Canada's BMO Bank of Montreal has launched a re-loadable plastic travel money card designed to replace paper travellers' cheques and cash.
The bank says its new pre-paid Travel Mosaik MasterCard is personalised with the cardholder's name and can be loaded from accounts at "most financial institutions". Customers can load the card using an automated bill payment facility through Internet or telephone banking services or at an ATM.
The card is accepted at more than 24 million locations worldwide, says the bank. Travllers can use the card to withdraw cash in the local currency at any ATM that is connected to the Cirrus network.
Nancy Marescotti, director of brand marketing at the bank, says: "Travellers tell us they don't like travellers cheques because not enough merchants accept them and they are too difficult to cash. BMO's Prepaid Travel Mosaik MasterCard is the perfect alternative to travellers cheques because it is accepted almost everywhere, it's easier to use and it's safe and secure."
BMO Bank says the card is safer than cash as it can be cancelled and replaced if it is lost or stolen.
Cardholders also have the opportunity to earn one Air mile reward point for every $40 spent on the card.