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Smart Money: Cash Passport

Sorry, folks. Traveler’s Checks are a thing of the ancient past. They’ve been replaced by debit cards, credit cards and most recently … Cash Passports.

I’d heard about Cash Passports for several years but was skeptical about them: I always felt deep down that it was some kind of scam. However, after reading some positive testimonials, I decided to try one this year for my trip to England.

You can get a Cash Passport at the exchange company Travelex, found in the international terminals of major airports. You put an initial sum on the card (you get the best deal on exchange rates if you go over a certain amount, like $700) then use it as if it were a debit card, either as a swipe card or to withdraw money from ATMs. It’s widely accepted here in England.

So why use a Cash Passport instead of a debit card? Several reasons.

(1) It has a “chip and pin” system which makes it very secure for use in Europe; over here they consider our non-chip US cards (both debit and credit) very unsafe as it’s much easier to steal information from them.

(2) The amount of the card is in British Pounds (you can also choose Euros) so you only have to deal with exchange rates one time, upon purchase of the card at the airport, and the rest of the time you can figure out everything in British Pounds based on the remaining balance on your card.

In my opinion, it beats having to monitor the exchange rates on your checking account as transactions go through, as well as being charged a percentage for each transaction. The advantage of a Cash Passport over a credit card is similar to that of a debit card with the additional advantage that the CP lets you withdraw cash without charge, whereas a credit card would charge for a cash advance.

You can check your balance online (supposedly — I’ve just been keeping a tally of all my expenses) and if it gets lost or stoelen there’s a number you can call immediately to deactivate the card and you’ll be issued a new one with the remaining balance.

Bottom line is that everyone has a different system and preference for how to handle their money abroad. I’ve tried the CP this year and been very pleased with how it’s worked for me. I think I’ll continue using the CP in my travels in the future. You might want to check it out, too!

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