there are travel cards available that exempt you from foreign transaction fees. Their virtual cards also reduce the risks associated with carrying substantial amounts of cash while traveling.

In the following list, we will compare three companies for getting travel currency while in the UK. Let's explore these options:

Revolut

Revolut is our top choice for travel money in the UK because it charges zero fees for first £1,000 per month that you exchange (only on weekdays, since weekend surcharges apply). The platform works entirely by desktop or smartphone, and they send you a debit card to access your travel money. After the fair usage limit, Revolut charges 1% of the total for Standard plan customers.

What's just as impressive is Revolut's exchange rate fees. While markups vary by currency and increase on the weekends, the Revolut rate remains extremely good. For euros (€), the most popular currency used for travel money in the UK, Revolut sometimes applies an exchange rate that is actually stronger than the European Central Bank's mid-market rate. While not guaranteed, this means you can gain when you exchange your GBP to EUR for your next holiday in the Eurozone.

You can use Revolut's debit card to use at ATMs for local cash. As a Standard customer, you'd get £200 per month of fee-free withdrawals, though third-party ATM withdrawal fees may still apply.

Learn more: Read our in-depth Revolut review or visit their website.

Starling Bank

Starling Bank stands out as one of the premier debit cards for international travel for customers in the UK, thanks to its absence of foreign transaction fees. If you solely have their GBP account, your Starling Bank card will apply the live exchange rate used by MasterCard, which closely aligns with the mid-market exchange rate.

Starling Bank also provides EUR accounts for no additional cost, making it an ideal choice for traveling to countries that accept euros. In such instances, your Starling Bank debit card will access these account balances, allowing it to be recognised as a local Eurozone card.

One of the most compelling features of Starling Bank is its complete exemption from ATM fees, both domestically and internationally. Irrespective of the amount of cash withdrawn or the frequency of withdrawals, Starling Bank never imposes any fees for ATM transactions. While third-party fees may still apply, as determined by the ATM owner, this travel benefit solidifies Starling Bank's position as the top debit card for international travel for UK residents and citizens.

More info: Read our in-depth Starling Bank review or visit their website.

Wise Account

The power of the Wise multi-currency account comes from never charging hidden exchange rate margin fees. No matter which foreign currency you want, Wise will always apply the real mid-market exchange rate to your British pounds. Instead, it charges a transparent service fee that ranges from 0.3% to around 2% depending on the currency.

The Wise account lets you exchange, hold, and spend over 50 foreign currencies with its debit card. It even comes with checking account details for 10 countries, including a UK sort code, US account number, EU IBAN, and more. This means you can receive money locally from those countries with direct debits, SEPA payments, and other methods.

For holiday cash, you can use the Wise debit card for 2 free ATM withdrawals for a total of £200 per month.

Learn more: Read our in-depth Wise review or visit their website.

References Used In This Guide

Convert GBP to EUR. XE.com. Accessed 14 September 2023.
Currency Conversion. John Lewis Finance. Accessed 14 September 2023.
Travel Money. Tesco Bank. Accessed 14 September 2023.
Buy Euro Travel Money. Marks and Spencer Bank. Accessed 14 September 2023.
Travel Money. Halifax.co.uk. Accessed 14 September 2023.
Foreign Currency Conversion Terms & Conditions. UK Post Office. Accessed 14 September 2023.
Post Office Travel Money. Wise.com. Accessed 14 September 2023.
Travel Money Help. Travel FX. Accessed 14 September 2023.
Travel Money FAQ. Sainsbury's Bank. Accessed 14 September 2023.
Travelex FAQs. Travelex. Accessed 14 September 2023.
Travel Money. Thomas Cook. Accessed 14 September 2023.
Send Money. Wise. Accessed 14 September 2023.
Send Money to Europe. Starling Bank. Accessed 14 September 2023.
Currency Converter. Revolut. Accessed 14 September 2023.