South African lender Bidvest Bank has teamed up with MasterCard to introduce the new Multi-Currency World Currency Card.

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The new offering enables cardholders to load up to 17 currencies on the same card at any time.

The currencies supported by the card include the United States Dollar, British Pound, Euro, Australian Dollar, Thai Baht, Canadian Dollar, Argentine Peso, Brazilian Real, Indian Rupee, Chinese Yuan, Israeli Shekel, United Arab Emirates Dirham, Mauritian Rupee, Saudi Riyal, Japanese Yen, Swiss Franc, and New Zealand Dollar.

The Multi-Currency World Currency Card matches the relevant currency loaded onto the card with that of the country they are in. It can be loaded before departure as well as while travelling, with any one or all of the 17 currencies.

Cardholders can then use the card across the globe to make payments for purchases at merchant locations or withdraw cash from ATMs wherever MasterCard Acceptance Mark is displayed.

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Travellers can lock-in the exchange rate on the local currency of their destination, which would help them decide how much they want to spend in a particular foreign currency while relieving them of the worries of conversion rates.

The card incorporates the Chip and PIN technology, and ensures additional security to cardholders as it is not linked to their primary bank account or credit card.

In case of lost or stolen card, a free card replacement will be delivered to the cardholder abroad in 24-48 hours.

Cardholders will be able to check balances, transaction history as well as transfer between currencies through the World Currency Card mobile app, available from the iOS and Android app stores, or online through the My Account online portal.

In addition, currency can be preloaded or topped up through the bank’s online forex ordering portal, or at one of the branches of the bank.

Bidvest Bank managing director Japie van Niekerk said: "Cardholders can make instant transfers between the various currencies on the card, for example if a specific currency is depleted. We have also made topping-up of funds an easy process, giving our clients the ability to reload any currency on their card."