Online agents now happy, Forex card launch
Online agents are now happy because of the launching of the forex card. They should wearing a big smile on their face. Forex card will be a great help for all online agents.So good luck to all agents!
A new pre-paid cash card is tipped to give online agents easy entry into a £2.5 billion market and provide an alternative to the foreign exchange “rip-off culture”.
MyTravelCash Card launched this week, with On Holiday Group chief executive Steve Endacott named as a non-executive director. Myles Stephenson (left) and Steve Endacott launch MyTravelCash.
Endacott will be at next week’s ITT conference in Dubai to promote the card.
He claimed it offered customers the most affordable way to buy foreign exchange, and opened a new market for online agents.
Endacott slammed the current forex sector, echoing a recent Which? Holiday report that concluded that customers pay exorbitant fees and are charged uncompetitive exchange rates.
The worst offenders were airport outlets where 40% of travellers buy foreign exchange.
“Online players have zero forex income but have an enormous amount of traffic. One visitor in 100 might buy a holiday, but the other 99 will buy forex somewhere,” said Endacott.
He estimated that the UK’s five million annual dynamic package customers each take £500 spending money abroad, equating to £2.5 billion.
MyTravelCash Cards are available in euros and US dollars and are backed by Mastercard and Newcastle Building Society.
Agents selling them will be offered commission based either on the amount uploaded or number of cards issued.
Endacott, who claimed he liked the idea so much he tried to buy the company, said the main issue was raising awareness.
The firm behind the cards, CorporatePay, has an agreement with VisitBritain to market pre-paid cards for inbound visitors from Europe and the US.
Myles Stephenson, chief executive of CorporatePay, said because it bought and sold foreign exchange it could manage its rates better and this gave it greater “cost efficiency”.
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