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FAQ

  What is CardREX™?

  What name will be printed on the card?

  Is the CardREX™ an anonymous card?

  Does your CardREX™ expire?

  Who can apply for CardREX™?

  Are there different types of cards?

  How secure is my money with CardREX™?

  How is CardREX™ better than cash?

  Is CardREX™ better than using cheques?

  How is CardREX™ better than using a bank card?

  Where can I get a card?

  Where can I use my card?

  How many cards can I purchase?

  Can my card be used for purchases on the internet?

  Can I use my CardREX™ like a credit card before I add money to the card?

  Do I need a good credit record to get a card?

  How do I add money to my card?

  Can I transfer money from my CardREX™ to my bank account?

  Is my money protected if my card is lost or stolen?

  If I give a CardREX™ as a gift, can the recipient replace the card if it is lost or stolen card or do I have to do that?

  What happens if I forget my Personal Identification Number (PIN)?

  I want to use a CardREX™ to transfer money to relatives in another Country. Can I have a 2nd account, send the card to my relatives and simply transfer from card to card?

  Is it less expensive to transfer money from card to card than using a traditional wire transfer service?

  Are there any transaction fees?

  How is the currency exchange rate calculated when the card is used outside of my Country?

  Can I find out how much money is in my CardREX™ account? Or do I have to keep track of that myself?

  I'm looking at this on a friend's computer and I don't have one of my own. Do I need a computer to use a CardREX™?

  How much does it cost to get a CardREX™?

  Are there any limits to how much money I can store or spend on my card?

  Is there someone who I can talk to if I am having a problem?

  Why should I trust CardREX™?

  I used a CardREX™ to transfer money to relatives back home. When I want to send more money to them, can I add money to the same card or do I have to get a new card?

 

Answers:

What is a CardREX™?

CardREX™ offers what is known as "stored value" card. Quite simply, that means that you store money and access it by using your card worldwide at a bank machine (ATM) or by using it like a bank debit card to make purchases

What name will be printed on the card?

There is no individual name printed on it.

Is the CardREX™ an anonymous card?

Although no name has to appear on the card and no copies of ID have to be verified before the card can be issued, this is not a so called “anonymous” card. Every card has to be issued and registered under the name of a real person . The only way any card could be anonymous is if arrangements are made for a “master account holder” to issue subsidiary cards off that same account. In that event, any funds placed into that account would not in reality be under the control of such a card holder but under the control of the person that holds the account. Obviously this is a very risky proposition as your funds are controlled by another party.

With our card the card issuer reserves the right to verify ID in the case of suspicious transaction or in order to re-activate a card that has become dormant in the case of no use of the card for at least 120 days. Since there is no name on the card and all Maestro® and Interac® point-of-sale transactions are PIN activated in any case, your signature in not required on a receipt. Therefore there is no paper trail that connects the cardholder to any purchase transaction done with the card, unlike when you use a credit card. Of course the same always applies when you obtain cash from an ATM machine.

Please also note that in order to use the ACH load function option (this feature can only be used by U.S. residents with U.S. bank accounts), security verifications are required which also entails faxing in ID copy and home utility bill.  U.S. residents who elect not to use this function are not otherwise required to do this, unless requested for the exceptional reasons just detailed above.

Does your CardREX™ expire?

There is no expiration date of the card.

Who can apply for a CardREX™?

Anyone can apply regardless of his or her nationality, country of residence, credit history or status.

Are there different types of cards?

Yes and no. All cards function in basically the same way, but they can be put to a number of different uses. Your employer can use a CardREX™ as a more convenient and less costly way to pay you. You can send a card to someone as a gift. You can use a card to transfer money to relatives overseas or to a child away at college. An insurance company can use cards to pay claims. In short, the possible uses are virtually endless.

In addition the CardRex will have the additional unique capability of allowing bullion storage clients of Aurum Reserve Conglomeration the ability of accessing and converting any portion of their own private gold or silver segregated holdings, stored in world famous insured vaults in Switzerland or Panama, confidentially and securely into cash at the current spot market price.

How secure is my money with CardREX™?

CardREX™ is more secure than a bank card. Like a bank card, nobody can get at your cash without your Personal Identification Number (PIN). What's more, unlike a bank card, the maximum risk that you face is the amount of money stored on the card. With a normal bank card, someone who steals both your card and PIN may be able to clean out your entire bank account.

