National Bank of Abu Dhabi (NBAD) has become the first bank in the Middle East to partner with Travelex, international foreign exchange specialist, for the launch of Cash Passport, a new prepaid travel card for business and leisure travel.
The region’s first Cash Passport card will be launched across the Middle East in partnership with several other banks and financial institutions throughout the summer months, according to Rob Groombridge, Travelex Middle East’s head of Sales.
The new Cash Passport card is currently available at all of NBAD’s 56 United Arab Emirates (UAE) branches but is not restricted to bank customers. Anyone can purchase a Cash Passport card and can credit it with a maximum of $20,000. Each cardholder receives an ATM PIN code, providing access to cash across the world in local currencies via Visa’s cash machine network.
“We are very excited to be the first bank in the Middle East to launch this innovative travel payment solution,” said Steven Haycock, head of NBAD’s Retail Banking. “Accessing cash whilst traveling overseas is often difficult and time-consuming—Middle East holidaymakers will greatly welcome this simple and flexible payment option.”
The new Cash Passport card offers is designed to replace traditional travel payment methods, such as travelers’ cheques. Each prepaid card provides easy withdrawal of cash 24 hours a day from over 800,000 ATMs worldwide displaying the Visa logo in over 130 countries worldwide.
The card also offers a free Latitude Recovery service that ensures the rapid replacement of lost or stolen cards, together with medical and legal assistance at any point of travel.
“One of the key benefits of Cash Passport is that there is no need to be linked to a bank account and, unlike credit or debit cards, the fixed amount on the card means there’s no danger of overspending,” explained Groombridge. “This makes it an excellent budgeting tool and the ideal solution for people who have a preset summer travel fund.”
Cash Passport cards may be regularly re-loaded in a variety of currencies. Transaction history and available balance can be tracked online.
National Bank of Abu Dhabi (NBAD) is the leading bank in the UAE, in terms of total assets, deposits and branch network. With the largest branch and ATM network in the country, NBAD has been serving the people of the UAE since 1968.
NBAD also operates 13 overseas branches in Egypt, Oman, Sudan, UK, France and Bahrain (OBU). The network also includes Abu Dhabi International Bank, a subsidiary incorporated in Curacao, Netherlands Antilles, but which functions as a branch in Washington.
Travelex is the world’s largest foreign exchange specialist, with over 650 retail branches at key airport, seaport and rail locations, in addition to tourist and business centers around the world. The group is one of the world’s leading providers of outsourced travel money to banks, travel agencies and other financial institutions. Travelex is the world’s largest non-bank provider of commercial foreign exchange services and also the world’s second largest issuer of travelers’ cheques.
Following its £440 million acquisition of Thomas Cook Global and Financial Services in November 2000, Travelex acquired the rights for use of the Thomas Cook Global & Financial Services brand for up to five years and in perpetuity for Thomas Cook Travelers Cheques. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
