BoQ and Travelex strike deal over FX services
(17 August 2005 – Australia) Bank of Queensland said its decision to outsource foreign currency products and services to Travelex is already paying off with the bank doubling its FX transactions in the first two weeks of the arrangement.
Under a five year agreement signed between the two parties, Travelex has established a service centre in BoQ’s Brisbane head office, supporting the branch network and providing overseas cash and travellers cheques.
Travelex will also provide 140 electronic rateboards for BoQ branches over the next three years, a BoQ website link for online ordering of cash, travellers cheques, Cash Passports and training for all BoQ employees in Travelex products.
BoQ and Travelex will share revenue under the agreement.
BoQ managing director David Liddy said the agreement with Travelex was the result of the bank reviewing its international business and realising it was no longer up to scratch.
He said the deal meant the bank received a major new international money business with market leading products and processes while Travelex benefited from BoQ’s expanding branch network and customer base.
"Importantly, Bank of Queensland will also be able to offer Travelex’s market leading Cash Passport which allows customers to operate an international debit card where the exchange rate is fixed at the time of purchase," Liddy said.
Travelex will also provide 140 electronic rateboards for BoQ branches over the next three years, a BoQ website link for online ordering of cash, travellers cheques, Cash Passports and training for all BoQ employees in Travelex products.
BoQ and Travelex will share revenue under the agreement.
BoQ managing director David Liddy said the agreement with Travelex was the result of the bank reviewing its international business and realising it was no longer up to scratch.
He said the deal meant the bank received a major new international money business with market leading products and processes while Travelex benefited from BoQ’s expanding branch network and customer base.
"Importantly, Bank of Queensland will also be able to offer Travelex’s market leading Cash Passport which allows customers to operate an international debit card where the exchange rate is fixed at the time of purchase," Liddy said.
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