June 25, 1998. Graphic News. 

PRESS RELEASE ISSUED BY VISA INTERNATIONAL


VISA TRAVELMONEY HITS THE HIGH STREET
A practical new way of carrying money abroad will become nationally available to British holidaymakers this summer. Described as the UKÕs first Ôelectronic travellers chequeÕ, Visa TravelMoney is a pre-paid, disposable cash card and is set to simplify holiday spending in time for this yearÕs peak season.
From July 1, British travellers will be able to buy Visa TravelMoney through all 300+ branches of the Alliance and Leicester as well as through their telephone banking service. Thomas Cook has plans to extend availability of TravelMoney later in the year.
ÔWe are delighted that Alliance and Leicester in conjunction with Thomas Cook are offering Visa TravelMoney,Õ said Carol Heath, debits products manager, Visa International. ÔThe success of our ongoing trials has meant that we are even more convinced of the benefits to customers when using Visa TravelMoney. The card is extremely safe, convenient and easy to use and offers travellers a new alternative to traditional methods of taking holiday money abroad.Õ


VISA SET TO REVOLUTIONISE HOLIDAY SPENDING
As Visa TravelMoney is pre-paid, the user decides on its value as they buy it. The card is purchased in pounds sterling and travellers can load between £100 and £5,000 of funds onto the card. Holidaymakers can withdraw local currency using TravelMoney from more than 440,000 Visa cash machines in 117 countries around the world, 24 hours a day. Cash can be accessed from the card until its value has been used up and the card is thrown away.
If a traveller returns home with funds left on a Visa TravelMoney card, they can either withdraw the amount, transfer the funds into an existing account or onto another Visa TravelMoney card. With this system, travellers avoid the inconvenience of having to take leftover holiday money (either cash or travellers cheques) to the bank in order to convert it back to pounds sterling.
To guard against theft, Visa TravelMoney is protected by a personal identification number (PIN), making it more secure than carrying large amounts of cash abroad. In the event that the card is lost or stolen, the user is protected by VisaÕs 24-hour Global Customer Assistance Service (GCAS) which can arrange for an immediate cash advance at a local bank or card replacement.


VISA TRAVELMONEY COMPARED TO CASH AND TRAVELLERS CHEQUES
Visa TravelMoney offers travellers greater security than cash and is easier to use than travellers cheques. Obtaining local currency abroad could not be simpler. As Visa cash machines are open 24 hours a day, users do not have to wait for a bank or bureau de change to open. Visa TravelMoney also ensures that travellers do not have the added worry of carrying their passport around as with travellers cheques. A signature is not required as cash is simply dispensed at a Visa cash machine.
Visa TravelMoney benefits those travelling in a family or large group, as up to eight cards can be issued to access the same funds. Each card is issued with a separate PIN number, so if a card is lost the others can still be used to withdraw cash.


USING VISA TRAVELMONEY TO CONTROL HOLIDAY EXPENDITURE
As Visa TravelMoney is loaded with a fixed amount of funds and cannot be overdrawn, it is especially suitable for students, backpackers and people who wish to keep a tight control of their expenditure when they travel abroad.
Visa TravelMoney will make life easier for travellers visting a number of different countries during one trip, as one card gives the user access to many different countries via the Visa cash machine network. This avoids the need to convert funds into the local currency required for each country, as well as saving on commission fees.
As with any foreign currency conversion, a small commission is charged to the card depending on the amount of money the user withdraws. Travellers who use a Visa TravelMoney card will benefit from VisaÕs highly competitive rates of exchange, making it one of the cheapest ways to take money abroad.
/ENDS


For more information contact:
Annabel Benstead / Victoria Dix
Cohn & Wolfe
Communications Building
48 leicester Square
London WC2H 7LJ
Tel: +44 (0)171 331 5300

or:
www.visa.com