Absa Bank has launched a multi-currency cash passport, which it believes to be South Africa’s first reloadable prepaid multi-currency travel card.
The card allows cardholders to load multiple currencies on the same card with global reach of MasterCard, which is accepted at 35,9-million locations worldwide.
Cardholders can currently load up to four currencies on the easy-to-use card: US dollar; British pound; the euro; and the Australian dollar. More currencies will be added to the multi-currency cash card at a later stage.
Absa will also be launching an Islamic banking multi-currency cash passport soon, which is a Sharia’h compliant, unique solution for clients travelling overseas.
“Although there are other prepaid travel cards in South Africa, they can only carry one currency at a time. The multi-currency cash passport card has the ability to allow customers to carry foreign exchange loaded with multiple currencies on one card,” says head of retail banking Arrie Rautenbach.
“When the card is used in the destination country, the system intelligently chooses the correct currency depending on the country the cardholder is in, as long as the currency is available. For example, if in the US the system will automatically debit the US dollar purse on the card.
“If an ATM withdrawal or point of sale transaction is made in a currency which is different to any of the available currencies on the card, or exceeds the relevant available currency balance on the card, the amount will be funded by converting the transaction amount onto the next available currency balance on the card.”
Rautenbach says the multi-currency card will provide travellers with great peace of mind.
“It is chip and PIN-enabled for peace of mind, and it is not linked to your bank account. This means it is secure and convenient, taking the hassle out of carrying cash.”
The card also provides travellers with an industry-leading emergency assistance service should the card become lost, stolen or damaged.
Cardholders can simply call a toll-free number from the country they are in and arrangements will be made to provide emergency cash up to the available balance on the card through a reputable money transfer company (typically within 20 minutes) and/or for a replacement card to be couriered to the cardholders location within 24 to 48 hours.
This emergency assistance is provided free of charge and is available 24/7.
Cardholders can currently load up to four currencies on the easy-to-use card: US dollar; British pound; the euro; and the Australian dollar. More currencies will be added to the multi-currency cash card at a later stage.
Absa will also be launching an Islamic banking multi-currency cash passport soon, which is a Sharia’h compliant, unique solution for clients travelling overseas.
“Although there are other prepaid travel cards in South Africa, they can only carry one currency at a time. The multi-currency cash passport card has the ability to allow customers to carry foreign exchange loaded with multiple currencies on one card,” says head of retail banking Arrie Rautenbach.
“When the card is used in the destination country, the system intelligently chooses the correct currency depending on the country the cardholder is in, as long as the currency is available. For example, if in the US the system will automatically debit the US dollar purse on the card.
“If an ATM withdrawal or point of sale transaction is made in a currency which is different to any of the available currencies on the card, or exceeds the relevant available currency balance on the card, the amount will be funded by converting the transaction amount onto the next available currency balance on the card.”
Rautenbach says the multi-currency card will provide travellers with great peace of mind.
“It is chip and PIN-enabled for peace of mind, and it is not linked to your bank account. This means it is secure and convenient, taking the hassle out of carrying cash.”
The card also provides travellers with an industry-leading emergency assistance service should the card become lost, stolen or damaged.
Cardholders can simply call a toll-free number from the country they are in and arrangements will be made to provide emergency cash up to the available balance on the card through a reputable money transfer company (typically within 20 minutes) and/or for a replacement card to be couriered to the cardholders location within 24 to 48 hours.
This emergency assistance is provided free of charge and is available 24/7.