Rakbank has recently launched the first prepaid card in the UAE that caters to the large Filipino expatriate community in the country.
Aptly called “Bayani”, which is the Filipino term for “hero”, the prepaid card allows customers to instantly send money in US dollars to their family back home through their mobile phone or computer.
The prepaid card will eliminate the need for customers to queue at a local exchange house to make a remittance and is touted as a cheaper alternative for sending money overseas. Money transfers using the prepaid card cost only Dh5 per transaction, compared to Dh15 at an exchange outlet.
Those who sign up to the Bayani card will automatically receive one reloadable prepaid card, which they can use for retail purchases in the UAE and abroad where MasterCard is accepted, and an add-on card, which they can send to their loved ones in the Philippines.
If a customer wants to send money to the Philippines, all he needs to do is transfer funds from the main prepaid card to the add-on card. The recipient can withdraw the funds instantly from an ATM machine.
The main and add-on cards can be used to withdraw cash from any ATM in the UAE and worldwide that accepts MasterCard, while those who have the add-on cards have the additional advantage of withdrawing funds in pesos from any ATM in the Philippines for free.
Insurance
Both cards are covered with free travel accident insurance cover and purchase protection insurance.
Anil Chander, Rakbank head of cards, said the sheer number of Filipinos in the UAE money-sending prompted them to target the expat community. “Filipino nationals form one of the largest expat communities in the country,” Chander said.
“Many Filipino expats in the country collect their salaries through other means rather than a bank account or a credit card. Through the Bayani prepaid card [the bank] offers cardholders the convenience of plastic money with the advantage of an instant and cheap remittance service to the Philippines.”
