Absa launches multi-currency card
Absa has launched a multi-currency cash passport, which allows South Africans to carry multiple foreign currencies safely and on one card.
The card enables cardholders to load multiple currencies on the same MasterCard, including US dollars, British Pounds, Euro and Australian Dollars.
More currencies will be added to the Multi-Currency Cash Card at a later stage, Absa said.
The card is chip and PIN enabled for security, and is accepted at 35.9 million locations worldwide.
“When the card is used in the destination country, the system intelligently chooses the correct currency depending on the country the cardholder is in, as long as the currency is available (for example, if in the US the system will automatically debit the US Dollar purse on the card),” said Absa head of retail banking, Arrie Rautenbach.
“If an ATM withdrawal or point of sale transaction is made in a currency which is different to any of the available currencies on the card, or exceeds the relevant available currency balance on the card, the amount will be funded by converting the transaction amount onto the next available currency balance on the card.”
According to Absa, the card also provides travelers with emergency assistance services should the card become lost, stolen or damaged.
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