A new prepaid travel card has been launched by Endsleigh and Tuxedo Money Solution which offers business travellers more control over spending when abroad.

The card, which can be used at ATMs and wherever MasterCard cards are accepted, can be loaded with cash via an online facility and offers a fixed competitive exchange rate into any foreign currency. The card balance can be checked 24 hours a day and can be instantly blocked.

John Sharman, CEO, Tuxedo Money Solutions, said there was an opportunity for other companies to partner with Tuxedo to offer a cobranded or white labelled card.These offer companies more control over employees’ spending when abroad.

Tuxedo has created partnerships for this purpose with a number of businesses including MSM Business Solutions which uses them for expenses for staff who travel regularly, while Tesco has a payroll card through Tuxedo that they use to pay staff in non-UK denominations if they are overseas.

“The card offers an effective way to budget company expenses,” he said. “Employees can be given a pre-loaded travel card for business trips and meetings to ensure spending is capped, company finances are secure and it’s easy to top up.”

The Endsleigh Prepaid Travel Card, which can also be purchased by individuals, costs £9.95.