Mastercard and Canada Post launches Cash Passport

Globetrotters have a new way to travel with less worry about how much cash they have in their pockets. Mastercard and Canada Post recently launched Cash Passport, a simplified and secured way to help pay for purchases abroad. This latest tap card offers more control of travel budget by locking in foreign currency exchange rates in advance so travellers don't have to worry about currency fluctuations.

In addition, the pre-loaded Cash Passport card can hold up to seven currencies at one time giving travellers the flexibility to travel through various countries without having to think about exchange rates throughout the trip. The card will also automatically select the next available currency if you have insufficient funds of the currency you need. The card also holds fixed ATM fees and no transaction fees on international purchases.

"Whether you're a globetrotter, an exchange student, or someone who shops online from international merchants, Cash Passport is the smart and simple solution that allows you to better manage your overseas spending, " explains Donna Kinoshita, Senior Vice President, Global Products & Solutions, Mastercard Canada. "Together Mastercard and Canada Post are making this a winning experience for Canadians by offering cardholders the ability to purchase and reload via Canada's largest retail network."

The card is not linked to a bank account or bank card, which means loading and relaoding is not confined to a cardholder's banking relationship. Canadians can purchase and reload a Cash Passport by visiting their local Canada Post outlet and the card is ready to use immediately. It is also chip and PIN enabled for added security and can be used a millions of ATMs worldwide, and points of purchase anywhere that accepts Mastercard. Available to Canadians only.