Ukash Travel Money card reveals the ‘bill-shock’ for holidaymakers that use debit cards to withdraw cash abroad
London, 7th July 2014 – The fact that mobile phone roaming charges have been halved from today may be good news for Brits travelling abroad this Summer. But payments innovator, Ukash, is warning about another hidden cost that causes bill-shock on the return home.
Holidaymaker, Ed, recently withdrew £500 in Euros from an ATM in Spain using his debit card. When his bank statement arrived a few weeks later he was shocked to discover a cash withdrawal fee of £4.50 and a transaction fee of £12.06. “I knew I was likely to incur an additional charge for withdrawing cash abroad but I was stunned to see quite how much” explained Ed.
Ukash Chief Executive, David Hunter, believes Ed’s story is very common amongst Brits who head abroad. “In a recent survey*, we found that over half (58%) of UK holidaymakers use debit cards abroad with a quarter withdrawing cash from ATMs. Yet over a third (39%) admitted they don’t check details of potential charges before they head overseas. If they don’t understand potential charges they can’t make informed decisions about their spending. And this is particularly the case when it comes to withdrawing cash from an ATM.
“For complete control of spending – and the best possible exchange rate – holidaymakers should use the Ukash Travel Money card. It’s a prepaid card – so all they have to do is load their cash before they head abroad, then use it just like a credit or debit card. The difference is there are no charges for transactions, loading or even cash withdrawals at ATMs.”
The new Ukash Travel Money card offers the best possible foreign exchange rate on the market. There are no charges for sign up, transactions or ATM withdrawals abroad, which means that it definitively offers the best way to make holiday money go further in Europe and the USA.
It can be ordered online in minutes and will be delivered in five to seven working days without the need for any credit checks. The card can be topped up online instantly using a debit card – even while travelling - and cardholders can check their balance and transactions and top up their card at any time online completely free of charge. Plus any money left on the card can be used for the next trip rather than worrying about often costly conversion back to sterling.
“Ed’s story is not surprising – and he has probably had these charges every time he’s used his debit card to withdraw cash abroad”, added David Hunter. “The difference is, since the start of this year the banks have had to itemise the charges on statements so it’s there in black and white.
“To avoid the post-holiday blues we suggest this Summer’s travellers do a bit of planning ahead and get a Ukash Travel Money card. It’s the simple and convenient way to make spending money go further, with the best exchange rates, no fees for usage and free ATM withdrawals.”
The Ukash Travel Money MasterCard: The Facts
• Lowest FX Rate on the market
• No transaction fees
• Free ATM withdrawals in Europe and the US
• Free balance enquiries online, at ATMs and SMS
• Available in Euro and US Dollar
• Free top up by debit card
• No application fee
• No annual fee
• Chip and PIN security
• Use as over 34 million outlets that show the MasterCard Acceptance Mark
• Minimum load value: £50
• Maximum single load: £2,000
• Features chip and PIN security
• Can be used at over 34 million outlets worldwide that accept MasterCard
*Populus poll conducted May 2014 – 2000 respondents
For further press information or interviews please contact the Ukash Press Office at HSL: Wendy Harrison, Clare Watson or Ed McCambridge. +44(0)208 977 9132. firstname.lastname@example.org
Notes to Editors:
Ukash is regulated by the UK Financial Conduct Authority (FCA).
The Ukash Travel Money Prepaid MasterCard is issued by Prepaid Financial Services Limited pursuant to a license from MasterCard International Incorporated. Prepaid Financial Services Limited is regulated and authorised by the Financial Conduct Authority, registration number 900036. Registered Office: 36 Carnaby Street London, W1F 7DR.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews,join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
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