When it comes to the question of security, the term "stored value" may be a little misleading. The money is not actually stored on the card. It is stored on our secure computers and can only be accessed if you provide your PIN when you use your card at an ATM.

In reality the funds on your card are on deposit under the cardholder’s sole control with a major international non-U.S. bank.

Your PIN is not stored anywhere on your card, not even on the magnetic stripe. The information on the stripe merely identifies you so that our systems can compare the PIN that you enter to the one that is stored in our secure computers. That way, a thief who steals your card cannot learn your PIN even with a magnetic card reader.

Because your PIN is so critical to the security of your card, it is important that you protect it. Be sure that nobody is looking over your shoulder when you enter your PIN. Even if you aren't aware of anyone watching you, it is still a good idea to shield the keys of the ATM with your other hand when you enter your PIN.

How is CardREX™ better than cash?

There are lots of ways that CardREX™ beats cash. To name just three:

1. CardREX™ is more secure than cash. If cash is lost or stolen it is likely gone forever. If your CardREX™ is lost or stolen, it can be replaced. No one can get at your money unless they also have your PIN. (We recommend that you do not write down your PIN or, if you do write it down, never keep it in the same place as your card.)

2. A CardREX™ is a global cash and debit card. When you use cash, you usually have to exchange your money for local currency when you travel out of the country, which can be a costly and time-consuming inconvenience. With CardREX™, you can use your card at any worldwide ATM. All cash withdrawals are automatically in the local currency.

3. You can safely send a CardREX™ in the mail. The post office and courier companies tell you not to use their services to send cash. In the past, if you wanted to send money to friends or relatives across the country or overseas the only alternative was expensive wire services and payment companies like Western Union. Now, you can easily send a CardREX™ to them in the mail. It is secure because no one can access the cash on the card unless they also have the PIN. (NEVER send a card and its PIN at the same time and wait until your recipient has received the card before loading it).

Is CardREX™ better than using cheques?

1. Cash stored on a CardREX™ is available immediately. If you send a check as a gift or to transfer money to relatives "back home", the recipient's bank usually puts the money on hold for at least a few days, and often a few weeks, until the cheque "clears". The wait can be particularly long when sending money out of the country. With a CardREX™, you can tell the recipient the PIN over the phone. Then, as soon as the card arrives, the recipient can use it immediately at an ATM.

2. Cards can be refilled quickly and easily. When you use a cheque to send gifts or transfer money, or if you want to send another gift or transfer more cash to the same person, the recipient has to wait for the cheque to arrive and the bank to clear it. With a CardREX™ you just add more cash to the same card. The recipient then has immediate access to the cash -- the second and subsequent times of course, they don't even have to wait for the card to arrive.

How is CardREX™ better than using a bank card?

1. CardREX™ can be used to send gifts or transfer money. Since an ordinary bank card and PIN gives the holder access to your full bank account, they are not a good way to send a gift or transfer money to others. A CardREX™ gives a recipient access to only as much money as you add to the card -- not your whole bank account.

2. CardREX™s are more secure. Because a CardREX™ is not tied to your bank account, in the very worst case, if someone steals both your card and PIN, the most that the thief can get is the money that remains on your card. With a bank card, they may be able to drain your entire account.

Where can I get a card?

You can purchase a card online by clicking here.

Where can I use my card?

It can be used at any ATM machine.. Worldwide there are many millions of such ATM locations.

How many cards can I purchase?

A maximum of 2 cards can be activated under the same name.

Can my card be used for purchases on the internet?

There are other independant parallel payment programmes for PIN Debit/ATM cards such as Paymentech’s Paypad programme.  For more information see www.paypad.com.  For an example of a major internet merchant accepting payment by cards over the internet go to www.amazon.co.uk.  Paying for internet purchases using PIN debit/ATM cards is more secure because unlike paying by credit card, it is much more difficult for your payment details to be stolen and therefore your card misused.. 

Can I use my CardREX™ like a credit card before I add money to the card?

No. A CardREX™ is what is known as a "stored value" card. This means that you must first add money to the card and then spend or withdraw that money from it. You cannot use the card to spend more than the amount of money that is stored on it.

Do I need a good credit record to get a card?

