The rapid growth of travel money cards

This post is proudly supported by the Commonwealth Bank’s Travel Money Card.

Thousands of Australians are preparing to visit London for the 2012 Olympic Games over the coming months, taking the opportunity to see some better weather (hopefully) and catch a glimpse of our athletes in action while enjoying a small break away.

As Australians begin their travel, prepaid travel cards are proving to be a popular payment choice for many travellers, as they provide a convenient, cost effective and secure way of spending and accessing money overseas.

Speaking with Michael Cant, Executive General Manager Retail Products and Customers at Commonwealth Bank, he believes that the best way for travellers to manage their money overseas is by taking the time to review their options prior to departure.

“It is very easy to get caught up in the excitement of an upcoming holiday, and not take the time to think about your payment options overseas. However, by reviewing the resources and financial products available before departure, travellers can avoid being hit with issues or unexpected international transaction fees – leaving more time to spend on enjoying your holiday,” said Michael Cant.

The Commonwealth Bank Travel Money Card has proven a rather popular choice, seeing close to $3 Billion in funds loaded onto the cards since 2009. June 2012 also saw the highest monthly volume for the Travel Money Card, largely due to the significant spike in value of Euros and Great British Pounds people are loading up in anticipation for their travel.

So why are travel money cards proving so popular?

I think this is largely due to travel money cards offering the best solution for those needing access to money abroad. In the past, traveller’s cheques and everyday bank accounts were used but offered little benefit to the traveller.

Travel money cards offer numerous benefits, these include:

• The ability to lock in foreign currency rates ahead of time.
• Simple and easy to understand fees.
• They are accepted at over 32 million locations worldwide (MasterCard).
• Heightened security with CHIP and PIN technology.
• The ability to load up to 6 currencies on the one card (perfect for multiple location holidays)

This means travellers are given a number of freedoms to reduce the burden of dealing with money while away. Less time worrying about travel money means more time to enjoy the experience of travel.

Michael Cant also says prepaid travel cards aren’t just used by individuals – they are gaining popularity with a number of different travellers.
“Prepaid travel cards are becoming increasingly prevalent with travellers looking to manage their money overseas. From families, to backpackers, to business and well-seasoned travellers, prepaid travel cards provide travellers with a simple, convenient and safe way to access money overseas,”

See ‘Top tips for money smart travellers’ & ‘How to avoid fees and charges when travelling abroad’ for further travel money tips.

For more information on Commonwealth Bank’s travel products and services, please visit http://www.commbank.com.au/personal/international.