NAB LEADS MAJOR BANKS WITH CASH PASSPORT LAUNCH - 17 October 2005
Monday, 17 October 2005
The National today announced its launch of Cash Passport a prepaid multi-currency travel money product issued by Travelex.
Maria Tassone, National Australia Bank General Manager Working Capital Finance and Trade said Cash Passport is a safer, more convenient, cost-effective travel money alternative to using cash or traveller's cheques.
"As the first major bank in Australia with a national distribution network to offer Cash Passport, we are making it easier for Australians to access the benefits of this emerging travel money product.
"We have launched this card in response to customer demand and research* which clearly tells us that travellers want uncomplicated, simple and secure methods to access cash overseas.
"The NAB Cash Passport, much like a 'plastic traveller's cheque', is a pre-paid, re-loadable PIN protected travel money card. It can be loaded with British pounds, Euros, Australian or US dollars at the traveller's convenience and when the exchange is favourable. It is to be sold through our branch network in Australia and can be used at more than 1 million VISA and PLUS ATMs around the world.
"The Cash Passport card can be reloaded over the phone or internet through BPAY at any time of the day or night from anywhere in the world. It can also be reloaded at any NAB branch throughout Australia.
"We expect to sell around 20,000 Cash Passports over the coming months mainly to outbound Australian travellers. The card can also be loaded with Australian dollars so we expect to sell the cards to local and inbound travellers, particularly around events such as the M2006 Commonwealth Games.
The Cash Passport, a world first in travel money, was launched by Travelex in August 2002, as an enhancement to the VISA TravelMoney card that had been in the market since 1997.
Travelex Managing Director Australasia, Martin Crawford said the NAB has taken a leading position among the major banks in the travel money market.
"Travelex's venture with the National Australia Bank on Cash Passport will give more Australian consumers and travellers access to safe and convenient travel money options.
"Cash Passport is a serious player in the travel money market. Since launch we have made significant inroads in changing the travel money landscape and Cash Passport continues to take share of market from other travel money products," said Mr Crawford.
For further media information contact:
John Fergusson
B&PS Corporate Affairs
National Australia Bank
Tel. 03 8634 3845
Mob. 0407 826 952
Sandra Wang
Zing Communications
02 8303 6464
sandra@zing.com.au
About NAB Business Products and Services
The National Australia Bank's Business Products and Services brings together a unique combination of business product capabilities. It distributes its products through the NAB's Business and Private Bank as well as through specialist sales forces. It turns over in excess of $3 billion a year, employs over 1500 people and includes the business streams of Custodian Services, Asset Finance, Business Lending, Cash Management and e-Business, Fleet Services, Working Capital Finance and Trade, Merchant Services.
* TNS - Establishing Brand Positioning - June 2004 [Commissioned by Travelex]
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
