Travelex adds four currencies to cash passport

Source: Travelex

The Travelex Cash Passport now caters directly for 86 per cent of UK tourists who are planning to travel this year(1), thanks to the launch of four new currencies.

With more than 1.35 million cards already in circulation offering British Pounds, American dollars and Euros, Travelex's Cash Passport is now also available in Australian, New Zealand and Canadian dollars plus South African rand - launching just in time for UK rugby fans travelling to see the Lions first test!

The Cash Passport is the only prepaid card available in more than three currencies and reflects the increasing demand for these additional four currencies seen by Travelex, the global leader in foreign exchange.

Sales of South African rand and New Zealand dollars have increased by 72 per cent and 44 per cent respectively compared to the same time last year2.

In 2008, UK outbound travel to these countries hit almost 2.5 million people, with 672,200 heading out to Australia, 950,560 to Canada, 285,090 to New Zealand and 511,120 flying to South Africa3. This launch provides travellers to these destinations with a simple and safe way of taking cash abroad with a fixed exchange rate and no hidden charges. In recent research, Travelex found that almost half of respondents (48.8 per cent) avoid using credit and debit cards when overseas due to the high fees and charges attached to them.

Combining the convenience of a bank card with the security of a traveller's cheque, sales of the new currency Cash Passports are expected to out sell travellers cheques by 10:1 during 2010. The Cash Passport is also the only prepaid multi currency card to offer free Global Emergency Assistance service that can replace funds promptly if the card is lost or stolen.

Steve O'Donovan, Managing Director for Travelex Europe and North America, said: "There is an increasing demand for prepaid cards which offer a means to control holiday spending while avoiding unexpected charges and the security risks associated with cards directly linked to a bank account. This is particularly true in the current climate where we are seeing a rise in fraud targeting UK holidaymakers abroad and decline in use of traveller's cheques.

"We are constantly looking at ways to improve our product offering to cater for travellers today. By extending the currencies available, we are enabling travellers to these four destinations to take advantage of the benefits of the Cash Passport".

Comments: (1)

A Finextra member
A Finextra member 19 June, 2009, 03:17Be the first to give this comment the thumbs up 0 likes

I would be very interested to see the details of the Travelex research which concluded 48.8% of travellers "avoid using debit and credit cards" when overseas. Could it be that 48.8% of the people interviewed were unbanked? Or perhaps the use of the word "avoid" instead of the phrase "did not use" hides the explanation?