Travelex widens currency offering

Travelex widens currency offering

Dollars, Euros and Pounds will be issued in the UK

Foreign exchange company Travelex has installed a payment processing system that allows cash machines to issue multiple currencies.

New regulations for foreign currency exchange have allowed the company to offer the service at more than 50 cash machines in UK airports.

And Travelex wants to extend the foreign exchange dispensing (FXD) service to a wider network of terminals in high-street and retail locations around the country over the next 12 months, said product manager Dan Gilby.

“By enhancing our proposition to customers with these self-service ATMs, we can offer a round-the-clock service which further removes the complexity of the exchange process,” he said.

The system would also perform dynamic currency conversion at the terminal ­ making conversion costs more transparent because transactions would not be subject to unknown exchange rates. The conversion rates are updated daily.

“This provides our customers with a better understanding of the fees involved in ATM transactions,” said Gilby.

The system, which will run on the Postilion payment processing platform, will be rolled out in association with banks.

HBOS has already implemented Travelex FXD ATMs in its City of London branch, with machines also planned this year in Basingstoke, Chester, Dumfries, Southampton and Windsor.

The machines charge a withdrawal fee if the cardholder is not an HBOS customer.
Travelex also launched a prepay currency card earlier in the year. Travellers can buy credit on a card and then use it at cash machines in three currencies ­ sterling, euros and dollars.