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Keep Your Money Secure While Traveling With the TravelEx Cash Passport Card
September 10, 2016
Most people are familiar with the old standby – traveler’s checks. However, while traveling overseas, they may not be your best option, since they come along with currency exchange fees and the ever present fear of losing them. Thankfully, new technology has come to the rescue, in the form of the TravelEx Cash Passport.
Who Is TravelEx?
TravelEx is a company that specializes in currency exchanges. You can exchange one cash currency for another through them, or choose to use their Cash Passport card, which works just like a bank debit card. You start off by choosing the currency that you want to exchange for – they currently offer only six different types for the passport card: Euros, British Pounds, Canadian Dollars, Japanese Yen, Mexican Peso, and Australian Dollars – and choose the amount. Their website will show you amount of foreign currency that you’ll receive for your American Dollars prior to the exchange taking place.
Benefits of the TravelEx Cash Passport Card
The Cash Passport card is a secure chip card that runs on the MasterCard system. This means that you can use it at ATM machines and point of sale locations worldwide that accept MasterCard. The chip embedded in the card provides extra security for you, as well as the ability to use the card throughout Europe, where all of the credit and debit card machines require the use of a chip. This chip and PIN number based system is far more secure than a standard credit card, particularly when you consider the proliferation of credit card fraud throughout the world. On top of this, you can use the card as either a standard debit card, or as an ATM card, if you need to make a purchase using cash. Also, it’s easy to reload the card online, while you're traveling – all that you need is Wi-Fi to add the currency that you need onto the card. This also means that the card is good for more than one trip, as you can keep adding to it, changing the currency as necessary, depending on your destination.
When you use a regular credit card in other countries, you are usually charged a foreign currency fee on every transaction. On top of this, the exchange rate fluctuates continuously, so you may pay more or less for something depending on the date and time of each purchase. There is no set rate with a standard card. This isn’t true with the TravelEx Cash Passport card – there is one single exchange rate when you put currency on the it. The money remains in that currency until you use it or exchange it for another. There are no other exchange fees, and the amount of money that you have in one particular currency does not fluctuate with the exchange rate.
I suggest purchasing two of the TravelEx Cash Passport cards. When you’re traveling, keep one on you for everyday purchases, and place the other in a very secure location. This way, should your wallet get stolen by a pickpocket, or left behind someplace after eating a meal, you still have money available to you. (TravelEx will replace the card for free if it’s stolen or lost, and they have 24/7 customer service, but it’s always good to be prepared.) And, since the card isn’t linked to your bank account, you won’t run into any problems should the unthinkable happen. The TravelEx Cash Passport makes it easy to stick to a travel budget, since it works as a debit card, not a credit card. It’s also useful for teenagers traveling on class trips or with friends – mom or dad can keep an eye on their spending, and reload the card as necessary. For all of these reasons and more, I highly recommend it!