From the October-01, 2008 issue of Credit Union Times Magazine • Subscribe!
Two New Currency Options
LOUISVILLE, Ky. -- With the CUNA Strategic Services and Travelex alliance agreement, credit unions can offer members more foreign currency options through two new products.<p>Travelex Cash Passport and CashPax are now added to the suite of travel money solutions available to credit unions. The Cash Passport cards are prepaid currency cards that can lock in an exchange rate for euros or British pounds, with no purchase fees for credit unions.</p><p>CashPax is a bill-sized pack of foreign currency that provides traveling members with enough foreign currency to pay for things such as taxis upon arrival. The packs include small denominations of paper money as well as coins in bundles of US$100 or US$250. They are available in Canadian dollars, euros, Australian dollars, British pounds, Japanese yen and Mexican pesos.</p><p>"Cash Passport is currently the only foreign currency card on the market, and we believe these cards will be the wave of the future because they are safe, fast and economical," said Wes Millar, senior vice president of CUNA Strategic Services.</p><p>--lsiegriest@cutimes</p>