MasterCard Canada and subsidiary Access Prepaid Worldwide today announced the launch of Cash Passport Prepaid MasterCard Currency Card, in time for Canadians travelling locally or abroad this summer.
The Cash Passport will change the way you think about your money when travelling. It allows you to pre-load your travel money for safe and convenient use at millions of ATMs, shops and restaurants worldwide. For travellers, prepaid cards are a more secure alternative to the once-popular Travellers Cheque or large sums of cash.
According to a recent study conducted by Leger Marketing on behalf of MasterCard Canada:
- Eighty-four per cent of Canadians have travelled within the past 12 months, either for business or leisure.
- On average, Canadians are spending $3,915 during their leisure travels outside Canada; a sum of money large enough to create a noticeable bulge in anyone's wallet.
- Fifty-nine per cent of Canadians obtain cash in the local currency in advance of their trip and 34 per cent of Canadians obtain cash in the local currency while travelling.
If you lose your Cash Passport or it is stolen, simply calling a toll-free number will help protect the funds on the card. Conversely, when cash is lost, it is not replaceable.
"We develop innovative ways to make paying for travel a seamless experience, and the Cash Passport delivers a convenient, budget-friendly way for Canadians to manage their money while travelling locally or abroad. Canadians looking to get on the road should feel comfortable knowing their cash is stored securely on the prepaid Cash Passport," said Tom McTague, VP, Prepaid at MasterCard Canada.
The Cash Passport offers travelers the following benefits:
- Security - The card is secured with the latest chip and PIN technology. With the benefit of Global Assistance, if your card is lost or stolen, the 24/7 Card Services team can arrange free replacement cards or provide emergency cash up to the available balance on your card. Additionally, the card is not connected to your bank account, which creates a barrier to identity theft.
- Budget Control &n - The Cash Passport is all about putting you in control of your travel money. Straightforward pricing and up-front foreign exchange means you'll know exactly what it costs to get and use the card. When you have pre-loaded foreign currency on to your Cash Passport you will not be subject to fluctuating exchange rates throughout your trip.
- Balance Checks - Never worry about the availability of your funds. You can check the balance on your Cash Passport any time by phone or online.
- Reloadable - Simply take your Cash Passport and valid ID to a participating branch of the travel agent or retailer where you bought it within Canada, and they will reload your Card for you or by telephone.
- Flexible - What you don't spend you can save for your next trip.
- Prepaid Convenience - Withdraw local currency at millions of ATMs worldwide or pay for goods and services at retailers globally wherever the MasterCard® Acceptance Mark is displayed.
"Canadians look to CAA for guidance on how best to travel safely, securely and conveniently," said Brenda Kyllo, Vice President of Travel Services, Canadian Automobile Association. "We sell the Cash Passport because it's a great travel tool that gives our Members easy, secure access to their funds wherever they are."
Steve Grigg, President at Access Prepaid Worldwide stated: "Not only does it provide a safe and secure way to carry your travel money, it has the back-up of our in-house team of friendly and expert staff 24/7."
Cash Passport MasterCard cards can bepurchased at participating CAA stores, Travelex, ICE and Marlin Travel. Fees and limits vary between cards. For information please visit cashpassport.com.
MasterCard Cash Passport is issued by Peoples Trust Company pursuant to licence by MasterCard International. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International.