Travelex has partnered with Commonwealth Bank of Australia (CBA), Australia's largest bank, to re-launch its online foreign exchange (FX) cash service.。With more than 11 million retail customers, CBA's vast network will offer a diverse selection of more than 30 currencies through Tongjilong's revamped online platform.。

Australia's retail foreign exchange landscape

The move was revealed to be a major milestone in the recovery of Australia's retail FX industry after a challenging period brought on by COVID-19。

Darren Brown, managing director of Travelex ANZ, said: "We want to make it as easy as possible for 11 million Australians to buy foreign currency by providing the CBA with more than 30 currencies that can be ordered online across the country."。

Cash is popular among travelers

Travelex's survey shows that 52% of Australian travellers still use cash as their main overseas payment method, with 62% of young people under the age of 25 leading the way.。

Last year, the CBA announced regulatory measures in the cryptocurrency space。The measures, which include a 24-hour holding period for certain crypto payments and a $10,000 per month limit, are designed to protect customers from the escalating threat of fraudulent activity linked to the sector.。This move by the RBA is in line with the general trend of Australian banks to restrict the use of cryptocurrencies.。

Westpac issued a similar announcement announcing the blocking of certain cryptocurrency payments, reflecting the concerted efforts of the Australian financial industry to reduce customer losses and combat fraudulent activities related to digital assets.。

Meanwhile, the Australian Securities and Investments Commission (ASIC) recently extended the registration period for financial advisers associated with Australian financial services licensees by two weeks.。The extension comes in response to the challenges facing the industry and is aimed primarily at those who offer personal advice to retail customers.。

ASIC implemented mandatory registration in line with the recommendations of the Royal Commission on potential misconduct in the banking, pensions and financial services industries。The regulator stressed that all relevant providers, with the exception of temporary providers, must register by the revised deadline.。