BookMyForex launches interbank fee foreign exchange card with zero markup

Online international alternate market BookMyForex.com on Wednesday introduced the launch of interbank fee multi-currency foreign exchange card. The firm mentioned it’s India’s first true zero markup journey card. Earlier, BookMyForex charged a markup of about 0.25 paise per greenback, which has now been waived with the introduction of interbank fee multi-currency foreign exchange card, Sudarshan Motwani, Founder and CEO, BookMyForex.com mentioned in an interplay with Mint.

 The BookMyForex co-branded multi-currency card is developed in affiliation with Yes Bank, M2P and is powered by Visa.

 “Despite the wide selection of worldwide journey playing cards, prospects nonetheless don’t get a transparent image of a product that’s greatest suited to international bills. Foreign transactions on Debit/ Credit playing cards issued by Banks might be marked up by as a lot as 5% over interbank charges. Some INR card merchandise that declare zero markup truly present zero markup on VISA/ GraspCard charges, which itself might be marked up by as much as 1% over interbank charges. Hence, zero markup is just not zero markup until it’s zero markup on Interbank charges,” Motwani said in the company’s statement.

 BookMyForex claimed that the card is accepted globally at over 35 million stores, 1 million e-commerce websites, and over 2 million ATMs. “The card can be loaded with 14 different currencies, and the exchange rates on forex cards remain fixed, unlike any INR based debit or credit cards. A customer need not worry about the rate fluctuations and the losses from the rate volatility.”

As an added provide, BookMyForex will even present a FREE worldwide SIM with limitless incoming calls and WhatsApp chats together with the Interbank fee Forex Card. “This SIM card will enable travellers to remain related whereas abroad with limitless free incoming calls and WhatsApp chats for 30 days put up activation. Customers will simply be capable of prime up this SIM card with further information and voice packs as per their necessities,” the corporate mentioned.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less