Travelex Currency Select is a foreign exchange service offered to Visa and MasterCard cardholders at an ATM, online or POS. It means banks, ATM operators or retailers can offer consumers the choice to pay for goods and services abroad in their domestic currency, rather than the currency of the country they are in.
The increasingly popular payment method for travellers sees the currency conversion on a foreign issued card occurring immediately, at the exchange rate of that day, and is the only way for a consumer to be certain of the rate they are paying.
Travelex has designed its solutions to ensure that both the merchants accepting foreign card and the overseas cardholders benefit. The merchant acquirers not only offering consumers more choice but also capturing a share of foreign exchange revenue that is normally captured by the foreign cardholder's issuer.
Automated Teller Machines (ATM) Solution - When consumers are at an ATM, they will be presented with a choice of transaction currency. Currency Select is approved by Visa Europe and MasterCard Worldwide, with currency choice and exchange rate certainty benefiting cardholders and merchants alike.
eCommerce Solution - Currency Select can also be easily implemented to enable retailers' online shopping carts to offer currency choice and exchange rate certainty.
Retailer/Point of Sale (POS) Solution - When paying for products or services face to face with a retailer, cardholders are provided currency choice and exchange rate certainty directly at the POS at the time of the transaction.
In popular travel destinations 20% of ATM withdrawals are made with foreign issued cards
An end-to-end solution – Travelex combines an end-to-end transaction processing capability with a full merchant sales and training program to drive revenue. Currency Select fully complies with card scheme regulations (Visa and MasterCard) and is ready to empower acquirers and their merchants worldwide.
A partnership approach that benefits merchant acquirers
Revenue - Merchant acquirers earn a portion of the foreign exchange revenue, which is currently captured by the issuing banks.
Simplicity - Travelex Currency Select is a very flexible solution that eliminates implementation complexity for merchant acquirers. Comprehensive analytics are available to manage the program effectively and drive rates that maximise revenue generating opt-in rates.
Exchange rate certainty - Exchange rates are automatically updated and maintained by Travelex on a daily basis. Furthermore, Travelex manages and eliminates any currency risk to businesses at the time of sale.
Flexibility - Travelex enables you to display final prices in a variety of local currencies including; Euros, Japanese Yen, British Pounds, US, Australian and New Zealand Dollars.
Compliance - A dynamic and innovative payment solution that complies with the regulations set out by the Visa and MasterCard card schemes.
Supported - Travelex provides relationship account management plus a tailored suite of support services including installation and integration services, merchant training, opt-in incentives and 24/7 assistance and support.
Best of Breed - Currency Select has end-to-end product capability encompassing the transaction lifecycle from card acceptance to funds settlement. By controlling the lifecycle, reliance on third parties is minimised and Travelex' expertise, experience and proven ability to drive DCC revenue create a market leading solution.
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