Travelex, the world's largest non-bank foreign currency provider, today introduced a new prepaid foreign currency card for Canadians available in U.S. Dollar, Euro and British Pound Sterling.
The MasterCard Cash Passport is reloadable and easily replaceable, offering travellers a convenient alternative to carrying large amounts of currency while travelling overseas. The card also offers the important feature of compatibility with the chip-and-PIN technology recently adopted in Canada and prevalent throughout Europe.
Cash Passport requires a Personal Identification Number (PIN) to complete chip-based transactions. However, the card is not connected to the cardholder's bank account, thereby minimizing the risk of identity theft in the event the card is lost or stolen. Furthermore, Cash Passport allows travellers to lock in the exchange rate at the time of load or reload, so they do not have to worry about fluctuations in rates with each purchase made abroad or withdrawal of cash at a foreign ATM. While Travelex does not charge ATM fees, individual ATM operators may choose to charge customers for each withdrawal. Cash Passport makes the option of preloading travel money before leaving Canada and electing to not carry large amounts of currency even more appealing. In addition, Cash Passport comes with 24/7 Global Assistance, meaning funds may be replaced as quickly as 24 hours if the card is lost or stolen.
"We know Canadian travellers want their foreign currency options to be convenient and also offer peace of mind," said Jon Dario, President of Travelex Canada Limited. "Cash Passport meets both criteria and will make it easier for Canadians to travel overseas without having to worry about carrying large sums of cash or exchanging currency in an unfamiliar location."
"Our partnership with Travelex is an exciting opportunity to work with an industry leader," said David E. Orzel, Head of Market Development for MasterCard Worldwide. "Cash Passport will provide Canadians prepaid foreign currency globally anywhere MasterCard is accepted."
Cash Passport is currently available for purchase at Travelex stores in Canada, including 16 stores within Toronto Pearson International Airport.