Reloadable Visa card will offer users innovative way to exchange currencies on the go
Doha, Qatar - Commercial Bank, one of the leading full service banks in Qatar, Alfardan Exchange, a leading Exchange House in Qatar, and Rêv Worldwide, a payment products innovations company and global prepaid processor, have partnered to develop the first prepaid multi-currency travel card in Qatar and Visa's first in the Middle East. Customers can now buy their foreign currency on a reloadable Visa Prepaid Travel Card that offers several advantages compared to carrying cash abroad.
The Alfardan Exchange Visa Travel Money Card can be pre-loaded with up to five different currencies (Qatari Riyals, US Dollars, Euros, British Pounds and Emirati Dirhams) and can be accessed via the card at a merchant point of sale, or an ATM, in the exact same way a credit card or debit card is used, overseas or in Qatar, wherever Visa is accepted. The new card is now available at any of Alfardan Exchange branches in Qatar, including the Alfardan Centre and Najma Area in Doha, Al Wakrah, New Rayyan, Industrial Area and Al Khor.
The Alfardan Exchange Visa Travel Money Card provides a more convenient and secure way of carrying foreign currency, rather than taking cash when travelling, and has the added advantage of being accepted online. Initial foreign exchange charges are the same as cash and foreign exchange rates are locked in at the time of sale. Lost or stolen cards can be blocked and replaced for customers' peace of mind and used cards can be easily reloaded for subsequent trips, making them ideal for frequent and business travellers. There is also a secure account website and mobile app, that can be set up by the customer, giving the customer real time access to all the required information about their spending, and also enables them to switch their funds between different currencies, dependent on their travel plans.
Speaking at the launch of the new card, President of Alfardan Exchange, Mr. Fahad Hussain Alfardan said, "The new prepaid multi-currency travel card is the result of a partnership between Commercial Bank and Alfardan Exchange, and it is the first of its kind in Qatar."
Commercial Bank EGM, Retail and Consumer Banking, Mr. Dean Proctor, added, "The new Alfardan Exchange Visa Travel Money Card offers a great opportunity to offer the right product to the right customer, at the right time. We know customers use Alfardan Exchange to purchase their foreign currency when they are about to travel overseas. Now we are offering, through Alfardan Exchange branches, the ability for customers to purchase this foreign currency and put it on a universally accepted prepaid reloadable card. This is much more secure for the customer, and gives them real time access to their funds at all times. We look forward to the success of this new product."
"We have been looking at taking our innovative multi-currency travel products to the Middle East for some time, and we are thrilled our first product will be in partnership with Commercial Bank and Alfardan Exchange. Customers in the middle east are ready for a more convenient way to transact as they travel across borders." said John Mitchell, Chief Executive, Rêv Worldwide.
Ihab Ayoub, General Manager, Middle East and North Africa at Visa, said: "Visa is proud to partner with Commercial Bank of Qatar, Alfardan Exchange and Rev Worldwide to launch its first Visa Travel Money card in the MENA region. Customers can look forward to enjoying the conveniences of buying more than one foreign currency on a reloadable Visa prepaid travel card that will also be accepted online. This latest product reiterates Visa's commitment to support innovative financial solutions in the region that promise a convenient and secure payment experience."
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For more information, please contact:
Qatari media
Mona Abdallah
Head of Corporate Communications
Commercial Bank
Tel: +974 4449 0169
Email: m.abdallah@cbq.qa
About Alfardan Exchange
Alfardan Exchange is a leading Remittance, Foreign Exchange Service and Gold Bars provider in Qatar.
Founded in 1971, the company has established strategic partnerships with leading Banking and Financial Institutions around the globe to reinforce its commitment to provide Key Financial Services to its growing customer base.
Alfardan Exchange was the first Financial House in Qatar to adopt Computerized Transfers. It is also the first and only Exchange House in Qatar connected directly to Swift.
Alfardan Exchange has branches throughout Qatar. The company employs a highly qualified and professional team of multinational employees who serve multinational customers in accordance with consistent level of service experience that meets and exceeds customer expectations.
About Commercial Bank
Commercial Bank has total assets of QAR 114 billion as at 31 March 2014. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank's countrywide network includes 34 full service branches and 154 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank's GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 3.5 billion as at 31 March 2014, has 62 branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. UAB is headquartered in Sharjah, with total assets of AED 23.6 billion as at 31 March 2014, and operates 26 branches across the emirates in the UAE. Building on the successful execution of the Bank's expansion strategy to date, Commercial Bank completed the acquisition of a majority stake in Alternatifbank in Turkey in July 2013.
Commercial Bank enjoys strong credit ratings of (A) from Fitch, (A1) from Moody's and (A-) from Standard & Poor's. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) as well as bonds on the London Stock Exchange. Additionally, Commercial Bank's Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland.
The Bank is dedicated to supporting Qatar's community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters and the Grand Prix of Qatar Moto GP reflects the Bank's promotion of excellence in sports and its keen interest in enhancing Qatar's international sporting reputation. To reinforce Qatar's flourishing cultural environment, Commercial Bank is the strategic partner of the Katara Cultural Village. This collaboration symbolises the Bank's commitment to supporting cultural activities in Qatar and making the country a regional arts and cultural hub.
About Alternatifbank (ABank)
ABank was established in 1991 and has been listed on the Istanbul Stock Exchange since 1995. Commercial Bank became the majority shareholder in ABank in 2013 holding a 74.24% stake, following the acquisition of ABank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. Anadolu Group remains a significant shareholder retaining 25% of shares in ABank.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 73 branches in 27 cities (as of 31 March 2014). ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. The Bank's main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management. The Bank has also recently made a strategic decision to re-enter Retail Banking, targeting the "mass affluent segment" in terms of customer profile with tailor made products.
At 31 March 2014, ABank had total assets of TL 10.9 billion, total loans stood at TL 7.1 billion, customer deposits of TL 5.1 billion and shareholders' equity of TL 810 million.
wwweng.abank.com.tr
About Rêv Worldwide
Dedicated to driving widespread commercial availability of innovative financial services around the world, Rêv Worldwide helps partners rapidly and effectively access next generation payment opportunities enabling consumers to make affordable, safe and convenient financial transactions. Rêv's full range of integrated mobile and prepaid debit solutions - including Rêv-branded, co-branded and affinity payment products - are issued by banks, powered by its multi-language, multi-currency processing platform, and delivered by partners and directly to consumers through its growing global retail, online and mobile networks. Rêv is headquartered in Austin, Texas and operates in North America, Latin America, Europe and Asia-Pacific. Learn more at http://www.revworldwide.com.
© Press Release 2014
