Bidvest, MasterCard launches World Currency Card in South Africa

Money Transfer

Bidvest Bank, a fully-fledged niche bank in South Africa and MasterCard have announced the launch of a multi-currency card – World Currency Card.

The card allows South Africans that are travelling around the world to load up to 17 currencies – US dollar, British pound, euro, Australian dollar, Thai baht, Canadian dollar and others, onto the card via mobile and Internet banking, thereby helping to mitigate currency fluctuations and foreign exchange fees.

The card allows travellers to lock-in the exchange rate on the local currency of their destination before travelling, and decide exactly how much they want to spend in a particular foreign currency without having to think about conversion rates.

The multi-currency World Currency Card, which can be loaded both before departure and while travelling, also intelligently matches the relevant currency loaded onto the card with that of the country the travellers are in.

Alternatively, currency can be preloaded or topped up via the Bidvest Bank online forex ordering portal, or at one of the bank’s branches.

MD of MasterCard Prepaid Management Services, Alan King said, “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.”

Cardholders can check balances, transaction history and transfer between currencies via the World Currency Card mobile app, which is available at both iOS and Android app stores or online through the ‘My Account’ online portal.

Cardholders can use the card to withdraw local currency from ATMs worldwide – anywhere there’s the MasterCard acceptance mark.

The multi-currency is MasterCard’s first prepaid travel card that allows cardholders to load up to 17 currencies on the same card.
Source: TechLoy 1 October 2015