Travelex expansion to Canada with its wholesale banknote operations will provide international currency services to banks and money service businesses nationwide.
Global foreign exchange provider Travelex has launched its wholesale banknote operations in Canada, strengthening its presence in North America and expanding the network of onshore services for banks and money service businesses (MSBs). The move follows growing global demand for secure, efficient, and locally managed foreign currency distribution.
The new entity, Travelex Currency Exchange Canada Limited, will supply international banknotes to financial institutions and currency exchange providers across the country. The company has already onboarded more than 20 Canadian banks and MSBs, including Interchange Financial, one of the country’s leading retail currency exchange providers.
As part of its operations, Travelex has opened a vault facility in Toronto, located at the site previously used by the Exchange Bank of Canada. The facility joins Travelex’s network of 13 global vaults in financial hubs including London, Sydney, Hong Kong, and Dubai, ensuring the secure storage and distribution of physical currency to meet client demand.
Wholesale banknote services play a key role in global currency circulation, enabling financial institutions to source and distribute physical cash efficiently for retail use, travel, and cross-border trade. Despite the growing adoption of digital payments, demand for physical currency remains strong, particularly among travellers, small businesses, and remittance users.
The new operation will be led by Davish Bucktowar, Canada Trading Director, who previously managed banknote services at Exchange Bank of Canada.
Travelex’s wholesale division has been one of the company’s fastest-growing segments, with FY2024 revenues reaching £50.3 million, up 26% from 2023, and EBITDA rising 48% to £25.2 million. The company expects its Canadian expansion to further strengthen its global position as a leading provider of wholesale foreign currency solutions.
