I use password coral - Cygnus Productions [Password Corral - Freeware]
The .pc files it produces are encrypted and opens with a different password.
While exchanging a list of passwords, I give the entire file, and exchange the master password alternatively.
My list of passwords may include:
Application's own login details
But, be sure, that the file contains password information of the ONLY costumer you are dealing, per single .pc file.