Australia's Top Lender Teams Up with Travelex to Revive FX Cash Services

<p>Travelex has
relaunched its online foreign exchange (FX) cash services in collaboration with
the Commonwealth Bank of Australia (CBA), the country's largest bank. CBA's extensive network, boasting over 11 million
retail customers, will have access to a diverse selection of over 30 currencies
through Travelex's revamped online platform. </p><p>Australia's Retail FX Landscape</p><p>According to an email sent to <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a>, this
initiative is a significant milestone in the recovery of Australia's
retail FX industry after the challenging period brought about by the COVID-19
pandemic.</p><p>Darren Brown, the Managing Director ANZ at <a href="https://www.financemagnates.com/tag/travelex/" target="_blank" rel="follow">Travelex</a>,
mentioned: "By supplying CBA with more than 30 currencies available for
order online across the country, we hope to make the foreign currency purchase
process as accessible and convenient as possible for 11 million
Australians."</p><p>Popularity of Cash among Australian Travelers</p><p>Research by Travelex has highlighted the demand for cash, revealing that 52% of Australian travelers still prefer
cash as their primary overseas payment method. Notably, the younger
demographic, under 25 years, is leading at 62%.</p><p>Last year, the CBA announced measures to <a href="https://www.financemagnates.com/cryptocurrency/australias-top-bank-halts-payments-to-selected-crypto-exchanges/" target="_blank" rel="follow">regulate the cryptocurrency space</a>. These encompass a 24-hour holding period for certain
crypto <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> and a monthly limit of AUD 10,000. The bank aims to protect customers from the
escalating threat of fraudulent activities associated with the sector.
This initiative by the CBA aligns with a broader trend among Australian banks to restrict
access to cryptocurrencies. </p><p>Westpac made a similar announcement about blocking
certain cryptocurrency payments, reflecting a unified effort within the country's
financial sector to mitigate customer losses and combat fraudulent activities
tied to digital assets.</p><p>Meanwhile, the Australian Securities and Investments
Commission (<a href="https://www.financemagnates.com/terms/a/asic/">ASIC</a>) recently <a href="https://www.financemagnates.com/forex/asic-extends-registration-deadline-for-financial-advisors-by-2-weeks/" target="_blank" rel="follow">granted a two-week extension</a> of registration by
financial advisors associated with Australia Financial Service license holders.
This extension, aimed at those offering personal advice to retail clients,
is a response to the challenges facing the sector. </p><p>The mandatory registration by ASIC was instituted
following a recommendation by the Royal Commission into potential misconduct in
the banking, superannuation, and financial services industry. The regulator
emphasized that all relevant providers, except provisional ones, must register
by the revised deadline.</p>

This article was written by Jared Kirui at www.financemagnates.com.