Posted on April 20, 2015

At the annual Visa Prepaid Conference and Awards, held in Dubai on 18 March, Commercial Bank, one of the leading full service banks in Qatar, and Alfardan Exchange, were presented with the regional “Prepaid Card Marketing Campaign of the Year” award.

The prepaid card behind the award is the Alfardan Exchange Visa Travel Money Card, launched in August 2014 in a joint venture between Commercial Bank and Alfardan Exchange. The reloadable prepaid card was a first of its kind product in the marketplace, allowing cardholders to purchase and hold multiple foreign currencies on one plastic, which can then be used to pay for goods and services or to withdraw money from ATMs worldwide, providing a safe and convenient way to carry and manage foreign currencies when travelling.

Dean Proctor, Commercial Bank Executive General Manager, Chief Consumer & Private Banking said of the event: “Commercial Bank and Alfardan Exchange are delighted to have won this prestigious and be recognised at a regional level for the launch of our innovative product. By keeping innovation at the forefront of our business, Commercial Bank has a proven track record of raising industry standards and pioneering innovative solutions that keep pace with the changing needs of our market.”

The President of Alfardan Exchange, Mr. Fahad Alfardan, commented: “We are proud and honored to receive this award, which demonstrates the strategic and positive collaboration between Commercial Bank and Alfardan Exchange by successfully introducing to the market the Alfardan Exchange Visa Travel Money Card to travellers and tourists. This initiative reflects our strong commitment towards quality service and excellence, always striving towards innovative concepts for our customers. The award is a testament of our expertise in the industry for more than 40 years and we will remain dedicated in our continued promise in offering the best services to our valued clients. With the outstanding success of Alfardan Exchange Visa Travel Card we certainly anticipate to introduce more business concepts with similar successes in the future.”

Commercial Bank & Alfardan Exchange had been shortlisted to win the award after the success of their social media campaign over a three-week campaign period. The social media campaign promoting the Prepaid card swept through Qatar, reaching over 140,000 people including many new customers and resulting in an impressive 32% increase in card sales as well as an increase in visits to Alfardan Exchange branches across the country.

Powered by Commercial Bank, 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 at any of Alfardan Exchange branches in Qatar, including the branches located in Alfardan Centre, Najma, Al Wakrah, New Rayyan, Industrial Area and Al Khor 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, depending on their travel plans.