New multi-currency prepaid travel card launched

A new multi-currency prepaid travel card has been launched by OzForex, which is hoping to cash in on the rising demand for overseas travel among Aussies.

Just last week, the Australian Bureau of Statistics published a report showing that eight million people travelled abroad in the past year – a marked increase on the 7.4 million taking overseas trips in 2010-11.

The most popular destinations were New Zealand, Thailand, Spain and Brazil, so OzForex's decision to launch a multi-currency card is hardly surprising.

The selling point for the new card is the fact that it comes with lower fees than most foreign currency travel money solutions.

OzForex's chief executive officer Neil Helm told the Australian: "There are still fees for using the card, but we think they're cheaper than most other fees as far as our research tells us and secondly, you don't have a reload fee and that's a big thing."

He added that even a relatively small one per cent card reload charge will add to the cost of travelling abroad with a prepaid card.

"That's a bit of a deterrent in my book," Mr Helm noted.

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