New currency card texts owner when travel money runs low
Holidaymakers and overseas travellers need no longer risk running out of foreign exchange, thanks to a clever currency card which sends its owner a free text message alert when it runs low on money.
The service is available from today (May 5) to all new Travelex Cash Passport cardholders, through a partnership with Monitise, the UK’s leading mobile banking and payments provider.
Customers signing up to the card will have peace of mind knowing that they will receive a free text message on their mobile phone when their card’s credit drops below £100.
They can then call Travelex, 24 hours a day, seven days a week, go online or visit a branch to reload their card with more money and avoid any embarrassing moments.
The service is free and comes with all new Travelex Cash Passports and, as along as you register your mobile number at the point of purchase, can be used abroad straightaway.
Mark Horgan, Managing Director of Card and Mobile Payments at Travelex said, “When you’re abroad the last thing you want to worry about is running out of foreign currency.
“Our customers already use an online and telephone balance enquiry service and, with the holiday season looming, we’re pleased to offer this new SMS service to help them relax and unwind. And many foreign ATMs also offer balance enquiry facilities too.”
The new and improved Cash Passport service is the first in a series of mobile phone-led enhancements from Travelex and Monitise expected over the next 18 months.
These new services will include topping up the Cash Passport and balance requests by text message, plus free downloadable applications for smartphones.
Alastair Lukies, Chief Executive Officer of Monitise, added, “We are delighted to help holiday makers and business travellers relax through quick and worry- free management of their travel budgets.
“Our secure technology offers effortless money management on the move. By growing our partnerships with over 240 financial institutions, we will bring a range of uncomplicated services, designed to make life easier, to millions.”
The Cash Passport is available in seven currencies including US dollar and euro and offers a convenient and secure way to carry money abroad, make purchases or withdraw cash without incurring annoying overseas usage charges.
Travelex has already issued 400,000 Cash Passports in the UK and from May 2010 the new Cash Passport services will automatically be available to all new UK Travelex Cash Passport cardholders.
In addition the company is entering new markets, having recently launched a joint venture to develop mobile banking, payment and related services in the Asia Pacific region, beginning with Hong Kong later this year.