The Visa prepaid card, issued by Bank of The Bahamas International, will allow the holder to shop anywhere in the world where visa cards are accepted.
The official launch date of the Bank of the Bahamas Visa Prepaid Card was on Monday.
The concept is a new and unique one for The Bahamas as well as Bank of the Bahamas as it is the first local financial institution to issue the prepaid card, says John H. Sands, Jr., branch manager of the Grand Bahama Division.
“The impetus does involve globalization,” he noted. “Bank of The Bahamas considers itself a leader in the banking industry and this provides us a wonderful opportunity to set the pace of the market.”
Bahamians love to travel, Mr. Sands says, and despite the fact that they have credit cards, they often times carry heavy amounts of cash on their shopping spree.
The introduction of the prepaid card is intended to lessen the need for Bahamians to take large amounts of cash when they travel.
The value of the card is limited to the amount of money that the cardholder has stored at the time of application
While the new Bank of The Bahamas Visa prepaid card is not intended to take the place of other conveniences like American Express travellers cheques, Mr. Sands says it can be used in the same way, but more conveniently.
He pointed out that there are many dealerships worldwide that accept Visa but not American Express.
Applications have been made available at each of the branches of the Bank of The Bahamas in New Providence, Grand Bahama, Exuma, San Salvador, Andros and Inagua.
An application can be approved instantaneously after it is submitted; however, Mr. Sands points out, because the cards are being created at the bank’s card centre in the capital, they will be sent to the Grand Bahama and Family Island branches within a 48 to 72-hour period.
Applicants in New Providence will receive their card within 24 hours.
The minimum amount that can be loaded on a card is $50 and up to $10,000 without difficulty.
The bank manager explained that loads over $10,000 may be permitted only at the sole discretion of the bank.
A transaction will be declined when the card has insufficient funds. However, one may combine the value of the Visa prepaid card with another form of payment like cash, a cheque or another card.
The Bank of The Bahamas Visa Prepaid card is valid for 12 months from the date of issue.
Failure to use the card for 90 days or more will cause the account to be deactivated.
During the initial launch the Visa Prepaid cards are restricted to Bank of The Bahamas customers.
The bank requires the cardholder to inform the payment card centre immediately if the card is stolen or lost.
“We are confident that this will boost the customer base at the bank of The Bahamas. We are very confident that this particular product is one that will have wide appeal to Bahamians,” he said.
At the end of the business day on Monday, the Bank of The Bahamas, Freeport branch had processed 34 applications.
By LEDEDRA MARCHE, Senior Freeport News Reporter
