Travelex, a foreign exchange, insurance and payments specialist, is debuting its Corporate Cash Passport which allows companies to centralize and manage travel budgets. It will also reduce administrative waste, provide auditing capabilities, increase security and ultimately save money.
The card is loadable with U.S. dollars and has the MasterCard Brand Mark and bearing MasterCard protections such as Purchase Assurance Service and Lost Luggage Service. This allows the card to be used anywhere Debit MasterCard is accepted and at ATMs around the world to withdraw cash in local currency.
"According to our research at least a third of business travelers consider their employer's overseas business expenses are too high," said Christopher Russell, Travelex's executive vice president of outsourcing, Americas. "Through the online management tools companies can carefully monitor business travel expenses overseas or anywhere their employees need to travel."
The Corporate Cash Passport transfers funds from the cards to company funds and back again any time during the three-year life span of the card. The card offers control by allowing managers to view exactly how much was spent on given days, watch over employee card funds and keep a check on total expenditure. Card accounts can even be set up with a specific hierarchical structure to better match company loading and management processes.
"Employees will likely notice the difference from previous methods of receiving travel funds right away," Russell said. "They won't have to worry about carrying large amounts of cash or dealing with travelers cheques. Plus, they can check their funds and balances online from anywhere."