Post Office Launches Travel Money Card

June 9, 2006

By Peter Kenny

Just in time for the summer holiday period, the Post Office have unveiled a new prepaid card primarily targeted to holidaymakers.

Designed to offer the security of travellers cheques while at the same time the convenience of using plastic, the Post Office Travel Money Card makes sure it is an ideal method to carry foreign currency.

The Travel Money card works on the same basis as a prepaid card. A customer can purchase a euro, US Dollar or Sterling card at any participating Post Office branch. The initial start up cost is £10; please note this is a one off fee.

Any amount can be deposited between £250 and £5000; this can be done at the time of the card purchase or by telephone later. A credit / debit card, cheque can be used to load the Travel Money card.

The card can be used to withdraw up to £500 (or equivalent in US Dollars or euros) a day in cash from any ATM that displays a Visa sign. The cardholder can also pay for purchases made wherever they see a Visa Electron sign displayed.

The advantages of the Travel Money card are the fact that like using traveller’s cheques, people can control how much they wish to take or spend while on holiday. The added bonus of being able to withdraw cash from ATM’s makes the Travel Money card the better option.

One disadvantage the card has is the actual exchange rate that would be applied at the time of the card purchase and loading. The exchange rate normally offered by the Post Office is usually good, however, other providers can beat it.

The card lasts for 2 years. If there are still funds in the card, these can be either transferred to a new one or refunded.

As with other prepaid cards there are charges for its use. As well as the initial one off £10 charge there is a cash machine withdrawal charge of £2 per transaction. Please note there may be other charges depending on some foreign ATM network operators.

For more details on the Post Office Travel Money call 08457 22 33 44