The British-based group heard pitches from a shortlist of financial comms consultancies last week and is expected to make an appointment before the end of this month.
Longstanding incumbent Smithfield is understood to have repitched.
Travelex has established itself as the world's largest foreign exchange and international payments firm, and has been touted as a likely candidate for a stock market float.
In January, Travelex chairman Lloyd Dorfman acknowledged that private equity owner Apax was considering exit options, including a possible IPO.
Travelex installed Peter Jackson from Lloyds Banking Group as chief executive earlier this year, and in recent months has hired Dani Filer from Impact Employee Communications in a newly created head of comms role.
Filer said: 'With Peter and I recently joining, we thought this was a good opportunity to reflect on where we are in terms of our overall comms from a group perspective.'
The brief will see the successful agency take responsibility for corporate and financial comms across the group. The company has offices in 35 countries and corporate relationships in a further 110, serving more than 30 million customers a year.
In September, the company said that record summer trading meant it was on target for a record rise in full-year profit for 2010, despite a drop in first-half profit of three per cent, to £48m.