| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 24 | 68% | 22% | 10% | 50% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 21 | 81% | 15% | 4% | 47% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 21 | 86% | 10% | 4% | 37% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Travelex UK Limited’s standard supplier payment terms are included in our Standard Supplier Terms and Conditions (‘Standard Supplier T&Cs’). Between 1 January 2018 and 14 February 2018, Travelex UK Limited’s Standard Supplier T&Cs included standard payment terms of 30 days. On 14 February 2018, Travelex UK Limited changed its standard payment terms from 30 days to 45 days. The change was only applicable to new supplier contracts entered into on or after 14 February 2018. Accordingly, the standard 30 days payment terms have remained unchanged for supplier contracts entered into prior to 14 February 2018, and payment terms will only be aligned to the new 45 days standard payment terms at renewal. As changes to our standard terms have only been applicable to new supplier contracts entered into on or after the change to Travelex UK Limited’s standard payment terms took effect, existing suppliers have not been notified or consulted on the changes.
Were there any changes to the standard payment terms in the reporting period?
On 14 February 2018, Travelex UK Limited changed its standard payment terms from 30 days to 45 days. The change was only applicable to new supplier contracts entered into on or after 14 February 2018. Accordingly, the standard 30 days payment terms have remained unchanged for supplier contracts entered into prior to 14 February 2018, and payment terms will only be aligned to the new 45 days standard payment terms at renewal. As changes to our standard terms have only been applicable to new supplier contracts entered into on or after the change to Travelex UK Limited’s standard payment terms took effect, existing suppliers have not been notified or consulted on the changes.
Any other information about payment terms
The rules governing Travelex UK Limited’s payment process are included in our Standard Supplier T&Cs. A supplier is required to invoice Travelex UK Limited on completion of the services rendered through such invoicing procedure as notified by Travelex UK Limited to the supplier from time to time. Each invoice should include supporting information required by Travelex UK Limited to verify the accuracy of the invoice, including but not limited to, the relevant purchase order number. Under our new Standard Supplier T&Cs and in consideration for the supply of the services by a supplier, Travelex UK Limited is required to pay the invoiced amounts within 45 days of the date of a correctly rendered invoice sent by a supplier.
Maximum contractual payment period agreed
45
Travelex UK Limited is committed to comply with the payment terms agreed with a supplier. Any dispute related to supplier payment will be handled by Travelex UK Limited’s Legal department and/or Procurement team. Travelex UK Limited’s Standard Supplier T&Cs include the following provisions in relation to the process for resolving disputes related to payment: If Travelex UK Limited fails to make any contractual payment due to a supplier by the due date for payment, then, without limiting the supplier's available remedy as set out in our Standard Supplier T&Cs: - Travelex UK Limited is required to pay interest on any overdue amount at the rate of 3% per annum above The Bank of England's base rate from time to time. - Such interest will accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after a potential judgment. - For payments disputed in good faith, interest on any overdue amount will only be payable after the dispute is resolved, on sums found or agreed to be due, from the due date until payment.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
TRAVELEX UK LIMITED is a leading foreign exchange company based in the United Kingdom. The company offers a range of travel money services, including currency exchange, prepaid travel cards, and international money transfers.
As part of their commitment to sustainability, TRAVELEX UK LIMITED has implemented a number of initiatives to reduce their environmental impact. This includes using renewable energy sources, reducing paper usage, and promoting sustainable travel options for employees.
The company's main product is its currency exchange service, which allows customers to buy and sell over 60 different currencies at competitive rates. They also offer prepaid travel cards, which are accepted at millions of locations worldwide, making it a convenient and secure way to manage travel money.
Some key people at TRAVELEX UK LIMITED include the CEO, Tony D'Souza, and the Executive Chairman, Lloyd Dorfman. Both have extensive experience in the financial and travel industries, and are committed to driving the company's success and sustainability efforts.
For customers who need assistance, TRAVELEX UK LIMITED has a dedicated customer service team that can be reached through their website or by phone. The company's website also offers a range of resources, including currency exchange rates and travel tips, making it a valuable resource for travelers.
TRAVELEX UK LIMITED's registered office address is at 65 Kingsway, London, WC2B 6TD, United Kingdom. Their website, www.travelex.co.uk, provides further information about their services, sustainability efforts, and contact details. With its strong commitment to sustainability and convenient travel money services, TRAVELEX UK LIMITED is a trusted and reliable choice for travelers in the United Kingdom.