Canadian finance firm BMO Bank of Montreal has introduced its Prepaid Travel Mosaik MasterCard, which offers Canadian travelers an alternative to travelers checks.

The new card has been specifically designed for travel and carries all the benefits and convenience of a credit card without the interest charges, and can be accepted at more than 24 million locations worldwide.

A prepaid travel card has a lot of potential in the travel market, said Nancy Marescotti, director of brand marketing at BMO. Travelers tell us they don’t like travelers checks because not enough merchants accept them and they are too difficult to cash. BMO’s Prepaid Travel Mosaik MasterCard is the perfect alternative to travelers checks because it is accepted almost everywhere, it’s easier to use and it’s safe and secure.

Additionally, cardholders can obtain cash in local currency at any automated banking machine around the world that is connected to the Cirrus network. This is a key benefit for travelers and is unique for this program versus travelers checks, she added.

The prepaid card is personalized with the cardholder’s name and comes with the added security of extended warranty and purchase protection insurance. If lost or stolen, the card can be cancelled at any time and funds can be replaced. It also offers cardholders zero liability on unauthorized purchases. In addition, cardholders can gain one air mile reward for every $40 spent on the card at no additional fee.

Travelers can use the prepaid card just like a credit card and the funds will be debited from the total prepaid amount. It can be loaded easily from any bank account from most financial institutions by using the same process used to make a bill payment.