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Cash Passport lets you store (travel) money in Euro and Pounds
Travelex, the foreign currency exchange company that you've probably often seen at your local international airport, just announced that it's offering up a new product called Cash Passport, where you can purchase all of your travel money in Euro or Pounds and put it on a Visa or Mastercard before you leave. Their added security and features make it kind of like digital travelers check's. The first thing that comes to my mind is that I can buy a cash card with ten thousand Euro and wait while the dollar sinks through the toilet. Indeed, last week the dollar hit another all time low against the Euro at over 1.5€ = 1$. But I suppose you could always use this is a short term option while you're traveling so your dollars don't take a further hit while you're abroad.
The real question is about what sort of exchange rate and egregious fees that Travelex is going to sock you with. I know that I never exchange currency at the airport kiosks because the rate is so terrible. Will they give us the same crummy rate on their prepaid cards? Their website is naturally tight lipped about the topic.
I suppose from an ease of use standpoint this might make budgeting your travel easier with less paperwork. I'm going to stick with my ATM card for now.
Filed under: Transportation, Budget Travel
Reader Comments (Page 1 of 1)
Doug Murray Mar 1st 2008 3:26PM
It's tough to time the currency markets.
I was recently paid $3000 US for a freelance travel piece... and as a Canadian, payments in US dollars were always a bonus.
Just a few years ago, $3000 US would have translated into about $4200 Cdn.
Not any more!
I held on to the $3000 US cheque (check for you Yanks) and saw it fall in value. I toyed with a US dollar account but, in the end, I just bit the bullet. And walked away with $2950 Cdn.
Grumble!
That said, I'm happy that I'll pay less for my Seattle Mariners tickets this year!
Cheers!