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OzForex Travel Money card wins gold

OzForex Travel Money card wins gold  article image

With foreign currency purchase soaring as Australians increasingly travel overseas, the OzForex Travel Money Card has been voted Australia's best value travel money card in the new Mozo Experts Choice Awards for Travel Money.

"Mozo's experts crunched the numbers on over 280 travel money options to come up with the best value cards to have in your wallet when heading overseas. OzForex came out on top in the pre-paid category due to its highly competitive exchange rates," says Kirsty Lamont, Mozo director.

Margaret de Polignac, Head of Product, OzForex says the aim of the prepaid travel card has always been to offer the best value possible.

"Exchange rates are the primary influence for people choosing to travel overseas, but if you don't get a competitive rate it's like travelling when the Australian dollar is weak, she says. “Our customer guarantee has always been to offer extremely competitive exchange rates as well as low fees. We can offer competitive rates thanks to the efficiency of our technology and our specialisation in foreign currency.

"A key point of differentiation for OzForex's Travel Card is no reload fee,” says Margaret de Polignac. “Unlike most of our competitors who charge 1-1.1%, we do not charge a reload fee. 

“This is a significant saving for clients who plan on using their Travel Card for numerous trips and on an average re-load of $2,000, saves the client $20/$22 per load."

According to Tourism Research Australia, outbound tourism is predicted to grow 2.9 percent in 2014-2015, with 9.1 million Australians heading abroad. This is predicted to reach 11.7 million by 2022-2023.

MasterCard has predicted Australia's prepaid consumer travel card market will reach $2.9 billion by 2017. They report 40 percent growth in money spent via prepaid cards generally last year.

And OzForex is currently seeing a big surge in card applications ahead of the upcoming travel season. 

OzForex travel card applications

 

Oct 2014

Nov 2014

Increase

Total applications

598

681

14%

source: OzForex November 2014

 

Retirees (11%) and students (5%) are the two top users of OzForex's Travel Card, according to recent research. Directors, accountants and engineers were also well represented.

Forty-three percent of cardholders are over 50, a sign that baby boomers could be increasingly comfortable with online banking products rather than going into branches.

For more information on OzForex travel cards visit: http://www.ozforex.com.au/personal/travel-cardNews_OzForex_Travel_card3

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