Philippine EastWest Bank has launched a prepaid card for frequent travellers that can carry up to six foreign currencies.
The card is valid for five years and can carry currencies including Euros, US dollars, British pounds, Australian dollars, Hong Kong dollars and Japanese yen. The bank plans to launch an initial 15,000 cards across its 310 branches which can be loaded with up to PHP500,000 ($11,500).
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President of EastWest Antonio Moncupa said: "The EastWest Travel Money card provides practicality and security to travellers who can now purchase foreign currencies for loading onto their cards when exchange rates are low."
Once currency is loaded onto the card, the exchange rate is locked in, protecting customers from fluctuating exchange rates.
Travellers can also use the card to withdraw money in local currencies from 2m ATMs worldwide and use it for transactions with merchants that accept Visa.
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