With the next wave of gap year travellers planning their trip abroad, picking the right travel money product is key to making hard earned savings go further. The new my Travel Cash Multi-Currency card prepaid MasterCard (mytravelcash.com) is a great alterative to carrying cash or using UK debit or credit cards abroad. Additionally it is free to obtain, with a minimum load of £10, and carries no monthly or dormancy fee.
Much like pay-as-you-go mobile phones, the card is preloaded with Pounds Sterling and can then be used to make purchases or withdraw cash in any currency wherever the MasterCard Acceptance Mark is displayed, just like a debit or credit card. Transactions abroad with the my Travel Cash Multi-Currency card are free and all currency is converted at a favourable exchange rate fee of 1.5%, compared to the 2.75% charged by many UK debit and credit cards . ATM withdrawal fees are also capped at £1, plus the 1.5% foreign exchange fee, unlike UK debit cards which often charge an ATM withdrawal fee of 2%, although this is usually capped at £4.50-£5, plus a 2.75% foreign exchange fee. This means travellers can save up to £4 on the cost of a single ATM withdrawal abroad without even considering the foreign exchange savings, the equivalent of two nights accommodation in many backpacker locations such as India or Thailand.
Myles Stephenson from my Travel Cash explained "With gap year costs running into the thousands, selecting the right travel money product is vital. For example, on a six month gap year trip you could save in excess of £400 by using a my Travel Cash Multi-Currency card . This could easily equate to the cost of a couple of weeks of travelling.
"In addition, as you can only spend what has been loaded onto the card, it is easier for travellers to monitor their budget and avoid overdrafts. Funds can easily be added to the card online, helping travellers set and stick to a budget for each location, or top up their credit if required. Friends and family can also have peace of mind that in the case of an emergency new funds can be available on the card within two hours when a debit card is used for payment. So parents can easily, and quickly, transfer money to their children wherever they are in the world!"
The card can be used worldwide, and as it is powered by MasterCard travellers can access their funds across the world through MasterCard’s network of over 1.5 million ATMs and 30 million merchants. As the cards are Chip & PIN protected, they provide reassuring security against theft or loss. Cardholders can cancel their card 24 hours a day, by phone, via the website or simply texting.
To order a my Travel Cash Multi-Currency MasterCard prepaid card simply go to the my Travel Cash product page and complete the online form. Full details of the fees associated with this card are available online.