WELCOME
WHO WE ARE
Travelex is the world’s leading foreign exchange specialist.
We help our customers to send and spend money around the world.
WHO WE ARE
Lloyd Dorfman, Chairman
In 1976 Lloyd Dorfman established Travelex in a single Bureau de Change in London.Today, Travelex operates in 25 countries around the world and employs c.6,500 colleagues.We have over 1,100 retail stores across the globe, including presence at the world’s major international airports. We serve over 4,250 customers every hour, that’s over 102,000 customers a day, and in excess of 37 million customers every year. We sell cash, pre-paid foreign exchange cards and remittances. We distribute nearly £11billion of banknotes around the world per annum.
+1,100 stores
25 countries
6,500 colleagues
+100 airports
+1,000 ATMs
A SNAPSHOT OF WHAT WE DO
+£1.5bn Wholesale Banknotes turnover
+ 400 supermarket locations
1976Lloyd Dorfman establishes Travelex in a single Bureau de Change in London
1989Travelex America established
1990Travelex Australia and New Zealandestablished
2000Travelex completes £440m acquisition of Thomas Cook Global & Financial Services
Travelex Singapore and Hong Kong founded
2005Funds advised by Apax Partners acquire a 56% stake in Travelex, valuing the company at over £1bn
2010Travelex agrees to the sale of the Card Operations business to MasterCard for £290million
Travelex purchases a significant share holding in FX Africa
2006Acquisition of Amex outsourcing business in UK
1986Travelex opens first airport Bureau de Change at Heathrow Terminal 4
1999Travelex acquires currency outsourcing business from Barclays for £24m
2003Camrail Belgium acquired for £3.5m
Travelex India founded
2004EUR17.5m acquisition of GWK Bank Netherlands completed
Travelex lands in China
2007Travelex acquires Ruesch International– Travelex Global Business Payments division created
Domestic UK ATM business sold
Travelex develops its presence in the Middle East
2010
2011
2006/072004/052000/031980s 1990s1976
2011Completes the MasterCard for £290million
Sells the Travelex Global Business Payments to Western Union for £606million.
Purchases a shareholding in FX Africa and announces the acquisition of Grupo Confidence in Brazil
1874Thomas Cook produces the first Travellers’ Cheque
From… 1 employee 1 country 1 store
2002Travelex Japan founded
20122012Travelex celebrates 35 years
First store in Macau opens
Travelex starts operations in Malaysia and Qatar
CELEBRATING 35 YEARS OF TRAVELEX
2005Money Transfer business sold – Travelex forms strategic alliance with Western Union
First UK supermarket location opens
To… c6,500 employees 25 countries over 1,100 stores Over 1,000 ATMsover 1m Cash Passport salesOver 400 supermarkets
TRAVELEX AND MASTERCARD
In December 2010, Travelex agreed to sell part of our Prepaid Cards business to MasterCard. The sale included all of the operations that support the supply of Prepaid Cards and third party Cards contracts. Cash Passport remains a key product for Travelex and continues to be sold via Travelex direct channels – Travelex Retail stores, online and through selected partners with implants. The transaction completed in April 2011, provided Travelex with £290million to repay some of our debt, and to invest in further growth of the Travelex business globally.
TRAVELEX AND WESTERN UNION
In July 2011, Travelex agreed to sell Travelex Global Business Payments to Western Union. The sale included all of TGBP except for Send Money Now (SMN) a consumer payments product recently launched in the UK. The transaction completed in November 2011 and provided Travelex with £606million to repay senior debt and invest further in the growth of our consumer business.
WHAT WE DO
Today, Travelex is a business primarily focused on serving the foreign exchange needs of consumers worldwide; either directly through Travelex channels, or through our numerous outsourced or wholesale relationships with banks, travel agencies, supermarkets and other partners.
