Leading pre-paid MasterCard supplier EZPay Ltd has underlined that its overseas currency product Escape Travel Money Card is free from sky-high fees and hidden charges.
The move comes after a recent change in the rules from the Financial Services Authority (FSA), affecting some currency card providers who hit consumers with big charges for withdrawing their cash back in the UK.
EZPay managing director Paul Smith explained: “We welcome the clarification by the FSA, but it doesn’t affect us. Escape Travel Money has always been a brilliant way for consumers to take money overseas, thanks to its combination of high-street-beating exchange rates and fee-free use.
“Sometimes customers might load a card with cash then not spend it all when they are on holiday. By planning ahead they can access this money free of charge by withdrawing it all from an ATM before returning. As it is a product designed for use overseas we levy a simple £2 admin charge if the money is withdrawn from a UK cash machine and make this completely clear in all our marketing material.”
The FSA also criticised some card providers for not offering financial protection should they go bust – again, something that doesn’t affect Escape Travel Money.
Smith added: “All of our funds are held in a ring-fenced trust account with Barclays, meaning customers’ money is safe at all times.”
The Escape Travel Money Card offers better foreign exchange rates than the international money transfer rates offered by high street banks and other major international money transfer brands. Plus there are no fees to access your own money.
For more information and to start enjoying the benefits of a prepaid MasterCard for spending in the UK or transferring money internationally, please visit www.escapetravelmoneycard.com.