BookMyForex.com, a marketplace for foreign exchange, has launched a co-branded multi-currency forex card for Indian overseas travellers.
The new offering, Forex Travel card, was launched in partnership with Visa and Yes Bank.
Customers can purchase the card on the BookMyForex platform and get free doorstep delivery across major Indian cities.
BookMyForex will also provide zero margin or exact inter-bank rates on Forex Travel card purchases to boost its sale over forex currency notes.
It will also provide contactless cards to enable the customers to make purchases from merchants that offer only contactless transactions.
BookMyForex.com founder and CEO Sudarshan Motwani said: “We are on a mission to bring complete transparency in foreign exchange rates and promote cashless forex transactions.
“BookMyForex-YES Bank card allows us to offer customised payment solutions to suit varying requirements of international travellers.
“We shall soon be launching several new variants of this card that will allow never-before features. Customers will soon be able to manage the Travel cards via the BookMyForex Mobile App, greatly improving the end-user experience.”
The BookMyForex travel card allows travellers to store up to ten currencies. It will be accompanied by a soon-to-be-rolled-out mobile app.
The app will provide the customers with real-time notification alerts and receive the INR equivalent of all spending amounts.
Additionally, they can also track their currency wise balances and locate surcharge-free ATMs. The cardholders can also lock/ block their travel cards without customer service assistance.
Visa vice-president and head of Business Development Murali Nair said: “People who travel overseas and to different countries often have to manage multiple currencies in cash and worry about the threat of loss or theft.
“We are delighted to partner with YES Bank and bring India’s first co-branded Multi-Currency Travel Prepaid Card to the customers of BookMyForex.”