Cash passports (also called travel cards or prepaid travel money cards) are a simple way to manage and access your money overseas. They look and operate just like a normal bank or credit card. You can use them to make purchases or to withdraw money from an ATM, but unlike a credit card, the funds are pre-paid.

Here’s how it works: You get a cash passport in a particular currency (USD, EUR, GBP or NZD) from any Australia Post outlet, or an ANZ Travel Card from selected ANZ branches. You load some money on the card then use it anywhere overseas where Visa is accepted (over one million ATMs worldwide). If you’re running low on credit, you can reload your account online, via BPay or at currency exchange centres.

The great thing about a cash passport is you lock in your interest rate when you put cash on your card, so you don’t need to worry about the Australian dollar losing value while you’re overseas. You also aren’t charged fees for withdrawing cash (as long as you’re withdrawing in the local currency e.g. using the USD card in the USA). Plus, you can reclaim any unused funds when you return home, or reuse your card the next time you travel within its three year validity period.

There are plenty of other benefits: they’re easy to obtain (you don’t need a bank account and you don’t have to be over 18) and unlike traveller’s cheques, there is no need to carry ID or find a bureau de change.

For security, the card is PIN protected and you can get a second back-up card free so you won’t be inconvenienced or delayed if one of the cards is stolen or misplaced.

Just like a credit card, you’re also entitled to customer support 24 hours a day to deal with lost or stolen cards and passports, medical emergencies, legal assistance, interpreter services, sending messages home and access to emergency funds.

A cash passport is a good idea for any traveller, even if it’s only an emergency backup.

Cameron Price-Austin runs http://thepassportoffice.com – an Australian consumer credit card site featuring articles, reviews, tools and forums.

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