MANILA, Philippines - East West Banking Corp., the main banking unit of the Filinvest Development Corp. (FDC), is launching next week Southeast Asia’s first multi-currency prepaid card.
The multi-currency card can load up to six different currencies in just one card – US dollar, euro, British pound, Hong Kong dollar, Australian dollar and Japanese yen.
“Pay off your purchases cashless through point-of-sale (POS) terminals from all Visa-affiliated merchants abroad regardless of the currencies you loaded,†EastWest Bank said.
The pre-paid card will also be more secured as it is not linked to any of the client’s bank accounts.
Any purchases made through the prepaid card, Eastwest Bank said, would require the client’s signature .
One of the features of the card is that it has locked-in exchange rates.
“Your exchange rate is locked-in for the currencies you’ve loaded. No need to worry about fluctuating exchange rates or to look for money exchange counters to give you the best deal on your rates. You can also withdraw local currencies from all VISA-affiliated ATM worldwide,†the bank said.
There is also no need to open a foreign currency denominated account.
Clients also need not worry about lost cards. “Worry no more about losing access to your funds while abroad as this comes with a companion card which you may use as an emergency card if you lose your primary card,†the bank said.
The card would also be easy to manage as it keeps track of load balances, view transaction details, view and print statements, change PIN and lock/unlock cards by logging in at the bank’s website.
It will also be economical to use the prepaid card as it has no foreign currency conversion fees, annual fees, minimum maintaining balance requirement, high initial deposit requirement, dormancy fees and other finance charges a usual card or travelers’ cheques may charge.
The card has an unlimited use and global recognition feature.
“EastWest Travel Money provides you with a convenient way to carry your money and make purchases without the bulky cash. With over 30 million VISA-affiliated establishments and 350,000 online merchants worldwide, your cashless shopping options are virtually limitless,†said EastWest.