New Yuan-denominated World Currency Card saves South Africans conversion costs

In the 12 months to the beginning of June 2013, uptake of Yuan cards from Bidvest Bank's market-leading World Currency Card range has more than doubled.

Popularity exceeding expectations

Neil Capazorio, head of the bank's Card Division, said: "Quarter-on-quarter and year-on-year, the popularity of the Yuan card continues to exceed projections. It is impossible to isolate one big growth driver because China is trending higher as both a business and leisure destination.

"Cost effectiveness is a major factor, however. Previously, South Africans tended to take US Dollars as their currency of choice when visiting China. This imposed a double currency conversion cost, from Rands to Dollars to Yuan.

"Going directly into Yuan obviously saves money and with the Rand under pressure, South African travellers have become extremely aware of the products that offer cost benefits."

Bidvest Bank projects continued growth by its Yuan-denominated World Currency Card. Capazorio noted: "Our range is linked to Visa and in China we see greater and greater Visa-ATM coverage of more and more Chinese cities. A few years ago, penetration tended to be limited to Beijing, Shanghai and other major business centres. Now the network is extremely widespread. Continued penetration will contribute to even bigger take-up of Yuan cards going forward."

Bidvest Bank offers a range of travel cards in local currencies, with 14 options available currently and another four currencies that will be added within the next few months.

For more information, go to www.bidvestbank.co.za.