THE new digital features
for the Nedbank Travel
Card, which were
launched last month, have,
according to the bank, made
it the first multi-currency card
in the market offering the
facility to reload the card from
a cellphone.
The Travel Card allows
customers to load up to eight
different currencies on a
single MasterCard debit card.
Brett Evans, senior
product owner of Nedbank
FX Online, explains that
the Nedbank Travel Card is
now fully integrated with the
bank’s Money App, allowing
customers to instantly reload
their wallets directly from
their cellphone at any time.
While Nedbank does not
presently offer travel agents
commission for referring card
sales, Brett says the bank
is in strategic partnership
talks with a number of travel
consortiums.
Multi-currency cards are by
far the most cost-effective
method for purchasing forex,
says Brett.
“Credit card companies add
serious surcharges to forex
switches, which could be as
high as 9%. Comparably, the
Nedbank Travel Card charges
roughly a 2% commission
plus a small forex margin.
These fees also tend to be
cheaper than foreign bank
note charges.”
