OzForex announces Australia’s ‘great value’ prepaid travel money card
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.
“Most travel cards are seen as a lucrative product, but poor exchange rates and high or even hidden fees mean that they don’t deliver good value for travellers.
“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.
OzForex is one of Australia’s fastest growing companies, focused on providing a smarter, online alternative to existing foreign exchange services. Established in 1998 with the aim of providing individuals and corporate clients with a better deal, OzForex has offices in Sydney, Toronto, San Francisco, London, Hong Kong, and Auckland.
The OzForex Group includes OzForex, UKForex, Canadian Forex, USForex, NZForex, Tranzfers and ClearFX. It is a strategic investment of Macquarie Bank, Accel Partners and The Carlyle Group. The OzForex platform powers international money transfer services of ING Direct, Macquarie International Money Transfers and other international financial institutions.
For further information, please visit www.ozforex.com.au
The OzForex Travel Card is issued by Macquarie Bank Limited ABN 46 008 583 542, AFSL No. 237502 (MBL). This information is current as at 23 January, 2012 and is for general information purposes only. It does not take into account any of your potential personal objectives, financial situation or needs. Before acting on this information, you must consider its appropriateness having regard to your own objectives, financial situation and needs and obtain your own independent advice about whether to obtain or continue to hold a Card. You should read and consider the combined Financial Services Guide and Product Disclosure Statement dated 23 January 2012 ("Combined FSG and PDS") available at www.ozforex.com.au/travel-card (which you agree to be provided by accessing this link) before making any decision about whether to acquire or continue to hold a Card. Full terms and conditions are set out in the Combined FSG and PDS. Fees and charges may apply if you obtain or continue to hold a Card. OzForex Pty Ltd's (ABN 65 092 375 703, AFSL No. 226 484) Financial Services Guide is available at www.ozforex.com.au/travel-card and you agree to its provision to you by accessing this link. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. The views and opinions expressed in this document are those of OzForex and the author/analyst and do not necessarily reflect the views or opinions of MBL. MBL is not liable or responsible for any guarantees, warranties or representations made by OzForex or the author.
Caroline Shawyer Lisa Creffield
The PR Group The PR Group
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