Pre-paid travel cards 'overtaking travellers cheques'

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Pre-paid travel cards 'overtaking travellers cheques'

Tue 11th Sep 2007

Travelex, which claims to be the largest issuer of travellers cheques in the world, has claimed that the payment method is being surpassed by pre-paid credit cards.

A spokesperson for the foreign exchange specialist said that travel cards are being favoured by an increasing number of customers as they are "more convenient".

"People are more used to paying with plastic now," said the source.

"Security is so good with pre-pay cards, you can use them at the point of sale, you can draw money out at ATMs, so it's just got so many advantages."

According to Travelex, the number of people buying currency online has increased by 1,000 per cent over the past three years.

Last month, Lloyds TSB recommended its Travel Money Card to parents whose children might be heading off on holiday this summer.

According to the bank, 38 per cent of parents worry that their children will overspend while away.

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