The benefits to the cardholder are that funds are transferred across borders instantly at low cost – useful for migrant workers who are often unbanked and have no credit history. The cards can be used to make purchases worldwide at any MasterCard or Visa merchant or ATM. Cardholders also do not need to undergo a credit check.
Money Transfer Cards – Remittance cards
Sometimes referred to as remittance cards, they are designed to compete with traditional money transfer. Two prepaid cards are issued under the primary card account and allow instant transfer of funds from the primary card to the secondary card.
- Secure Chip and Pin Cards
- Safe alternative to cash when travelling
- Cards accepted worldwide at retail and online
- Can access cash in local currency
- Card locations worldwide
- Protects against theft, identity fraud and loss of cash when travelling
- No interest or late fees payable
- Re-loadable (fundable) prepaid card
- MasterCard or Visa logo
- Worldwide point of sale access
- Custom card designs available
- Card activity and balance information available via Web or IVR