The card is a no-name offshore Visa Electron pre-paid debit card denominated in EUR (which is converted at the ATM or POS to the local currency). This is a generic card and does not require the card holder name to be on the card. Based on client input we chose EUR denomination rather then USD this time. Funds sent by wire transfer for loading will be sent in EUR through European banks only and therefore do not need to traverse through U.S. correspondent banks and all that that entails. These cards also allow for rapid funding from any EU based IBAN account if you have one. Please note that regardless of the base currency used for loading and accounting, local currency will be issued by the actual ATM machine. Loading options will be via wire transfer, cheque, Moneygram/WU plus a number of e-currency and e-payment provider options will also be available for additional loading methods.
These cards have the 3 digit CVC code on the back activated so that they can be used like a regular credit card for internet and mail/telephone order transactions. They are accepted at all merchants anywhere Visa is accepted worldwide so long as the merchant processes their cards electronically which is now almost universal. The card is accepted anonymously at all ATMs with the Plus and/or Visa logo with a EUR 3,000 (USD 4,050) daily cash withdrawal maximum. There is a EUR 300 (USD 405) maximum per single swiped ATM transaction, but just about all ATM’s allow multiple transactions in succession with the same card. The POS daily maximum is the same as well, however it is possible to do a single transaction up to the daily EUR 3000 (USD 4050) limit in this way.
Each card can be loaded with a maximum of EUR 80,000 (USD 108,000) per annum. Two cards are allowed per cardholder. Card fees are as follows: ATM cash withdrawal fee: EUR 3.80, POS transaction fee EUR 1.50, monthly fee EUR 3.80, load fee EUR 5 (+ 3% by wire transfer, + 5% by cheque, + 8.5% by Western Union or Moneygram, other e-payment and e-currency load options to be announced shortly).
A minimum EUR 20 (USD 27) balance must be maintained and if the card balance falls below EUR 10 (USD 13.50) at any time the account is automatically closed and cannot be re-opened without going through the account opening procedure all over again, paying the replacement card fee and obtaining a new card. Due to constantly changing currency exchange rates we advise that the initial minimum load amount be kept on the card as a buffer in case you miscalculate the currency conversion rate from your local currency to EUR and/or forget to take into account ATM and POS transaction fees.
Loading takes time about 2-3 working days.
* Shipping or any delivery costs are not included in the card price.