MasterCard partners Travelex and Bank of China to launch e-traveler’s cheque

MasterCard has announced its partnership with Travelex, a known foreign exchange specialist. According to the official press release the companies presented "Cash Passport MasterCard", an innovative electronic traveler's cheque. The new project came into being owing to the Bank of China (BOC) and MasterCard. This is the first e-traveler’s cheque with MasterCard logo jointly launched by the three parties in mainland China.

The newly introduced “Cash Passport MasterCard” is designed to meet the consumption demands of the Chinese during their vacations and study trips abroad. By upgrading traditional traveler’s cheques, this new product intends to provide more secure, convenient and thoughtful services for travelers. Cash Passport MasterCard is available in three foreign currencies, including USD, euro and GBP. By topping up the e-traveler’s cheques in advance, users are able to use them at more than 30 million MasterCard acceptance locations including over 1 million ATMs with MasterCard logo for local currency withdrawals overseas.

The e-traveler's cheque provides flexibility, convenience and security for people travelling or studying abroad. In addition, users can repeatedly top up their cheques as well as track transaction details and available balance online or through customer services. Cash Passport MasterCard also offers security advantages including free 24-hour Travelex hotline, providing cardholders with a range of services, including emergency currency aid and reporting the loss of cards, thereby making their travel more secure, convenient and easy to manage.

No credit cheque and other complicated procedures are required when applying for a Cash Passport MasterCard. Currently, customers can purchase the e-traveler’s cheque at BOC Beijing branches located in Chaoyang district with valid identification card and relevant certification. Successful applicants will also enjoy special privileges offered by Travelex during the initial launch of the cheque.

Cash Passport MasterCard, launched in Beijing, will be gradually promoted to other branch networks of BOC in the future to meet the wider population's financial demands when travelling overseas.

Source: MasterCard