(26 June 2009 – Australia) CBA and MasterCard have launched a pre-paid travel card that allows multiple currencies on the one card, described as a world first for MasterCard.CBA announced the launch of the new card, called Travel Money Card, with the key industry first feature of allowing six specified currencies on the one card.
The bank said that the card is the first prepaid travel card that enables travellers to lock in the exchange rate of up to six prominent currencies on one card.
Given the card has been created in conjunction with MasterCard, it will be available at the 28 million locations worldwide, including more than one million ATMs, that MasterCard is accepted.
The Travel Money Card can be loaded with US dollars, British pounds, Euros, Australian, New Zealand and Canadian dollars.
Commonwealth Bank executive general manager, Retail Products, Michael Cant said that the card means that people don’t have the hassle of changing money at their destination and can better manage their spending given the card is prepaid and the currency locked in.
With the card, travellers can keep track of their spending with 24/7 phone and online support and via SMS alerts, CBA said.
The card can be loaded with up to A$25,000 and costs a flat purchase fee of $15, while ATM withdrawals will set you back A$3.50, or the local currency equivalent.
There is no fee when using the card in-store, online or over the phone, at Point of Sale (POS) merchants, and transferring between currencies on the card does not attract a fee.