By Cathy Rose A. Garcia
Staff reporter
As many are planning to go overseas for their summer vacation, there’s always the question of how much money to bring and how much to spend. Travelers also have to choose if they will use credit cards and bank cards, buy traveler’s checks or exchange money into dollars or other currencies while they’re overseas.
But worries about the fluctuating foreign currency exchange rates and extra charges on their credit cards, not to mention the possibility of getting your wallet stolen, weigh heavily on travelers’ minds.
Travelex, the world’s largest foreign exchange and international payments specialist, is hoping to change the way Koreans handle their money when traveling abroad with the Travelex Cash Passport MasterCard.
Travelex is teaming up with Standard Chartered First Bank, MasterCard and BC Card to introduce the first foreign currency prepaid card in Korea.
``This Cash Passport will be the most convenient and safest card for Korean travelers. We think Korea is a huge market for this and we’re very excited to be introducing it here,’’ said Graham Perry, global sales director for Travelex card and mobile payments, at a press conference at a hotel in downtown Seoul, Wednesday.
Simply put the Cash Passport is an electronic form of traveler’s checks, with added convenience and security. It can be used to withdraw local currency at 1.4 million ATMs worldwide, and as a credit card at all shops with the MasterCard acceptance logo.
Perry said that travelers do not need to worry about security with the Cash Passport since it is not connected to their own personal bank account and is PIN-protected.
Unlike credit cards, there are no hidden charges or fees with the Cash Passport. After pre-loading travel money (a minimum of $100 to maximum of $10,000) onto the card, travelers can use it in any country and the foreign exchange rate is locked in. There is only a $3 charge for every withdrawal at an ATM, but no extra charges when it is used as a credit card.
In case of loss or other problems, the cardholder can call a 24-hour emergency hotline with Korean-speaking agents to assist them.
The U.S. dollar Cash Passport will be available at all SC First Bank branches in Korea starting July 26. There is no limit to how many cards one can purchase, but Korean laws require the bank to file a report with the National Tax Service when a person buys more than $10,000.
There are plans to introduce the card in other currencies, such as Euros and British pounds, in Korea in the future.