Posted on August 24, 2014

Commercial Bank, one of the leading full service banks in Qatar, Alfardan Exchange, a leading Exchange House in Qatar, and Rêv Worldwide, a payment products innovations company and global prepaid processor, have partnered to develop the first prepaid multi-currency travel card in Qatar and Visa’s first in the Middle East. Customers can now buy their foreign currency on a reloadable Visa Prepaid Travel Card that offers several advantages compared to carrying cash abroad.

The Alfardan Exchange Visa Travel Money Card can be pre-loaded with up to five different currencies (Qatari Riyals, US Dollars, Euros, British Pounds and Emirati Dirhams) and can be accessed via the card at a merchant point of sale, or an ATM, in the exact same way a credit card or debit card is used, overseas or in Qatar, wherever Visa is accepted. The new card is now available at any of Alfardan Exchange branches in Qatar, including the Alfardan Centre and Najma Area in Doha, Al Wakrah, New Rayyan, Industrial Area and Al Khor.

The Alfardan Exchange Visa Travel Money Card provides a more convenient and secure way of carrying foreign currency, rather than taking cash when travelling, and has the added advantage of being accepted online. Initial foreign exchange charges are the same as cash and foreign exchange rates are locked in at the time of sale. Lost or stolen cards can be blocked and replaced for customers’ peace of mind and used cards can be easily reloaded for subsequent trips, making them ideal for frequent and business travellers. There is also a secure account website and mobile app, that can be set up by the customer, giving the customer real time access to all the required information about their spending, and also enables them to switch their funds between different currencies, dependent on their travel plans.

Speaking at the launch of the new card, President of Alfardan Exchange, Mr. Fahad Hussain Alfardan said, “The new prepaid multi-currency travel card is the result of a partnership between Commercial Bank and Alfardan Exchange, and it is the first of its kind in Qatar.”

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Commercial Bank EGM, Retail and Consumer Banking, Mr. Dean Proctor, added, “The new Alfardan Exchange Visa Travel Money Card offers a great opportunity to offer the right product to the right customer, at the right time. We know customers use Alfardan Exchange to purchase their foreign currency when they are about to travel overseas. Now we are offering, through Alfardan Exchange branches, the ability for customers to purchase this foreign currency and put it on a universally accepted prepaid reloadable card. This is much more secure for the customer, and gives them real time access to their funds at all times. We look forward to the success of this new product.”

“We have been looking at taking our innovative multi-currency travel products to the Middle East for some time, and we are thrilled our first product will be in partnership with Commercial Bank and Alfardan Exchange.  Customers in the middle east are ready for a more convenient way to transact as they travel across borders.” said John Mitchell, Chief Executive, Rêv Worldwide.

Ihab Ayoub, General Manager, Middle East and North Africa at Visa, said: “Visa is proud to partner with Commercial Bank of Qatar, Alfardan Exchange and Rev Worldwide to launch its first Visa Travel Money card in the MENA region. Customers can look forward to enjoying the conveniences of buying more than one foreign currency on a reloadable Visa prepaid travel card that will also be accepted online. This latest product reiterates Visa’s commitment to support innovative financial solutions in the region that promise a convenient and secure payment experience.”