The World Cup winner, who was last week called up to join the British and Irish Lions summer tour of New Zealand, will feature on a number of projects created by M&C Saatchi, with ads screening during the summer focusing on Wilkinson's competitive edge.
The campaign has been developed with the strapline "We hate to be beaten" and is part of Travelex's Price Promise promotion that says it can guarantee customers the best price in the UK on their travel money or else it will refund the difference.
The appointment of Wilkinson is part of the group's ongoing brand ambassador programme, which also includes the vice-captain of the Australian cricket team Adam Gilchrist, who was appointed in 2003. A third ambassador to support Travelex's business in the Americas will be added later this year.
On his new sponsorship deal, Wilkinson said: "I am very selective about the commercial partners I choose but working with Travelex was an easy decision to make. We are both extremely competitive and both have a determined approach to what we do."
Travelex has a number of sponsorship deals, including being the oversees sponsor and international touring partner of the world champion Australian cricket team, who are soon to arrive in the UK for the Ashes series.
Outside of sport, Travelex has three arts-based initiatives running at the National Theatre, the Royal Opera House and the recently announced Travelex Student Standby Scheme, also with the Royal Opera House.
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