Tesco launches Travel Money Card

A new card that helps customers budget their holiday spending and reduces risk of fraud has been launched by Tesco Personal Finance.

Tesco Travel Money Card is loaded with foreign currency before travel and is not linked to any personal bank account.

The chip and pin Tesco Travel Money Card comes with a free second "emergency" card, meaning if the original card is stolen, the second can be activated for instant access to funds.

Unlike similar products from other companies, Tesco does not charge fees for card issue, loading, commission, foreign purchase or even a monthly administration fee.

A study of holiday money habits commissioned by Tesco Personal Finance to mark the launch shows that despite the current uncertain economic times, many holidaymakers are not budgeting for how much they will spend once they reach their holiday destination. Sixty three per cent of those surveyed said they are not setting daily limits for their spending on holiday abroad.

The study, involving 2,000 British travellers, also found the instance of theft to be worryingly common, with 9% of Brits having had their wallet/purse stolen while abroad. It is a particular issue for young people, with twenty three per cent of travellers aged 18 and under having been a victim.

More than 7% of those surveyed said that they had had items stolen from hotel safe or room deposit boxes.

Some tourists are resorting to unusual measures to outwit pickpockets. In the study, 4% admitted to carrying money in their underwear, while one in ten said that -- despite the accessory having gone out of fashion in the late Eighties -- they still use a "bum bag" to reduce the risk.

The Tesco Travel Money Card can be used abroad at more than 24 million locations - anywhere there is a MasterCard acceptance logo.

"We want to offer our customers a smart, safe way to access funds abroad," says Yvonne Byrne from Tesco Personal Finance. "We're confident that the card is the best value product on the market, and given the rising cost of overseas travel, every little helps."

For more information, visit tesco.com