Politicians jetting off on holiday this summer can learn a thing or two about budget management from prepaid card provider EZPay – the name behind the Escape Travel Money card.
While Chancellor George Osborne might be a friend of the banks in his day job, even he faces a range of rip-off fees when using his plastic for spending when he’s away in the US. Greedy banks grab an average 3% in charges on overseas spend made on UK-issued debit and credit cards. Worst of all is the whopping £5 ‘cashpoint tax’ levied on large ATM transactions.
Paul Smith, managing director at EZPay, said: “Fingers crossed that Chancellor is determined to show off his budgeting skills while in the US. Ditching his favourite bank card is the only way to go when spending money aboard – the charges can be extortionate. We’d like to think that the man in charge of the nation’s purse is savvy when it comes to keeping a keen eye on every penny so we assume that he has a no-fee prepaid currency card from someone like Escape Travel Money.”
Across the pond enjoying a Spanish holiday, deputy prime minister Nick Clegg should be on the look out for Dynamic Currency Conversion – the practise that allows the option at the point of sale to pay in £ sterling. Dynamic Currency Conversion may sound convenient, but the process means a poor exchange rate, plus an additional fee often around 6% for the pleasure that’s shared between retailers and the bankers.
Dynamic Currency Conversion is a popular money-maker for businesses catering for tourists in Spain, although Clegg has a Spanish wife to use the use the local lingo and request to pay all bills in the local currency. For less fluent holidaymakers, the Escape Travel Money Card website explains how request paying in the best value way in 11 different languages – including Spanish, Portuguese, Greek, Romanian, French and even Russian.
Meanwhile, Tuscany-bound Prime Minister David Cameron is advised to take advantage of the strong Euro now and get a cracking exchange rate with the Escape Travel Money Card. Rates are consistently better than those offered by banks, the Post Office and big high street players such as M&S or travel agencies. By loading cash on to the card in the UK the PM can lock in his holiday euros and carry them safely.
The Escape Travel Money pre-paid Mastercard from EZPay Ltd, part of the Phones4u Group, can be used just like a regular credit or debit card in over 30 million Mastercard locations worldwide including fee-free in shops, bars and restaurants.
For more information and to start saving money when travelling abroad please visit www.escapetravelmoneycard.com.
Source: Escape Travel Money Card