According to traveldailymedia.com, as several local Japanese banks have scaled back or discontinued their in-house retail FX services, the referral partnership programme enables these banks to refer customers in need of travel money directly to Travelex. Referred customers are entitled to discounts on their travel money purchases by presenting their bank card.
The programme extends discounts on travel money purchases both in Travelex's 66 stores across Japan and online, encompassing cash purchases and transactions made with the Travelex Travel Money Card, introduced to the Japanese market in 2023.
According to the same source, this collaborative model has yielded benefits for the banks, their customers, and Travelex. Participating banks can continue assisting their customers with travel money needs, even in the absence of direct FX services. Customers now have access to discounted travel money services nationwide, and for Travelex, the partnerships have encouraged the expansion of its distribution network and customer base, while aiding customers who might otherwise face challenges accessing retail FX services.
Over 60 Tier 1 and 2 local banks have joined the program, serving over 30,000 Japanese customers to date. Travelex aims to further expand the initiative, targeting 40,000 customers in the coming months.
This initiative in Japan mirrors a similar collaboration in New Zealand, where Travelex partnered with the Bank of New Zealand to provide discounted travel money services to BNZ's 1.2 million customers. Within the initial months, over 3,000 BNZ customers availed themselves of the opportunity.
Representatives from Travelex Japan expressed satisfaction with the program's early results, emphasising the company's commitment to enhancing convenience for Japanese travellers. The goal is to continue expanding the project throughout the year and beyond.
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