I wanted to take the time to introduce you to CIBC’s new AC Conversion Card, a prepaid Visa which allows you to load up to 10 different currencies on a single card and manage your funds with a mobile app.
The card is reloadable in the following currencies:
- Canadian Dollars – CAD
2. United States Dollars – USD
3. Euros – EUR
4. Great British Pounds (UK) – GBP
5. Mexican Peso – MXN
6. Hong Kong Dollars– HKD
7. Australian Dollars – AUD
8. Japanese Yen – JPY
9. Turkish Lira – TRY
10.Swiss Franc (Switzerland)– CHFAs a frequent traveler, this product is not only exciting but revolutionary!+ No more having to worry about carrying and keeping track of a large amounts of cash in foreign currencies, especially when you’re doing a multi-country trip (this would have been helpful on my last trip around SE Asia – Thailand, Hong Kong, China and Japan).
+ No more having to think about the rate you’re going to be charged in your home currency and trying to quickly convert it in your head.
+ No more getting charged a cash-advance fee to withdraw your previously-loaded foreign currency from a foreign ATM with your credit card, as this card acts as a debit. (Plus, when you’re back at home withdrawals are FREE from a CIBC ATM)
Aside from the benefits I just listed above, the AC Conversion card can be great if you’re pre-empting a currency drop before a big trip and want to lock in the current rate that the banks are offering.
What if I’m traveling to a country that uses a different currency then the ones listed?
No problem. You won’t be able to load the currency before your travels, but you can still spend in that currency. CIBC will tack on an extra 2.5% to the exchange rate for currencies that aren’t supported by the card.
I’ll be keeping you guys updated on how this card works out as I travel, but for now I can definitely say I’m stoked about the idea! I’m not great with keeping track of a big wad of cash and I know that using my debit card overseas rarely works therefore I have to withdraw cash using my credit card which often has me paying double fees (cash advance fee + ATM fee). I also really like the idea that this card is reloadable and I can keep using it and transferring the balance into whatever currency I’ll be needing it for at the time.
You can check out the features of the card and apply at this link here.
(This post sponsored by CIBC.)