Currency Solutions launches pre-paid FX MasterCard

Source: Altair Financial Services

Altair Financial Services International Plc (Altair), a leading global prepaid business solutions provider, has announced the launch of an innovative prepaid Foreign Exchange [FX] card for Currency Solutions, a specialist in the foreign exchange industry.

Having established a niche as a specialist provider of corporate and personal foreign exchange, Currency Solutions sought to provide greater freedom and mobility for their clients. PocketCurrency card is the solution.

As a prepaid currency card developed specifically for travel, PocketCurrency is available in Pounds Sterling, Euros and US Dollars. It provides cardholders with highly competitive, commission free, foreign exchange rates and the freedom and convenience to manage the card from anywhere in the world.

The card programme was made possible with the technical expertise of Altair. With a history of successful technical collaborations in 2008 already, Altair CEO Lee Britton comments: "Prepaid travel cards are still a relatively untouched market. We are delighted to deliver our expertise and innovation to Currency Solutions with the launch of the PocketCurrency. Currency Solutions are already recognised as innovators in foreign exchange and currency trading circles and PocketCurrency will add to their portfolio of innovative services."

Providing greater savings, freedom and security to travellers were high among the demands for the new form of travel money. With the combination of Currency Solutions' privileged position in the foreign exchange market and Altair's security and technical expertise, the result is a card that delivers in value, convenience and security for its users.

In terms of savings, PocketCurrency is a convenient and cost effective solution for travellers, providing superb foreign exchange rates without commission charges or exorbitant fees.

To allow greater freedom, the cards are MasterCard branded and can be used for purchases at over 27.3 million merchant locations globally. Cash can be accessed 24/7 at over 1.2 million ATMs wherever cardholders see the MasterCard acceptance mark.

PocketCurrency is issued by Newcastle Building Society and for enhanced security the cards offer the added benefit of Chip and PIN protection, which makes the cards safer than cash while providing cardholders with greater financial control. Unlike a debit or credit card, PocketCurrency is not linked to the cardholder bank account details, and hence no sensitive banking details are associated with the card. Since PocketCurrency is prepaid and does not have a credit facility, there is no need to pass a credit check, and fraudsters can not take advantage of overdraft or credit facilities.

As an additional security measure, Altair Mobile Payment System (AMPS) gives cardholders the ability to lock and unlock their card using a registered mobile phone. Once locked, the card cannot be used to complete transactions until it is unlocked by the cardholder using a PIN. AMPS also allows the ability to check your balance and add funds to PocketCurrency cards from anywhere in the world.

Harry Enver, Executive Director of Currency Solutions, is excited about the potential of PocketCurrency to revolutionise the way we spend money abroad. "We live in an increasingly interdependent world. Today, borders are no restriction to the movement of people, so why should they be for currency?"

"We sought to give our customers value for money and more freedom abroad. We are excited to bring this new product to the market knowing the benefits it will bring for travellers. By saving money as well as gaining freedom and added security, PocketCurrency is travel money made easy."

The versatility of the card is also expected to appeal to corporate travellers. The card provides easy management of international expense accounts and salary payments for both local and offshore staff.

Prepaid cards are gaining in popularity at present as companies and individuals look to reign in their budgets in the current economic climate. The freedom and security of PocketCurrency, as well as the cut price exchange rates, make PocketCurrency an excellent choice for spending money abroad.

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