Louisville, KY – Credit unions can offer their members more foreign currency options through two new products that are now included in the CUNA Strategic Services, Travelex alliance agreement. Travelex Cash Passport™ prepaid currency cards, with no purchase fees for credit unions, and CashPax™ were added to the suite of travel money solutions.

The new Cash Passport cards are the only prepaid foreign currency cards available in the US that can be used to lock in an exchange rate for Euros or British Pounds. These secure and convenient currency cards can be used to purchase goods and services in any retailer that accepts MasterCard® or to withdraw local currency from ATMs abroad.

Cash Passport comes with global emergency assistance, which offers members assistance 24- hours-a-day for lost wallets or passports, medical assistance, legal problems, and translation assistance. If the card is lost or stolen, the balance is protected and can be replaced in as little as 20 minutes in most locations around the world.

Travelex CashPax is a bill-sized pack of foreign currency that provides traveling members with enough foreign currency to pay for incidentals such as taxis upon arrival and are a great combination with the Cash Passport cards. The packs include small denominations of paper money as well as coins in bundles of US$100 or US$250. They are available in Canadian Dollars, Euros, Australian Dollars, British Pounds, Japanese Yen, and Mexican Pesos.

“Cash Passport is currently the only foreign currency card on the market and we believe these cards will be the wave of the future because they are safe, fast, and economical,” said Wes Millar, senior vice president of CUNA Strategic Services.

“The Cash Passport card will allow credit unions to offer their members an excellent way to plan their spending while traveling overseas,” said Christopher Russell, Travelex’s executive vice president of outsourcing, Americas. “In addition, the credit unions can continue to offer the unique products and services their members have come to expect.”

A study, conducted by YouGov plc on behalf of Travelex, shows that demand for this new product is already established with 43% of recent travelers¹ likely to use a Cash Passport in the future. For respondents the security of PIN and signature protection (37%) and convenience of ATM withdrawals (32%) were the most important features. When considering foreign exchange purchases most US respondents, 37%, were looking for a competitive exchange rate that the new Euro and British Pound cards provide alongside the ability to lock in those rates.

¹ Recent travelers defined as those who have traveled abroad from North America in the last 12 months.

For further information please visit strategicservices.cuna.org and/or contact:

Shirley Mazanet
Director for CUNA Strategic Services
(800) 356-9655, ext. 4290.
balaspa@ksqrd.com

Travelex is the world's foreign exchange, business payments specialist and leading provider of travel insurance, operating through subsidiaries and branches in these regions: the Americas, United Kingdom; Europe, Asia Pacific; and Middle East and Africa (EMEA). As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid currency card to over three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and Web-based ordering. For more information about Travelex or Cash Passport visit www.cashpassport.com.

About CUNA Strategic Services

CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. CUNA serves 90 percent of America’s 8,500 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit strategicservices.cuna.org.