SwapX, a travel money service, has partnered with paytech firm Global Processing Services (GPS) to launch a new travel money card that allows customers to ‘swap and spend’ in local currencies when at international locations.
Cardholders will be able to send and receive money through one online or mobile app, making the funds available instantly at low exchange rates. The card can be availed at any location enabled to accept Mastercard debit cards.
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The associated mobile app can be used to track expenses in real-time, set balance alerts, control the card and instantly block in case of loss or theft.
Additionally, its SWAPNOW function can be used in the Global SWAPX Exchange to automatically swap funds into the required currency at a lower cost compared to that provided by banks.
SwapX CEO Simon Miles said: “We felt that if you could facilitate putting in contact someone who had the currency you needed, then the ability to swap it at the true rate of exchange would be very appealing for consumers.”
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