Bidvest Bank and MasterCard have introduced a Multi-Currency World Currency Card that allows travelling South Africans to load various currencies onto the card via mobile and Internet banking.
This is MasterCard's first prepaid travel card that allows cardholders to load up to 17 currencies on the same card at any time, and helps mitigate currency fluctuations and foreign exchange fees.
Cardholders can check balances, transaction history and transfer between currencies either via the World Currency Card mobile app ? available at both iOS and Android app stores ? or online via the 'My Account' online portal. Alternatively, currency can be preloaded or topped up via the Bidvest Bank online forex ordering portal, or at one of the bank's branches.
"Three main priorities for cardholders when travelling are safety, the convenience of being able to use a payment card worldwide and not spending a fortune on unplanned fees," says Alan King, MD of MasterCard Prepaid Management Services.
He says the new card provides peace of mind for all of these and offers a safe alternative to carrying cash when travelling abroad.
The card also allows travellers to lock-in the exchange rate on the local currency of their destination ahead of time, and decide exactly how much they want to spend in a particular foreign currency, without having to think about conversion rates. The card also intelligently matches the relevant currency loaded onto the card with that of the country they are in.
"For example, if both pounds sterling and euros are loaded onto the card at the same time and the cardholder is in London, the card will automatically default to the pound wallet in order to avoid additional foreign exchange fees," says MasterCard.
The Multi-Currency World Currency Card can be loaded both before departure and while travelling via the app or online.
"Cardholders can make instant transfers between the various currencies on the card; for example, if a specific currency is depleted. We have also made topping-up of funds an easy process, giving our clients the ability to reload any currency on their card," says Japie van Niekerk, MD of Bidvest Bank.
*The 17 currencies are: US dollar, British pound, euro, Australian dollar, Thai baht, Canadian dollar, Argentine peso, Brazilian real, Indian rupee, Chinese yuan, Israeli shekel, United Arab Emirates dirham, Mauritian rupee, Saudi riyal, Japanese yen, Swiss franc, and New Zealand dollar.
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