WHO OWNS TRAVELEX
Travelex is private equity owned and the distribution is as follows—– Apax Partners* 58%– Lloyd Dorfman 29%– Standard Chartered 7%– Management 6%
* Apax began shareholder relationship with Travelex in 2005
Branded Travelex Retail Stores *
ATMs
Online sites *
Co-branded FX services:
Store implants, pick & pack, online
Travel insurance
* Selling both cash and Cash Passport (Prepaid currency cards)
Currency Select
Travelex Channels Partner channels -
outsourcing & wholesale relationships
International consumer payments
CORE ACTIVITIES
Wholesale Banknote supply
White-label FX services:
Store implants, pick & pack, onlineSupermarkets (in-store bureaux)
Branded Travelex Retail Stores *
Wholesale Banknote supplyATMs
Online sites *
Co-branded FX services:
Store implants, pick & pack, online
Travel insurance
* Selling both cash and Cash Passport (Prepaid currency cards)
Currency Select
White-label FX services:
Store implants, pick & pack, online
Partner channels - outsourcing & wholesale relationships
International consumer payments
CORE ACTIVITIESTravelex Channels
Wholesale Banknote supply
White-label FX services:
Store implants, pick & pack, onlineSupermarkets (in-store bureaux)
40% of the world’s travellers pass through airports serviced by the Travelex retail network; a market of 1.7 billion passengers a year. Every hour, Travelex provides currency to more than 4,250 customers via its Retail network. A strong retail presence in ‘downtown’ locations including rail stations, tourist areas, shopping malls, and implants in banks, travel agencies, supermarkets and post offices. Retail network sells foreign currency, Cash Passport, Western Union money transfer, travellers’ cheques and many local services.
CORE ACTIVITIES
CURRENCY SELECT
Provides Dynamic Currency Conversion on POS, ATM and Ecommerce to merchants and banking partners throughout the world. Implementations in Australia, New Zealand, Singapore, India, China, Brunei, Fiji, PNG, Samoa, Cook Islands, UK and the Middle East. Own and operate an end-to-end Payment Switch and Dynamic Currency Conversion Platform and have direct links with Visa and MasterCard.
VAULT OPERATIONS
80+ different currencies, (travellers) cheques, pre-paid cards, and precious metals.Wholesale business (large value deals).Stockist business (medium value, large number of currencies in one transaction).Consumer orders (low value ,but typically high volume).1.5bn banknotes—– spanning the earth 5½ times if put next to
each other lengthwise– reaching half way to the International Space
Station (ISS) if stacked on top of each other– representing the weight of 200 London
double-decker buses
OUR PRODUCTS
Foreign CashDraftsTelegraphic TransfersCash PassportWestern Union Money TransferPhone CardsLoyalty ProgramsHome Delivery Services (Japan)Mr Pay™Travelex Money Transfer™Tax reclaim and refunds
MTR Tickets (Hong Kong)Disney TicketsRetailNET (online)Travelex Rate AdvantageBuy Back GuaranteeFrequent Flyer ProgramsTravellers ChequesInsuranceDynamic Currency ConversionEpayInternational Payments
Travelex Global Website
OUR GOALS1. Keeping our brand number one
3. Use our global scale and know-how
2. Build great customer relationships
4. Be a great place to work
5. Continue to set the gold standard
CORE VALUES
Integrity, trust, honesty– fundamental in everything we do
Great customer service – will drive our growth– create long term value
Results focused– win the battles we choose
Believe in our people– develop our internal talent– create a rewarding environment– sense of pride in Travelex
LISTENING TO OUR PEOPLE
Our Your Voice survey is undertaken to– – gauge employee opinion across the entire organisation -
identifying areas of success and those in need of improvement
– benchmark ourselves against other, similar global organisations
– gauge levels of employee engagement – develop action plans and measure improvement against
subsequent surveys
Ipsos MORI, a reputable, independent market research company, carry out the surveys on our behalf.The company’s results are communicated across the organisation, with results and action planning being discussed in team meetings.