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Cash card tipped to replace travellers cheques
Western Union is in distribution talks with travel agents as it launches an initiative which it says could end the need for travellers cheques.
Through its UK arm, FEXCO, the money transfer company is rolling out a travel cash card – a pre-paid and reloadable card which is protected by a pin number.
It is being issued in conjunction with MasterCard and can be used at more than one million ATMs in nearly 210 countries. As with credit cards however, there is a charge of £2 for making a withdrawal.
FEXCO chief operations officer Sobia Rahman said agents will form a key part of its distribution. She claimed the initial response has been positive.
“It doesn’t matter whether the agency currently offers a foreign exchange service as they will be able to offer customers the service without the need to keep a supply of foreign currency on the premises,” she said. “It is a way for UK agents to make additional revenue at no cost to themselves.”
Commission will be earned for every card issued and reloaded, added Rahman.
To receive a card, holidaymakers hand over cash to an agent who loads the details onto FEXCO’s website. The customer then receives the card together with a pin number.
Although the card cannot topped up abroad, FEXCO said it was working to increase its functionality.
Report by Steve Jones
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