If travelling from one part of the country to the other is your job, having Multi Currency Credit Card is must have indeed. Banks are coming up with “Multicurrency prepaid Forex card to help individuals for whom carrying multiple currency is must. These cards can be loaded with multiple currencies – Pound Sterling, UD Dollar, Euro, Japanese Yen, Canadian Dollar and Singapore Dollar. The purpose of Multicurrency card is to help users pay local currency while on the move.
The card is acceptable at over 28 million merchant outlets around the globe. Most of the banks are coming up with the multicurrency cards, including Deutsche Bank, ING Vyasa, Kotak Mahindra Bank and HDFC.
Multitude of benefits of the card is one of the crucial factors that it makes multicurrency card a hot option for frequent travellers and businessmen.
With the advent of multicurrency prepaid cards for each different currency, users can now load their cards with six different currencies on one card, which eventually makes the process smooth.
With these multicurrency cards, comes another complementary additional card
Cash disbursement or card replacement can be done at any point of time
Locking or unlocking your card is easy like never before with throughout easy online access
Users can withdraw their money from any ATM at any point of time
The chip based card, makes it all more safe
Free insurance cover for an year from the date of issue (depending on the bank)
The sound customer service is another back up indeed
Almost all the banks provide with SMS and email facilities towards every activity on the card including withdrawal, purchase or wallet transfer. Complete online access to the card
Most banks provide their multicurrency card with Visa Platinum benefits that include discounts at luxury brands and outlets.
While with all the benefits you might think, that the Multicurrency card interest rates and charges are high, you are going done the wrong track. For transactions where the transaction currency is different than the currency available on Multicurrency Forex Plus card, banks will be charging the user a cross currency mark up of 3% on every such transaction.
The Exchange rate used will be the VISA/MasterCard wholesale exchange rate that normally prevails at the time of the transaction. The card also provides the customer with the facility of cross currency transactions involving wallet to wallet transfer within the currencies available on the card. On every such cross currency transaction, customer will be charged with 2% cross currency charges.
However, the card also has some limitations. The card is not valid for payments made in India, Nepal or Bhutan and the card comes with a validity period. The Card will be active for use within one working day of receipt of the clear funds towards amount deposited by the user towards the Card in the Card Account. However, the card will not be working in any ATM’s in the country or Nepal or Bhutan.