Travel money specialist Travelex has announced the launch of its new product for the summer travel season – a pre-pay Cash Passport, available from June 12th.
The card is described by the company as "a hybrid between a debit card and a travellers' cheque", providing a security on exchange rates as well as a cap on the money you spend.
Customers can apportion a set amount of "credit" for the card and spend it as they would with a travellers' cheque or how they might normally pay for goods and services abroad on a credit card.
"Loading in euros or dollars fixes the exchange rate at the point of purchase which means travellers are not then vulnerable to unreliable exchange rates while abroad," said Carole Harbord, head of marketing for Travelex.
Ms Harbord claimed one of the big advantages of the new scheme was that it removes one of the worst things about getting back from a holiday: "There will be no nasty surprises on bank statements when returning home," she said.
Several similar products have been launched by American Express, Western Union and Cash2Go, and observers say they could well be a hit with holidaymakers this summer.To read more about credit cards, click here.
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