Citibank launches World Money card

Our Banking Bureau
16 November 2002

Mumbai: Citibank India today announced the launch of the Citibank World Money Card, a point-of-sale enabled prepaid dollar card for customers travelling overseas. The global launch of Citibank World Money Card is being kicked off in India, a Citibank press release said.

Citibank World Money is a multi-use prepaid (ATM access and point-of-sale enabled) card, loadable only in dollars. Apart from withdrawal of cash from 800,000 Visa ATMs across the world, Citibank World Money allows the customer to purchase goods and services directly by swiping the card at point-of-sale machines, thus offering all the convenience of plastic money.

The Citibank World Money card is protected by a 4-digit secure PIN (Personal Identification Number) which prevents anyone else from using the card, even if it is lost or stolen. Citibank World Money card can be purchased in any amount ranging between $500 to $10,000, subject to individual entitlement, as per the prevailing RBI rules and FEMA.

Citibank will distribute the card through reputed RBI-authorised money changers and Citibank branches. Once the initial purchase value is exhausted, the card can be reloaded at the money changer or at Citibank branches. Reloads will require the physical presence of the customer at the money changer or the Citibank branch, with the exception of corporate travelers who may maintain an account with the money changer or with Citibank.

"Citibank has always been at the forefront of technology to bring our customers newer and better products and we are delighted to be the first bank to enter the pre-paid cards and currency market in India," said Atul Malik, Cards Head - Citibank India. "The Citibank World Money card represents a fundamentally new way to carry foreign exchange when travelling and reaffirms our strong leadership in the cards market. It takes convenience to a new level, offering point-of-sale acceptance and enhanced safety to travelers who require easy access to foreign currency while eliminating the need to carry large amounts of cash. We expect Citibank World Money card to evolve into a compelling alternative to travelers' cheques, given its ease of use, flexibility and security features."

"We are delighted to partner Citibank and extend the benefits of Visa's vast global network of 800,000 ATMs and acceptance at 10 million merchant establishments worldwide to Citibank World Money Card holders," said Mr Santanu Mukherjee, country manager, Visa International, South Asia.