Standard Bank has introduced another first in South Africa, a prepaid foreign-exchange travel card known as TravelWallet.
TravelWallet offers the security of travellers’ cheques with the convenience of an automatic teller machine (ATM) and payment card. It has the advantage of allowing travellers to spend on their entire trip at the exchange rate at which they bought their foreign currency. The card can be loaded with euros, pounds or United States dollars.
Customers can use their TravelWallet card to pay for goods and services in any country they are visiting. In addition, they can draw cash at ATMs displaying the MasterCard or Cirrus signs in the currency of the country they are visiting. This means that they do not need to rely on the business hours of Bureau de Change outlets.
On return to South Africa travellers are required by exchange control to convert all unused foreign exchange into rands. This can be done at any MasterCard or Cirrus ATM or at any of Standard Bank’s foreign-exchange outlets.
The card can be used for more than one trip but can load only foreign exchange in the currency shown on the card.
Customers can keep track of their transactions and card balance by logging on to an internet site.
Also, some of the ATMs marked with the MasterCard and Cirrus sign allow them to check the balance on their card.
Lost card protection insurance is automatically provided on all TravelWallet cards. The insurance covers all transactions that are not PIN-based.
Emergency services such as card replacements and cash advances are also offered to all travellers. — I-Net Bridge