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.

Australia's Retail FX Landscape

According to an email sent to Finance Magnates, 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.

Darren Brown, the Managing Director ANZ at Travelex, 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."

Popularity of Cash among Australian Travelers

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%.

Last year, the CBA announced measures to regulate the cryptocurrency space. These encompass a 24-hour holding period for certain crypto payments 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.

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.

Meanwhile, the Australian Securities and Investments Commission (ASIC ) recently granted a two-week extension for 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.

ASIC's mandatory registration 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.