Monday 21 May 2012

US: 24/7 Cards launches prepaid+remit solution to Latin American immigrants

By Raphael Michilis
18 May 2012

24/7 Cards has launched a prepaid card combining debit and overseas remittance services aimed to Latin American immigrants in the US.

The card, dubbed The Smarter Way to Bank and Send Money, permits its holders to send money abroad 24 hours a day, 7 days a week, make online payments and set up direct debits.

"We are proud to empower Hispanic-Americans and other immigrants with a safer, more cost-effective way to send money to their loved ones in Mexico, Central and South America, the Caribbean, and other countries, including China, India and the Philippines," said Lance Rosenzweig, 24/7 Card CEO.

The card can be loaded through direct deposit, bank transfer or at 24/7 partners, such as Walmart, 7eleven and Western Union.

It charges monthly fees of USD 9.95 for maintainance, up to USD 7.95 plus for remittance and another USD 2 for ATM withdrawals.

A pay-as-you-go version excludes monthly fees, but adds an extra USD 1 for Visa transaction.

The recipient can receive money at 24/7 remittance partners, deposited directly into a bank account, or even hand delivered to their home, in areas where home delivery is available.

24/7 Cards supports money transfer to a total of 23 countries across the globe, including Poland, Hong Kong and Russia.

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