MasterCard's Multi-currency Cash Passport, a prepaid chip and pin-protected travel card, is now available from 54 American Express Foreign Exchange bureaus countrywide.
The card can be preloaded with up to four currencies at once – US dollars, pounds sterling, Australian dollars and euros – the MasterCard Multi-currency Cash Passport lets travellers pay for goods and services at millions of merchant locations and withdraw cash from ATMs all over the world where MasterCard products are accepted.
Additional security benefits include emergency cash disbursements and the card is replaced free if lost or stolen. Assistance is available 24/7, globally and can be accessed toll-free in 50 countries. The card’s embedded chip technology offers increased protection against counterfeiting and fraud.
Preloading specific currency amounts onto the Cash Passport prior to travelling reduces currency conversion charges.
In each destination country, the Cash Passport matches the transaction currency with the appropriate currency loaded on to the card so that no further foreign exchange conversions happen. Furthermore, to ensure that purchases are not declined due to an insufficient balance, the Cash Passport will also convert the transaction amount into another available currency loaded on the card when required.
“The Multi-currency Cash Passport is an innovative product that puts cardholders in control of their travel spending. Most importantly, it makes spending in foreign countries safe and easy so that cardholders can enjoy their travels. This is the first card of its kind we’re offering our customers because of its chip and PIN and multi-currency functionality, making it a unique addition to our range of foreign exchange products that we currently offer,” said Andrew McDonic, md of American Express Foreign Exchange.
The Cash Passport links cardholders to their accounts online, so they can check their balance, move money between currencies, review their transaction history and update personal details at any time.
The card is now available at 85 ABSA branches and American Express Foreign Exchange outlets around the country.
