ICBA News Release
FOR IMMEDIATE RELEASE
ICBA / Travelex to Offer Prepaid Foreign Currency Cards
Euro and Pound Sterling Cards Available at Community Banks
Washington, D.C. (Aug. 11, 2008)—The Independent Community Bankers of America (ICBA) announced an innovative program with payments specialist Travelex to enable community banks to offer prepaid cards in foreign currency and U.S.-dollars for use overseas.
"Prepaid cards intended for use overseas offer another alternative to carrying strictly cash for community bank customers when traveling for business or pleasure," said Dan Clancy, ICBA senior vice president of services. "ICBA is delighted to have an agreement with Travelex to make these currency cards available. The cards are an added convenience when traveling."
"For new Travelex Cash PassportTM cards denominated in Euros and British Pounds, the exchange rate is locked in at the time the card is loaded. Consumers avoid the risk of currency fluctuations," said Christopher Russell, Travelex executive vice president of outsourcing, Americas. "Prepaid foreign currency cards make sense for community banks and for their customers. More than 10 million trips are made to the United Kingdom and Europe by Americans every year and 84 percent of them are prepared to buy pre-trip foreign currency from a bank. Making the cards available to community bank customers makes a lot of sense."
A recent study, conducted by YouGov PLC on behalf of Travelex, shows that demand for this new product is already established with 43 percent of recent travelers likely to use a Travelex Cash Passport in the future. For respondents, the security of a personal identification number and signature protection (37 percent) and convenience of ATM withdrawals (32 percent) were the most important features. When considering foreign exchange purchases, 37 percent of U.S.-respondents were looking for a competitive exchange rate that the Euro and British Pound cards provide alongside the ability to lock-in those rates.
Travelex is the world's foreign exchange, business payments specialist and travel insurance provider operating through subsidiaries and branches in these regions: the Americas, United Kingdom; Europe, Asia Pacific; and Middle East and Africa (EMEA). As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid currency card to over three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering. For more information about Travelex or Cash Passport visit www.cashpassport.com.