Payments

Travelex intros product to secure exchange rates

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February 7, 2023

Travelex, a foreign currency exchange solutions provider, has introduced a product for U.K. customers to secure their exchange rate ahead of time. If they pay a small fee to preorder their currency between April and December 2023, they will not lose money if exchange rates get worse before their trip, according to a press release.

If the rate improves by that time, customers will receive the improved rate. Travelex worked with HedgeFlows, a fintech, to create the service.

"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," Richard Wazacz, Travelex CEO, said in the release. "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."