Travelex pioneers seven currencies for prepaid travel cards

Date: June 17, 2009

The Travelex Cash Passport now caters directly for 86 per cent of UK tourists who are planning to travel this year¹, thanks to the launch of four new currencies.

With more than 1.35 million cards already in circulation offering British Pounds, American dollars and Euros, Travelex’s Cash Passport is now also available in Australian, New Zealand and Canadian dollars plus South African rand – launching just in time for UK rugby fans travelling to see the Lions first test!

The Cash Passport is the only prepaid card available in more than three currencies and reflects the increasing demand for these additional four currencies seen by Travelex, the global leader in foreign exchange. Sales of South African rand and New Zealand dollars have increased by 72 per cent and 44 per cent respectively compared to the same time last year².

In 2008, UK outbound travel to these countries hit almost 2.5 million people, with 672,200 heading out to Australia, 950,560 to Canada, 285,090 to New Zealand and 511,120 flying to South Africa³. This launch provides travellers to these destinations with a simple and safe way of taking cash abroad with a fixed exchange rate and no hidden charges. In recent research, Travelex found that almost half of respondents (48.8 per cent) avoid using credit and debit cards when overseas due to the high fees and charges attached to them.

Combining the convenience of a bank card with the security of a traveller’s cheque, sales of the new currency Cash Passports are expected to out sell travellers cheques by 10:1 during 2010. The Cash Passport is also the only prepaid currency card to offer free Global Emergency Assistance service that can replace funds promptly if the card is lost or stolen.

Steve O'Donovan, Managing Director for Travelex Outsourcing Europe and North America, said: “There is an increasing demand for prepaid cards which offer a means to control holiday spending while avoiding unexpected charges and the security risks associated with cards directly linked to a bank account. This is particularly true in the current climate where we are seeing a rise in fraud targeting UK holidaymakers abroad and decline in use of traveller’s cheques.

“We are constantly looking at ways to improve our product offering to cater for travellers today. By extending the currencies available, we are enabling travellers to these four destinations to take advantage of the benefits of the Cash Passport”.

¹ In a recent YouGov poll commissioned by Travelex, 86% of UK travellers who have been abroad in the past 12months, are this year planning to (or have) visit countries for which the Travelex Cash Passport now offers the domestic currency.
² Data taken from online sales at www.travelex.co.uk
³ Global Insight data.

Ends

Travelex Outsourcing
Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in five regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.

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 travel card Cash Passport 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.

www.travelex.com | www.cashpassport.com

For further information, or to speak to one of the Travelex Outsourcing team, please contact:

Rebecca Maund / Becky Lamont / Pally Kaur
0207 2556400 / 07989 230737
rmaund@golleyslater.co.uk/ rlamont@golleyslater.co.uk / pkaur@golleyslater.co.uk