Myanmar Apex Bank Launches Visa Travel Card

American payment network giant Visa Inc and Myanmar Apex Bank (MAB) last week announced the issuance of MAB Multicurrency Travel Prepaid Card for Myanmar citizens to use while travelling abroad.
The Visa Multicurrency Travel Prepaid card will allow cardholders to load up to three currencies – Euro, USD, SGD – onto a single card. A maximum of $5,000 can be loaded at once, and the card is reloadable with chip and PIN protection.
The Visa card will also offer its users the ability to lock in exchange rate before travel to avoid fluctuating exchange rates. The card will allow Myanmar citizens to withdraw money from about 2 million worldwide ATMs that accept Visa cards, Visa Inc said.
MAB managing director U Win Min said, “The card can’t be used locally. It targets those who are often abroad on business, and students and holiday makers. No card holder will need to carry a lot of cash and they can use this card with confidence and ease.”
Somboon Krobteeranon, Visa country manager, Myanmar and Thailand, said by collaborating with MAB, Visa is paving the way for Myanmar citizens to reach the international currency market with the use of electronic payment.
“The expansion of payment networks will go a long way provide development of Myanmar’s finance constitution from major role.”
MAB will start issuing the travel prepaid cards starting from November 28.
Visa introduced its payment systems in Myanmar in December 2012, and since then transactions on Visa cards by tourists, inclusive of ATM withdrawals, have accounted for $15 million, the company said.
In Myanmar, Visa cardholders can withdraw cash from more than 250 ATMs, and make payments at more than 600 retail points across the country.