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ANI |
Updated: November 30, 2022 12:36 IST
Gurgaon (Haryana) [India], Nov 30 (ANI/NewsVoir): BookMyForex.com, India’s first online forex market, has launched the Interbank Rate Multi-Currency Forex Card, India’s first true zero markup travel card. During regular banking, international travelers will be able to buy Forex cards at interbank rates with zero added markup, that is, the live and actual rates at which banks transact with each other for major currencies as seen on search engines. The BookMyForex co-branded multi-currency card is developed in collaboration with Yes Bank, M2P and is powered by Visa.
Commenting on the launch, Sudarshan Motwani, Founder & CEO of BookMyForex.com said, “Despite the wide range of international travel cards, customers still do not get a clear picture of the most suitable product for overseas spending. Foreign transactions in Debit / Credit cards issued by banks are interbank A markup of up to 5% can be applied over the rate. Some INR card products that claim zero markup actually offer zero markup on VISA/MasterCard rates, which itself can be marked up up to 1%. Interbank rates. So, zero markup is not zero markup if No it is zero markup on interbank rates.”
“BookMyForex is the first to offer a Forex card with zero markup at live interbank rates, the first true zero markup travel card available in India. We are confident that the BookMyForex Interbank Forex Card will be able to double our market share.” she added.
Powered by Visa, the BookMyForex Forex Card is accepted at 35+ million stores, 1+ million e-commerce websites and 2+ million ATMs worldwide. The card can be loaded with 14 different currencies, and the exchange rate on the Forex card is fixed, unlike any INR based debit or credit card. A customer does not have to worry about loss from rate fluctuations and rate volatility. Tax collected at source (TCS) is not collected upfront on the Forex card unless the customer’s purchase of foreign currency exceeds Rs. 7 lakh per annum. The card has zero issuance, reload or unloading charges. Customers can order Forex cards through BookMyForex’s website or Android/ iOS app and get same-day door-delivery to all major cities in India. The card can be topped up digitally while abroad by booking a reload order on the BookMyForex app.
Apart from a significant rate advantage, the new-age app-powered forex card is thoughtfully designed to provide a superior experience to international travelers and includes a number of features:
1. Real time expense tracking and transaction sorting
2. Instant Transaction Notification
3. Instant conversion of balance from one currency to another
4. Disposable virtual card for secure online transactions
5. Hassle free top up and refund on card
6. Bank grade security
7. Nearby ATM Tracker
Nitin Motwani, Founder and CTO, BookMyForex commented, “As a pioneer of the digital forex revolution in India, we have always strived to create products that maximize customer value and ease of use. Companion Mobile App with Interbank Forex Card is the forex revolution in India. Help us make it happen.”
To offer even more value to international travelers, BookMyForex will offer “a free international SIM with unlimited incoming calls and WhatsApp chat” along with the Interbank Rate Forex Card. This SIM card will allow travelers to stay connected while abroad with unlimited free incoming calls and WhatsApp chats after 30 days of activation. Customers will be able to easily top up this SIM card with additional data and voice packs as per their requirements.
BookMyForex (a MakeMyTrip Group Company) is India’s first technology initiative in the foreign exchange domain and the market leader in the online retail forex space. Customers can place orders to buy forex cards, send international money transfers and buy or sell foreign currencies at https://www.bookmyforex.com or through the BookMyForex Android/ iOS app. Customers can also purchase international SIM cards or international travel insurance.
BookMyForex operates a hybrid model where most Forex card transactions are processed by BookMyForex and foreign currency notes and international money transfer orders are processed through BookMyForex’s network of banks and reputable RBI licensed moneychangers.
BookMyForex is the most visible and trusted online retail forex brand with more than USD 1 billion exchanged on its platform. Fairing Capital has been invested in BookMyForex since 2016 and recently MakeMyTrip acquired a majority stake in BookMyForex.
Visit us at www.bookmyforex.com.
This news is provided by Newswire. ANI shall not be responsible in any way for the content of this article. (ANI/Newsvoir)
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