MasterCard Canada and Access Prepaid Worldwide announced last week the launch of the multicurrency Cash Passport prepaid card, which allows consumers to pre-load money for use at ATMs, stores and restaurants around the world.
“We develop innovative ways to make paying for travel a seamless experience, and the Cash Passport delivers a convenient, budget-friendly way for Canadians to manage their money while traveling locally or abroad,” Tom McTague, the vice president of prepaid at MasterCard Canada, said. “Canadians looking to get on the road should feel comfortable knowing their cash is stored securely on the prepaid Cash Passport.”
A recent study conducted by Leger Marketing found that 84 percent of Canadians traveled within the past year and that, on average, Canadians spend nearly $4,000 during leisure travel outside of Canada. Fifty-nine percent of Canadians obtain cash in the local currency in advance of a trip, and 34 percent obtain cash in the local currency while traveling.
The Cash Passport, which is secured with chip and PIN technology, offers 24/7 customer service, locked-in exchange rates, the ability to check cash balances and the ability to withdraw local currency at millions of ATMs around the world.
“Canadians look to CAA for guidance on how best to travel safely, securely and conveniently,” Brenda Kyllo, the vice president of travel services at the Canadian Automobile Association, said. “We sell the Cash Passport because it’s a great travel tool that gives our Members easy, secure access to their funds wherever they are.”
The card can be purchased at participating CAA stores, Travelex, ICE and Marlin Travel. Fees and limits vary across cards.