GBP 1 Post Office® travel money card means no hidden cash fees

Holidaymakers can now avoid the hidden costs involved in withdrawing cash abroad by using the Post Office® Travel Money Card, which has been relaunched with a GBP 1 minimum spend.

In contrast to the exchange rate loading fees and percentage-based cash advance charges levied by credit card companies and banks, the Post Office® Travel Money Card represents the foolproof, affordable way to use ‘plastic’ when holidaying overseas, with a straightforward GBP 2 fee on cash withdrawals and no charge at all on shop or restaurant purchases.

Originally launched last summer with a minimum spend of GBP 250, the Post Office Travel Money Card now allows customers complete flexibility to choose how much money they put onto the card.

Holidaymakers can put between GBP 1 and GBP 5,000 onto the Travel Money Card instantly at 2,400 Post Office® branches. The card can then be used to pay for goods and services in locations where Visa Electron is accepted or to withdraw funds at any Visa ATM.

More funds (a minimum of GBP 50) can be added at any time by visiting a Post Office® branch or by calling 0845 850 0077.

Trials undertaken in Post Office® branches since the introduction of the GBP 1 minimum spend on the Travel Money Card have already indicated a significant 40% increase in demand. Average spend has dropped from GBP 530, a high figure for foreign currency transactions, to GBP 342 since the more flexible investment policy was introduced.

Post Office® Head of Travel Kevin McAdam says that “the cost of convenience can be high when withdrawing cash abroad using your debit card. Too often holidaymakers return home to an unpleasant financial surprise when they discover that they have incurred unexpected costs for using a debit card.

Although most people are aware that there are charges for withdrawing cash, our research shows that few people factor this in when budgeting for their holiday.

By contrast, the Post Office® Travel Money Card is both a convenience and inexpensive way to carry cash, safe in the knowledge that it can be used widely in bars, restaurants and shops – as well as to withdraw cash at ATMs. It’s a win-win option.”

Funds can be added to the Post Office® Travel Money Card using a credit or debit card or cash, with a GBP 10 application cost for first time use.

ENDS

For further information please contact:

CBPR
Christine Ball
01798 874177
[email protected]

Post Office Ltd
Hayley Fowell
020 7250 2417
[email protected]

About Post Office ® Travel Services
The Post Office® is the UK’s largest bureau de change provider with a 25% market share, offering over 72 different currencies with 0% commission on all foreign currency and travellers’ cheques. The Post Office® Travel Money Card offers customers a secure and convenient way to carry their holiday money.

The Post Office® provides a range of great value travel services including insurance, foreign currency, passport photos and Check & Send, international money transfers, holiday phone cards, EHIC forms and Check & Send, plus huge savings on car-hire and pre-booked holiday extras.

The Post Office® Credit Card charges 0% commission for all purchases made overseas and also offers customers the flexibility to pay for two large purchases at any time at a discounted fixed rate – ideal for splashing out on holiday.

www.postoffice.co.uk