card from Creditbank
The card targets business and leisure travelers
Creditbank launched a Multi-Currency Prepaid Card by MasterCard, offering its holder the ability to benefit from eight currencies by using two versions of cards, each one of them having four currencies simultaneously.
“This card is designed for frequent travelers that have multiple destinations,” said Hanadi Saad, Head of Retail at Creditbank. “It can be used by business or leisure travelers,” she said.
The first card offers a package of four currencies including the US dollar (USD), the euro, the Great British pound (GBP), and the Canadian dollar (CAD). The second card offers USD, Emirati dirham (AED), Kuwaiti dinar (KWD) and Saudi Riyal (SAR).
“We launched this card in these currencies based on market studies and client demand,” said Saad. “We may consider launching the card with other currencies in the future,” she said.
The card costs $15 and is valid for one year. Saad said “this cost is minimal and the customer may withdraw the money from it once it expires.” There is no determined limit for the card. It may be opened with $15 and replenished with funds exceeding $10,000, according to Saad. “But starting with this amount, the bank will start applying its internal procedures to keep in compliance with regulators’ requirements and avoid issues related to fraud and money laundering,” she said.
The exchange rate is locked the moment the holder activates the card. “The exchange rate of currencies on this card is fixed and the client is well protected against any speculation in currencies, wherever his/her destination,” said Saad.
The card may be replenished at any Creditbank branch and offers the option of online transfers from one currency to another. “If the card holder spent all his money on the card during his presence abroad and wants to replenish it, he/she will need to notify the bank in writing before we can fill the card again,” said Saad.
The card is chip and PIN protected for maximum security with an easy transaction tracking system via SMS alerts. “In case of loss, the client has to notify the bank to cancel this card, like any other measures related to our plastic cards,” said Saad.
Reported by Leila Rahbani
Date Posted: Feb 19, 2015