Chequepoint Launch First Prepaid MasterCard to Money Transfer Service

People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies.

[ClickPress, Tue Feb 19 2008] Leading financial company Chequepoint have today announced that they have completed work on integrating their Prepaid MasterCard platform with their International Money Transfer software WorldCash.

This will enable Chequepoint prepaid MasterCard customers to utilise their available card balance to send money for next day cash collection to over 70 different countries.

The current use of prepaid cards to send money abroad normally requires the use of additional cards. These are sent to family and loved ones abroad who can then withdraw money at a local ATM. Unfortunately many of the major remittance destinations do not yet have developed ATM networks and this can make life extremely difficult for recipients living outside of the major conurbations.

“The cash to card money transfer mechanism has been turned on its head” says John Ondreasz, director of Chequepoint card operations”, “With the Chequepoint card to cash service, a card holder can simply go online at anytime of the day or night and simply transfer funds for next day cash collection at more than 30,000 pay-out locations worldwide and at extremely competitive rates”

The Chequepoint prepaid MasterCard can be loaded with funds at any Post Office branch or PayPoint agent, this equates to more than 32,000 locations through-out the UK and Northern Ireland. Customers can also elect to have their salaries or wages paid directly onto their card by their employer.

The first service will be aimed at the large UK Polish community, “For a flat fee of £3.50, card holders will be able to send up to £500 for next day cash collection at any Polish Post Office, ING Bank or transfer funds directly to any Polish bank account using a simple IBAN number” stated Ondreasz, “The customer has to simply go online and enter his secure login information and follow a few simple steps”, “ Any money sent before midnight will be available for pick-up the following day”

People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries – a key source of overseas funds for many economies.

Chequepoint hope to capitalise on this trend and provide the customer with a safe, simple, flexible and cost effective way to send money home and manage their finances whilst here in the UK through the simple use of a Chequepoint Prepaid MasterCard.

Chequepoint have been established nearly thirty-five years and are founding members of the Remittances Customer Charter recently launched by International Development Minister Shahid Malik.

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