Summary:
Gurgaon, Haryana, India (NewsVoir) • Interbank rates are used for Bank-to-Bank transactions that are transparent and can be tracked on search engines / business news channels.
International travellers will be able to save up to 5% over Credit/Debit Cards and zero markup INR cards.
• The Forex Card is supported by a Mobile App that provides hassle-free digital reloads & a superior card management experience for international travellers.
• The forex card comes with a Free International SIM with unlimited incoming calls & WhatsApp chat facility for one month.
BookMyForex.com, India’s first online foreign exchange marketplace, has launched the Interbank Rate Multi-Currency Forex Card, which is India’s first true zero markup travel card.
During regular banking hours, International travellers will be able to buy Forex Cards at Interbank Rates with zero added markup, i.e., the live & actual rates as seen on search engines at which banks deal with each other for major currencies.
The BookMyForex Co-branded multi-currency card has been developed in association with Yes Bank, M2P and is powered by Visa.
Commenting on the launch, Sudarshan Motwani, Founder and CEO, BookMyForex.com said, “Despite the wide range of international travel cards, customers still do not get a clear picture of a product that is best suited for foreign expenses.
Foreign transactions on Debit/Credit cards issued by Banks can be marked up by as much as 5% over interbank rates.
Some INR card products that claim zero markup actually provide zero markup on VISA/MasterCard rates, which itself can be marked up by up to 1% over interbank rates.