Foreign exchange specialist OzForex is set to shake up the booming travel money sector with the launch of its online multicurrency prepaid travel card – offering free currency reloads, low ATM fees, greater transparency and exceptional exchange rates.
OzForex CEO Neil Helm says that travellers are being poorly serviced by existing travel cards with high fees and poor exchange rates.
“At OzForex, we’re ready to change that. Because we are a currency specialist, not a bank, we are able to offer rates at much tighter exchange rates than other providers,” said Helm.
A key difference of the OzForex Prepaid Travel Card is the elimination of reload fees charged by other providers.
“Instead of paying an extra 1-1.1% for every currency reload, customers will be able to recharge the OzForex Prepaid Travel Card as much and as often as they like, paying only the basic exchange rate while enjoying considerable savings ” adds Helm.
Outbound travel and tourism is seeing a rapid increase in Australia, partly as a result of the strong dollar. Government figures show over 7 million resident outbound departures in 2011, and this is forecast to reach over 10 million by 2020.
Banks are reporting strong sales of travel cards, and OzForex intends to break through by offering a much more competitive, money-saving product.
“We’ve had 1,200 users sign up for the testing phase of our card, to ensure that it works seamlessly, which so far it has,” says Helm. “This test phase has enabled us to hone the card further to make it even better value compared to our competitors.
“We offer nine different currencies on the card as we recognise that business and leisure travellers visit a wide range of destinations and therefore need a card that supports multiple currencies.”
Kirsty Lamont from independent financial comparison site Mozo.com.au says the OzForex Prepaid Travel card will suit anyone travelling overseas, and particularly those visiting several countries.
“The OzForex Travel Card is one the most competitive multicurrency cards on the market, mainly due to the absence of reload fees. It is 100% online so it offers flexibility and convenience that other cards don’t.”
“Prepaid travel cards are particularly great for the budget-savvy traveller. Because you lock in the exchange rate before you go, you can enjoy your holiday knowing exactly how much things are costing and not have to worry about nasty foreign exchange commissions,” Lamont said.
Safety and security are also a priority. The OzForex Prepaid travel card has CHIP and PIN security, is easily blocked if lost or stolen, and a free backup card is provided. SMS alerts are also available for balance and transaction updates.