Travelex has teamed up with MasterCard and Access Prepaid to launch a prepaid card for travellers.

The new Multi-Currency Cash Passport Prepaid MasterCard, available in the US, can carry up to five different currencies simultaneously.

The currencies available are pound sterling, Japanese yen, Canadian dollars, Australian dollar and euros. Additional currencies will be added in the future.

Michael Weitzman, group executive, U.S. Markets, MasterCard, said "This new program helps provide our cardholders greater peace of mind as they plan travel across North America or around the globe. Now they have the convenience of shopping in local currencies all on one chip card."

The card is not connected to the holder’s bank account, can be replaced if it is lost or stolen and incorporates a magnetic stripe as well as chip and PIN technology.

Funds can be withdrawn from ATMs around the world, transferred between cards, and loaded onto the card online or in Travelex stores.

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Jon Dario, president of Travelex Currency Services Inc, said: "The Multi-Currency Cash Passport was developed in response to demand from customers who are searching for enhanced convenience while travelling abroad. We understand the need to evolve with market and industry trends."

The card will be available to www.travelex.com and 200 Travelex stores around the US.

The launch of the card is coupled with a competition for consumers to win one million airline miles.

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