The scheme offers sportsmen and women the opportunity to win world-class coaching in their discipline.
The company will launch a website this week encouraging people to upload video or text entries to the site explaining why they think they should receive the coaching. Travelex will choose one winner each month.
The website will feature Travelex Sports Exchange brand ambassadors including England rugby star Jonny Wilkinson, former Wimbledon champion John McEnroe and Australian cricketers Brett Lee and Adam Gilchrist.
The Sport Exchange scheme has been handled by M&C Saatchi Sports & Entertainment, which works with Travelex on its sports sponsorships, while the website was created by direct and digital agency LIDA.
Travelex signed up Wilkinson in 2005 ahead of its first TV campaign. Its involvement in rugby has also included sponsorship of the IRB Rugby World Cup; it invested £3.5m to become a broadcast sponsor on ITV for the 2003 tournament in Australia.
Its first brand ambassador, Australian wicketkeeper Gilchrist, signed up two years earlier, with McEnroe coming on board in the US, Canada and Latin America in 2005. The tennis legend signed a three-year deal worth an estimated £8m.
The foreign-exchange brand's associations with sport have also included Formula One and Cricket World Cups.