New reloadable card holds up to 10 currencies and allows access to foreign exchange anytime via mobile app

TORONTO, Sept. 26, 2016 /CNW/ - Air Canada (TSX: AC) and CIBC (TSX: CM) (NYSE: CM) today introduced a first-of-its-kind multicurrency prepaid card in Canada, allowing Canadians to purchase and store multiple currencies that can be used at retailers around the globe wherever Visa is accepted.

The CIBC Air Canada Conversion Visa Prepaid Card, available exclusively through Air Canada, is a reloadable prepaid card that allows clients to store up to 10 currencies on one card, all managed by a dedicated mobile app.

Benefits include:

• Managing up to 10 currencies online or through the card's mobile app without the worry of fluctuating foreign exchange rates
• Making point-of-sale, tap and pay transactions, ATM withdrawals and online purchases anywhere Visa is accepted - automatically in the local currency
• No additional fees when used at retailers
• Ability to view latest activities and purchases; check card balance(s); move funds between currencies
• Chip and PIN security, emergency card replacement and emergency cash disbursement bring peace of mind to cardholders

"Air Canada carries 41 million customers each year to more than 200 destinations on six continents. To make their travels even more convenient, we have partnered with CIBC to create a prepaid global currency card. This innovative card gives travellers flexibility and security when dealing with foreign currencies so they can focus on exploring new places," said Duncan Bureau, Vice President, Global Sales at Air Canada.

"As a leading provider of foreign exchange in Canada, we are pleased to deliver this innovation in partnership with Air Canada – a first in North America, making it easier to pay for purchases in foreign currency when travelling outside of the country," says Vineet Malhotra, Head, Alternate Solutions Group,  CIBC Capital Markets.

Currencies: 

• Australian dollar-AUD
• Canadian dollar-CAD
• Euro-EUR
• Great British pound-GBP
• Hong Kong dollar-HKD
• Japanese yen-JPY
• Mexican peso-MXN
• Swiss franc-CHF
• Turkish lira-TRY
• U.S. dollar-USD

The CIBC AC Conversion Visa Prepaid Card is available at no fee via acconversion.cibc.com.

How it works:
If you travel frequently, the CIBC AC Conversion Card allows you to  purchase foreign currency with your smartphone app at your convenience at a fixed Exchange rate. You will also have the benefit of chip and pin security, the ability to tap and pay, and one free ATM withdrawal per country each month.

About Air Canada

Air Canada is Canada's largest domestic and international airline serving more than 200 airports on six continents.  Canada's flag carrier is among the 20 largest airlines in the world and in 2015 served more than 41 million customers.  Air Canada provides scheduled passenger service directly to 64 airports in Canada, 55 in the United States and 87 in Europe, the Middle East, Africa, Asia, Australia, the Caribbean, Mexico, Central America and South America. Air Canada is a founding member of Star Alliance, the world's most comprehensive air transportation network serving 1,330 airports in 192 countries.  Air Canada is the only international network carrier in North America to receive a Four-Star ranking according to independent U.K. research firm Skytrax.  For more information, please visit: www.aircanada.com, follow @AirCanada on Twitter and join Air Canada on Facebook.

About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.

SOURCE CIBC

Image with caption: "The new CIBC Air Canada Conversion Visa Prepaid Card holds up to 10 foreign currencies and can be used at retailers around the globe, wherever Visa is accepted. (CNW Group/CIBC)". Image available at: http://photos.newswire.ca/images/download/20160926_C6418_PHOTO_EN_781086.jpg