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Australia’s largest bank has relaunched online foreign exchange cash services for its 11 million customers.

In partnership with Travelex, the Commonwealth Bank of Australia (CBA) now offers more than 30 currencies online.

The reinstation of CBA’s online travel money service represents a significant milestone in the recovery of Australia’s retail FX industry following the COVID-19 pandemic.

“When venturing overseas it’s important to have a mix of payment options to ensure you’re adequately covered,” said David Tenaglia, General Manager Everyday Prodcuts, Commonwealth Bank of Australia

“Alongside your bank cards, having some local currency can be very handy and is simple to arrange online before you head away on holidays.”

Recent Travelex research showed that more than half (52%) of Australians who travel still take cash as their main overseas payment method, with under-25s using cash more than any other age group (62%).

The research also found that those who pre-plan their travel currency needs ahead of their trip are the most satisfied (64%) with their foreign currency experience.

“Rather than cash dying, it remains the payment method of choice for more than half of Australians travelling abroad – and we are therefore delighted to be reinstating FX cash services for Australia’s largest bank,” said Darren Brown, Managing Director ANZ, Travelex.