CIBC and Air Canada team up to launch global currency card

Nicole Gibillini, BNN Bloomberg

International Currency overseas markets euro euros british pounds rupees , Dreamstime

Air Canada and CIBC launched a global currency card on Monday that will allow Canadian customers to make purchases around the world using up to 10 different currencies.

In order to apply for the card, you must be a permanent resident of Canada, have a Canadian address and be the age of majority in your province, CIBC director of public relations Olga Petrycki told BNN via email.

The prepaid card is managed through a mobile app and can be used anywhere Visa is accepted. Customers who don’t have a smartphone can manage their card online.

“This innovative card gives travellers flexibility and security when dealing with foreign currencies so they can focus on exploring new places,” Duncan Bureau, vice-president of Global Sales at Air Canada, said in a release.

Cardholders can make purchases online and at restaurants, and are allowed one free ATM withdrawal in each country per month.

Petrycki said the foreign exchange rates are fixed at time of purchase, and are based off of CIBC’s live streaming interbank rates.

“The customer locks in the exchange rate at the time-of-load, giving the cardholder peace of mind as to exactly how much they are spending abroad,” she said.

This is the first multicurrency card in North America that can hold 10 distinct types of currency, but MasterCard’s Cash Passport offers a similar service through Travelex.

Here is a list of currencies that can be used through Air Canada and CIBC’s new card: