News
Travelex says it won't charge ATM fees on withdrawals made with its prepaid travel card
August 4, 2009
Travelex says it will abolish fees for ATM cash withdrawals made with its prepaid Cash Passport card, according to a news story from Finextra. The foreign-exchange provider will remove the existing fees on overseas ATM cash withdrawals across its seven global currency cards for new and existing customers.
Finextra says the removal of ATM fees was a good competitive move for Travelex:
 | The announcement makes the Travelex Cash Passport the best range of currency cards on the market, offering travelers access to seven global currencies, as well as the added benefits of commission-free loading online and 24/7 global 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. |  |
Most U.K. credit and debit card providers charge £3 per transaction when users make withdrawals at ATMs abroad.
A Travelex survey found that since the onset of the recession, credit card spending abroad has dropped by 17 percent, while 41 percent of travelers said they plan to save about £100 per trip by simply avoiding spending on cards.
Julian Neal, director of Travelex, says those results suggest a big opportunity for the prepaid market:
| The prepaid card market has grown significantly over the past year. By removing ATM fees from the Cash Passport, Travelex is helping holiday-makers further their spending power. Travelex's Cash Passport enables travelers to lock in the value of their currency upfront, with no hidden fees or charges. | |
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
