While my travels outside North America have been far less than in previous years, I’ve had countless business travel south of the border for work projects this year. As you can probably imagine, I’ve had my fair share of nightmares on the road during business trips. Like having my credit card and/or debit card compromised while abroad, resulting in my financial institution having to shut them down for security reasons. Trust me, it is THE worst! And my struggles don’t end there unfortunately. Over the last year for some strange reason, my bank client card began having issues in most ATM machines outside the country. With my frequent travel to NYC for work projects, it had started to become quite an annoyance.
The last thing anyone wants to worry about while traveling is having issues accessing money. So, I’ve learned a few tricks and tips along the way helping turn me into a savvy traveler, but of course the learning never stops. I usually make sure to never leave the country without some cash in my destination’s currency but this starting to pose as an issue when the Canadian dollar continued to plummet. I mean, have you ever had leftovers of a foreign currency after a trip and tried to re-convert them to Canadian dollars? If not, DON’T!!!
Enter the new CIBC Air Canada AC Conversion VISA Card. I did some research on CIBC’s latest card offering a few weeks ago, desperate to discover anything that would help me in my future travels. I’ve dabbled with a prepaid credit card or two in the past, but this one is in it’s own league. Similar to other prepaid Visa card options, you load the card with funds and you can use it for transactions anywhere Visa is accepted. But one of the biggest things that sets the Conversion card apart from the rest is that you are able to load it with up to 10 currencies, and manage your funds through a dedicated app. Yes, that is not a typo – 10 different currencies, so naturally it is an appealing option when traveling or booking ahead and can also be used at restaurants, stores, for online purchases and even for withdrawing local currency from ATMs.
So what does this mean? 1) No more line-ups at banks and currency exchange centres, 2) No more fear that your bank card will not work in ATMs abroad (FINALLY) and 3) Allows you to avoid those crazy credit card fees, making this card one hell of a travel companion. And if that’s not enough, if you order your card before December 31st , you can receive 15% off select Air Canada flights.
I took the card out for its first test drive a couple weeks ago on my last trip to New York and was able to check my card balance, view current exchange rates, move funds between different currencies, reload more money to my card and view all of my NYC transactions right through the mobile app on my phone. All sounds great right? It did to me but that didn’t stop me from delving a bit deeper into things such as CIBC’s Air Canada’s Conversion card’s supported currencies, expiry policy, transaction limits and associated fees, so here’s the skinny:
- Canadian Dollars – CAD
- United States Dollars – USD
- Euros – EUR
- Great British Pounds (UK) – GBP
- Mexican Peso – MXN
- Hong Kong Dollars– HKD
- Australian Dollars – AUD
- Japanese Yen – JPY
- Turkish Lira – TRY
- Swiss Franc (Switzerland)– CHF
Luckily, the funds on this card will never expire. However the card itself will expire on the last day of the month printed on the card. There’s no need to worry if the card expires with a balance on it though, all you need to do is call the number on the back of the card to get a replacement. *A replacement card will not be sent out automatically after it’s expired – it must be requested.
|Minimum load amount (single Transaction)||$100 CAD equivalent|
|Maximum load amount (single Transaction)||$3,000 CAD equivalent|
|Maximum balance||$20,000 CAD equivalent|
|Daily (24-hour) maximum point of sale purchase limit||$3,000 CAD equivalent|
|Daily (24-hour) maximum ATM withdrawal limit||$2,000 CAD Equivalent|
Are there upfront fees? No, it is free to activate your card and should you choose to ship it to your home via courier, you’re looking at about $15. While all ATM withdrawals are free within Canada – there will be fees charged by CIBC in other countries with a chance that non-CIBC ATM providers may charge additional fees. That being said, it’s in your best interest to stay away from ATM withdrawals abroad unless absolutely necessary.
Photography by JessBaumung.com