(18 October 2005 – Australia) National Australia Bank has teamed up with Travelex to sell prepaid multi currency travel money products, known as Cash Passports.The bank aims to sell some 20,000 of the products through its branches over the next few months, predominantly to Australian tourists heading overseas.
Travelex, which will issue the passports, launched the product in 2002 as an enhancement to the Visa TravelMoney card.
The passport is in effect a prepaid plastic traveller’s cheque which can be topped up with UK pounds, euros, Australian and US dollars over the phone or internet through BPAY, or at NAB branches.
NAB general manager, Working Capital Finance and Trade, Maria Tassone, said Cash Passport had been launched in response to customer feedback demanding simpler and more secure methods of accessing cash overseas.
“We expect to sell the cards to local and inbound travellers, particularly around events such as the Melbourne Commonwealth Games,” she said.
Travelex managing director, Martin Crawford, said the Cash Passport was now a serious player in the travel money market.
“Cash Passport continues to take share of market from other travel money products,” he said.