Stanbic salvages travellers from forex costs - CNBC Africa

Stanbic salvages travellers from forex costs


by Trust Matsilele 0

Stanbic salvages travellers from forex flux costs. PHOTO: Stanbic Bank

“The new MasterCard-branded card offers a safer and more convenient alternative to foreign currency notes and allows both customers and non-customers of the Stanbic Bank to load and have access of up to four foreign currencies on a single card,” said the company.

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The company noted that by using the Stanbic MoneyWallet Multi-Currency Card, travellers can avoid forex and cross currency fluctuation costs.

Travellers face challenges especially when travelling and trading between the United States, United Kingdom, Europe and South Africa.

Nana Dwemoh Benneh, head of personal and business banking at Stanbic Bank Ghana said, the company was intending to provide solutions to its clients by bringing this new offering.

“We are in the market to provide state of the art solutions for our customers to help improve their lives. The introduction of MoneyWallet is one of the many interventions that we will roll out this year to continually advance the business of customers,” noted Benneh.

“With Stanbic MoneyWallet it is no longer necessary for our customers to worry about carrying cash during their travels. The global accessibility of this card will ensure that our customers will always have a convenient way of doing their financial transactions with a card in their hands.”

The Multi-Currency Card is also enabled for ecommerce transactions, and can be used for Point of Sale (POS) purchases and ATM cash withdrawals at more than 36.9 million locations in over 210 countries where MasterCard is accepted. 

Cardholders can load the British pound, US dollar, the South African rand and the Euro. The value of foreign exchange is locked in upon purchase, protecting the cardholder against foreign exchange rate swings and attendant loses.

Nii Odartey Lamptey, manager of transactional products at Stanbic Ghana said, the company intends to attract the company’s customers and non-customers.

“We are keen on encouraging all to use cards a lot more and to use cash a lot less as that serves our customers, our clients and our country better.”