ING Vysya Bank, a private sector bank, today launched world’s first VISA Platinum Multi-Currency Forex Travel Card.
With the new card, ING Vysya bank aims to target up to five percent market share of the travel card segment in three years. Notably 5.4- 6 Lakh travel cards are issued across all banks in India every month.
The card allows the owner to manage transactions across five currencies in one single card. The card is available in five currencies – USD, Pound, Euro, Australian Dollar and Japanese Yen. The bank plans to add more currencies, in future.
The salient feature of the new card lies in the convenience and security it offers, informed ING Vysya Bank Managing Director and CEO Shailendra Bhandari.
How the Card works:
To use ING Vysya Bank’s VISA Platinum Multi-Currency Forex Travel Card, the customer will have to load the card with the desired amount of money in all the currencies required. As the card owner/holder travels from one destination to another, the card identifies the usage country and makes payment from the respective currency wallet. Change in the exchange rate will not affect the card holder as the rate gets locked at time of uploading the card.
The bank will charge Rs 250 as setting up fee for the card and currency conversion charge.
NOTE: Initially, the card will be offered only to ING Vysya Bank customers and subsequently extended to others.