- 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
Gurgaon, 30th November 2022: 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 payment networks or partner bank rates, which itself can be marked up by up to 1% over interbank rates. Hence, zero markup is not zero markup unless it is zero markup on Interbank rates.
BookMyForex is the first to offer forex cards with zero markup on the live Interbank rate, making it the first true zero markup travel card available in India. We are confident that the BookMyForex Interbank Forex Card will enable us to double our market share” He added.
Powered by Visa, the BookMyForex Forex card is accepted globally at 35+ million stores, 1+ million e-commerce websites, and 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. The tax collected at source (TCS) is not collected upfront on a forex card unless the customer’s purchase of foreign exchange exceeds Rs. 7 lakhs per year. There is zero issuance, reload or unloading charge on the card. The customers can order the forex card through BookMyForex’s website or Android/ iOS App and get it door-delivered across all major cities in India on the same day. The card can be digitally topped up while overseas by booking a reload order on the BookMyForex App.
Apart from a significant rate advantage, the new age app-powered Forex Card has been thoughtfully crafted to provide a superior experience to international travellers and comes with a host of features:
1. Real time expense tracking & sorting of transactions
2. Instant transaction notifications
3. Instant conversion of balance from one currency to another
4. Disposable virtual cards for secure online transactions
5. Hassle free top ups & refunds on the card
6. Bank grade security
7. Nearby ATM tracker
Nitin Motwani, Founder & CTO, BookMyForex commented, “As the pioneers of the digital forex revolution in India, we have always strived to create products that can maximize customer value and ease of use. The Interbank forex card along with the companion mobile app will help us further revolutionize foreign exchange in India.”
To offer even more value to the international travellers, BookMyForex will also be providing a “FREE International SIM with Unlimited Incoming calls and WhatsApp Chats” along with the Interbank rate Forex Card. This SIM card will allow travellers to stay connected while overseas with unlimited free incoming calls and WhatsApp chats for 30 days post activation. Customers will easily be able to top up this SIM card with additional data and voice packs as per their requirements.
BookMyForex (a MakeMyTrip Group Company) is India’s very first tech initiative in the foreign exchange domain and the market leader in the online retail forex space. Customers can place orders on https://www.bookmyforex.com or through the BookMyForex Android/ iOS app to buy forex cards, send international money transfers and buy or sell foreign cash currencies. Customers can also purchase international SIM cards or international travel insurance.
BookMyForex operates a hybrid model where the majority of forex card transactions are executed by BookMyForex and orders for foreign currency notes and international money transfers are executed via BookMyForex’s network of Banks and Reputed RBI licensed moneychangers.
BookMyForex is the most visible and trusted online retail forex brand with over USD 1 billion exchanged on its platform. Faering Capital has been invested in BookMyForex since 2016 and recently MakeMyTrip acquired a majority stake in BookMyForex.
Visit us at www.bookmyforex.com
For more details on this release, please contact:
Head – PR & Corporate Communications
BookMyForex Pvt. Ltd.