Post Office Travel Money Card hits the £100 million mark

The Post Office has announced that travel money loaded onto its pre-paid currency card has reached the milestone £100 million mark.  This landmark figure was achieved this month, just over a year since the Travel Money Card Plus was launched in June 2011.

Although the main spend on Post Office Travel Money Cards takes place across the eurozone, Post Office customers have used their cards in 178 different countries worldwide, including all 50 European countries.

Cash withdrawals at ATMs account for around 50 per cent of transactions, with meals in restaurants and purchases in grocery shops being other key areas of spend.

Sterling's surge against the euro this Spring led to a 90 per cent rise in the amount of money loaded onto the Post Office Travel Money Card suggesting that customers are using the card to store cash well in advance of their holidays, when they see that the pound is strong.

Nick Kennett, Director of Financial Services at the Post Office, said:  This is a major achievement for the Post Office and I'm delighted that we have reached the £100 million mark so quickly.  It further cements Post Office as the leading foreign currency provider in the UK and the number one choice for UK holidaymakers and business travellers wanting safe, convenient and easy ways to pay for things when overseas.

"Sterling's surge against the euro over the last few months has resulted in more savvy travellers taking advantage of these improved rates by converting money on a Post Office Travel Money Card when they see the Pound is strong.  We are currently seeing almost £2 million a week being placed onto cards in advance of the busy summer getaway."

The Post Office Travel Money Card Plus, a pre-paid currency card, is a chip and PIN enabled MasterCard is a safe and secure way to carry holiday money. Simply load money on to a card online or at a participating branch and use it as a debit card in millions of shops, bars and restaurants, as well as ATMs, across the world. The card can be topped-up gradually so it is a great way to put cash away for holidays and is valid for up to three years so can be used time and time again.