CIBC announced on Monday (Sept. 26) the availability of the CIBC Smart Prepaid Travel Visa card, which is preloaded with the denominations used by Canadians when they travel. In a press release, CIBC said the cards will include U.S. dollars, euros, pounds and Mexican pesos and are the first reloadable foreign currency prepaid cards available via a big Canadian bank.
“Our new CIBC Smart Prepaid cards are the latest example of leveraging innovation to deliver a better client experience,” said Bijal Patel, EVP of products at CIBC, in the press release. “Having the option to carry a prepaid card in foreign currency delivers a more secure, convenient experience for clients when they are traveling and gives them peace of mind knowing that they’ve prepaid for their travel expenses before they leave home.”
According to the company, with the preloaded card, clients can complete their foreign exchange transactions before they travel overseas and make point-of-sale transactions, ATM withdrawals and online purchases anywhere Visa is accepted in the currency of the card.
CIBC said in the release the new card is an example of how the bank is leveraging innovations to meet the needs of its clients. The announcement comes on the heels of CIBC’s new partnership with Air Canada in which the CIBC Air Canada AC Conversion prepaid card, which is a multi-currency prepaid card, is now available through Air Canada. “Our view is that, where innovation can deliver a better solution for clients, we will reshape the way we do business to deliver on their needs,” added Patel. “In cases where that means we need to completely reinvent a process or change a traditional way of doing business, we’re willing to do that.”
In addition to the two recent announcements, the new card also builds upon the recently launched Global Money Transfer service, which lowered the upfront foreign currency transfer fees to zero for Canadians sending money overseas to family and friends.