Travelex save merchants millions

Merchants could save up to $100 million a year in credit card processing fees thanks to a new currency conversion system introduced by Travelex and BankWest. The dynamic currency conversion scheme allows foreign travellers in Australia to pay by credit cards in their own currency at an exchange rate confirmed at the time of payment. The system avoids the high fees charged by foreign banks with BankWest rebating some of those savings to merchants.