No. Since you cannot spend more money than you have added to the card, the card issuer does not assume any risk and, therefore, is not concerned with your credit rating.
There is one exception. Companies that make small loans may use a CardREX™ as a more secure and convenient way to provide you with cash. In this case, a credit check may be required, but it is a credit check for the loan, not the card.

How do I add money to my card?

You can transfer money to your card over the Internet or at your bank. Please see the methods below:

- Cheque, Money Order etc.
- ACH (Automatic Clearing House) available for U.S. banks
- ACH payment between Panama banks
- International Bank Transfer (Wire, Swift, etc.)
- E-gold
- AURUM
- Western Union
- Moneygram
-
Ukash
-
Convenia Load
- CardREX™ to CardREX™ (card-to-card transfer)

Can I transfer money from my CardREX™ to my bank account?

Yes, we offer a micro-payment and bill paying facility allowing you to transfer money from your card to any bank account in the world up to the amount of $5000 per payment.  The same beneficiary account may receive a maximum of $5000 in any two weekly period.  The fee is $100 or 3% whichever is the greatest and includes payment of all international outbound wire transfer charges.  Please note that many banks charge an incoming wire payment fee.

Is my money protected if my card is lost or stolen?

Yes. Nobody can get at your money without your PIN. If your card is lost or stolen, it can be replaced once we verify that you are the authorized cardholder.

If I give a CardREX™ as a gift, can the recipient replace the card if it is lost or stolen card or do I have to do that?

Yes. The cardholder is a known account holder because the card is in their name. Cardholders can simply contact CardREX™ directly and we'll replace the card as soon as possible.

What happens if I forget my Personal Identification Number (PIN)?

If you have lost or forgotten your PIN number you cannot get a new one or reset the PIN in any way. If you have made 3 or more attempts at an ATM the system will automatically lock your card and disable use for 24 hours.

You can go back to any ATM after the 24 hour lock down period and try again. If you have in fact forgotten or lost your PIN number you must replace your card.

I want to use a CardREX™ to transfer money to relatives in another Country. Can I have a 2nd account, send the card to my relatives and simply transfer from card to card?

Yes. Simply order two individual cards - one card for each person. Then simply execute card to card transfers.

Is it less expensive to transfer money from card to card than using a traditional wire transfer service?

Much less expensive as it only costs $5! Compare that with the $30 to $50 or more that it would cost if sent by other methods.

Are there any transaction fees?

Yes, but depending on the purpose of the card, the issuer may decide to absorb that cost as part of its service. For example, an employer that uses CardREX™ to pay its employees may cover the cost of the cards rather than passing the cost along to its employees. View transaction fees.

How is the currency exchange rate calculated when the card is used outside of my Country?

Foreign banks usually send us withdrawals in their local currency. If that is different than the currency of your account we will apply a competitive exchange rate to convert it to your card's currency at the bank’s exchange rate free of any surcharges that are imposed by credit card companies on their credit cards.

Can I find out how much money is in my CardREX™ account? Or do I have to keep track of that myself?

You can see your card's balance, along with any transactions applied to your card, on the secure CardREX™ Web site.

I'm looking at this on a friend's computer and I don't have one of my own. Do I need a computer to use a CardREX™?

No. You don't need your own computer to have a CardREX™. You can use the card just like any other bank debit card. You can use any computer equipped with a current web browser and internet connectivity to monitor your card activity.

How much does it cost to get a CardREX™?

Click here to view our fees.

Are there any limits to how much money I can store or spend on my card?

There are no limits to how much money you can keep in your CardREX™ account. But you are limited to how much you can withdraw. These limits are set by each ATM you use but multiple withdrawals could allow you to draw out at an ATM or spend at a merchant point-of-sale as much as $2,500 and $3,000 respectively per day.

Is there someone who I can talk to if I am having a problem?

Yes. Please visit the section "Contact Us" or click on the Live Chat tab to see if a customer service can assist immediately.

Why should I trust CardREX™?

The security of your money is of utmost importance at CardREX™. We take great care to protect it, such as using the highest publicly available level of security on our Web site. Please note that when you deposit funds onto your card a major international Canadian bank becomes the custodian of the funds and you are the only one other that controls your money.

I used a CardREX™ to transfer money to relatives back home. When I want to send more money to them, can I add money to the same card or do I have to get a new card?

Yes. You can simply add more money to the same card. They will then have instant access to the cash.

 

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