Travelex today announced it will abolish ATM cash withdrawal fees on its prepaid Cash Passport card, from 4th August 2009.
As part of a series of new customer propositions designed to give travellers a welcome spending boost this summer, the leading foreign exchange provider will remove the existing fees on overseas ATM cash withdrawals, across all its seven global currency cards, for both new and existing customers.
The announcement makes the Travelex Cash Passport, the best range of currency cards in the UK, offering travellers access to seven global currencies, as well as the added benefits of commission free loading online and 24/7 Global Emergency Assistance. Nearly all other major prepaid cards offer only Euros and Dollars and the majority, including the Post Office and Fair FX cards, charge an ATM cash withdrawal fee, as well as additional fees for replacement cards and, in some cases, on application. Travelex Cash Passport users also benefit from being able to obtain the card instantly from Travelex shops, rather than waiting, on average 7-10 days, with other prepaid card providers.
Combining the convenience of spending on a bank card, with added budgeting and identity protection benefits, prepaid cards offer significantly better value than credit and debit cards. Most UK credit and debit card providers levy (on average) a huge £3 per transaction abroad. Research by Travelex.co.uk reveals that, since the onset of recession, credit card spending abroad has dropped by nearly a fifth (17%) and nearly half (41%) of holiday-makers predict they will save on average £100 per trip by avoiding spending on cards. The research reveals that almost half of respondents (49%) are considering avoiding using credit and debit cards when overseas this summer, due to the increasing fees and hidden charges attached to them.
Travelex's improved proposition puts travellers in the driving seat when it comes to spending abroad, offering them the most flexibility, security and range of foreign currency purchase options. In addition to removing Cash Passport ATM fees, Travelex.co.uk has also introduced an unrivalled four hour online pre-order service on Euros and US Dollars.
Updated daily, Travelex.co.uk guarantees to beat other currency providers, with the best price foreign currency, commission free, or the difference refunded. Travellers can also opt to pick up currency at the airport or have it delivered directly to their home.
Julian Neal, Director, Travelex said: ‘The prepaid card market has grown significantly over the past year. By removing ATM fees from the Cash Passport, Travelex is helping travellers further their spending power. Travelex's Cash Passport enables travellers to lock in the value of their currency upfront, with no hidden fees or charges. As well as abolishing ATM fees, Travelex.co.uk remains the best place to pre-order currency, especially now that travellers can order their currency just four hours before travel; a service unique to us. Whether opting for cash or loading onto a pre-paid card, Travelex customers will get far better value for their money than when spending with a credit or d ebit card abroad.'
Ed Bowsher, Head of consumer finance at lovemoney.com added: ‘We welcome the news that Travelex is dropping its ATM fees on the Travelex Cash Passport product. UK consumers have not only been hit by the weak pound, but also by a number of banks upping their fees for spending overseas. We predict that the prepaid card market will continue to grow in size, especially as more holiday-makers realise the cost and security benefits of using cards abroad.'  Previous Travelex Cash Passport available in the UK ATM withdrawal
charges: £2.50, €3.75,US$4.50, AU$:5.50, NZ$:6.50, ZAR: 40
 Travelex Cash Passport available in the UK is available in Euros, US Dollars, Sterling, Australian Dollars, New Zealand Dollars, Canadian Dollars, South African Rand
3Fair FX: ATM withdrawal fees: £1.00 / €1.50 / $2.00. Replacement card:
£5.99 / €9.00 / $12.00. Application fee: £9.95
Post Office: ATM withdrawal fees: £1.50, Other - £2.00. Replacement