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Travelex launches wholesale banknote operations in Canada

Tuesday, October 21, 2025 — 16:13:48 (UTC)

Peterborough, UK, 21st October 2025: Leading foreign exchange company Travelex has launched onshore wholesale banknote operations in Canada, marking a significant milestone in its global expansion strategy.

Travelex Currency Exchange Canada Limited will provide international banknote services to financial institutions and money services businesses (MSBs) across the country. A registered MSB, Travelex Currency Exchange Canada Limited has already onboarded over 20 Canadian retail bank and non-bank customers, including retail currency exchange providers Interchange Financial.

Interchange Financial Chief Operating Officer Sam Karkhanechi said: “We’ve been operating in the FX banknote sector for over 20 years, and are delighted to be working with Travelex as our trusted partner and primary supplier for international foreign banknotes. Travelex’s global reach, reliability and best-in-class service continues to set the standard in our industry.”

As an onshore service, Travelex will run a local vault operation in Toronto, the site previously occupied by Exchange Bank of Canada. This extends Travelex’s network of global vaults to 13 sites, including in London, Sydney, Hong Kong and the UAE.

“With nearly 25 years of experience in wholesale banknote operations, Travelex enters the Canadian market with our gold standard approach – combining a market-leading regulatory framework, best-in-class global infrastructure and unrivalled industry expertise. I am delighted we can support and partner with organisations of all sizes in the market as we continue to serve our customers with reliability and speed,” Cameron Hume, Global Wholesale Director, Travelex said.

Travelex’s Canadian wholesale offering will be led by Davish Bucktowar, who joins Travelex as Canada Trading Director and is based in Toronto. Bucktowar previously served at Exchange Bank of Canada as Senior Director of Financial Institutions, where he was responsible for the bank’s tailored banknote solutions.

Hume added: “I am pleased to welcome Davish to Travelex. His local market knowledge, insights and proven leadership is invaluable to our operations as we mobilise and deliver outstanding service to our customers in the market.”

Travelex’s global wholesale revenues reached £50.3 million, in FY2024 – 26% higher than 2023. EBITDA was £25.2 million – a 48% rise on the previous year.

NOTES TO EDITORS

About Travelex

Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres. Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis - including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.

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Source: Company press release.

Categories: Announcement