Lloyds TSB has launched a pre-paid Travel Money Card as a more convenient alternative to cash or travellers’ cheques providing a safe way to take money abroad.

The Lloyds TSB Travel Money Card can be pre-loaded, before travellers depart, with between £150 and £3,000 in either Euros or US Dollars and costs just £7.50 which is 25 per cent cheaper than a similar product offered by the Post Office. The card can be topped up with a minimum of £50 quickly and simply over the phone while travellers are overseas.

The card can be used in locations where customers see the VISA sign, including millions of cash machines, shops, restaurants and even online. It isn’t linked to a bank account and has no overdraft facility, making it a very safe way of carrying money abroad and a good choice for people wanting to stick to a defined budget.

Travellers receive a PIN number for cash machine withdrawals. Customers are also able to check the balance on their card and get details of recent transactions by phone from home and abroad.

The card is valid for two years allowing travellers to save unused cash from one trip for their next holiday. At the end of the two years any unused funds can be transferred to a new card or sent back to the customer.

Research amongst Lloyds TSB customers revealed that over two thirds (69 per cent) are likely to consider taking the Travel Money Card with them next time they travel with nearly a third (32 per cent) citing ease of use and convenience as the key appeal.
Gerrard Schmid, Lloyds TSB transaction banking director, said: “The Travel Money Card is the future for foreign currency. Not only is it secure and easy to use, but it’s also great for budgeting. Whether you’re hitting the slopes or off in search of some winter sun, you can load only what you want to spend and feel confident that if it’sreported lost or stolen the money can be credited to a new Travel Money Card and you won’t be liable for any losses.”

Both Lloyds TSB and non-Lloyds TSB customers can apply for a Travel Money Card.