News

Travelex, MasterCard team up on multicurrency prepaid card

August 13, 2013

Foreign exchange provider Travelex has joined with MasterCard and Access Prepaid to introduce the new Multi-Currency Cash Passport Prepaid MasterCard. The card introduces a convenient new tool for international travelers, Travelex said in a news release.

The new travel money card is the first of its kind available in the U.S. and can carry up to five foreign currencies simultaneously, including:

• British pounds; 
• euros; 
• Canadian dollars;
• Australian dollars; and
• Japanese yen.

The card cannot be loaded with U.S. dollars.

"This new program helps provide our cardholders greater peace of mind as they plan travel across North America or around the globe," said Michael Weitzman, group executive for U.S. markets at MasterCard. "Now they have the convenience of shopping in local currencies all on one chip card, wherever their travel plans take them."

The Multi-Currency Cash Passport is sold exclusively through Travelex — either at its website or at more than 200 Travelex stores throughout the U.S.

According to Travelex, the Multi-Currency Cash Passport card offers three key benefits to consumers travelers abroad, in that it is:

• Reliable — With both mag stripe and chip technology, the card lets travelers shop wherever with ease wherever Debit MasterCard or Maestro is accepted. It can also be used to withdraw money from millions of ATMs worldwide.
• Reloadable — Money can be reloaded to the card online or in Travelex stores as needed (subject to card limits). Funds on the card can also be transferred from one currency to another — a useful feature for multidestination travelers.
• Replaceable — If the card is lost or stolen, a free replacement card can be sent anywhere in the world in as little as 24 hours (subject to availability and dependent on location) and the consumer can obtain emergency cash from the balance on the card. 

"The Multi-Currency Cash Passport was developed in response to demand from customers who are searching for enhanced convenience while traveling abroad," said Jon Dario, president of Travelex Currency Services Inc. "We understand the need to evolve with market and industry trends — as such, we look forward to adding additional currencies to continue to meet customers' needs."

The card does come with certain fees and restrictions. Costs include:

• ATM fees ($3, if used in the U.S.);
• foreign exchange fees (5.5 percent);
• balance refund fee ($20);
• inactivity fee ($3 per month).

The Travelex release did not specify whether the card could be used in conjunction with the direct currency conversion available at some ATMs.

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