CHENNAI: Indian Overseas Bank (IOB), in partnership with MasterCard, announced the launch of the Multicurrency Forex Travel Prepaid Card on Monday.
Launching the card here on Monday, IOB Managing Director & CEO R Koteeswaran said, “The card not only testifies to our commitment to customers, but also stands for our concern on safety and security.”
The card will help travellers to transact money with ease and convenience from a basket of 16 currencies across the world, including USD, EUR, GBP, SGD, AUD, CAD, JPY, AED, CHF, etc. However, at a time only 6 currencies can be loaded in a card which can be swapped for any other currency as per the card holder’s requirement.
The card can be used anywhere in the world except in India, Nepal and Bhutan to pay for goods and services in shops, restaurants, hotels, online websites and also to withdraw cash in local currency from any ATM globally with the Master Card Acceptance mark.
The card, which would be available in two months’ time, is also designed for students who wish to take education loans to study abroad and living expenses. “The card helps the parents of the students to regulate and monitor their children’s expense. With this card, they can do better budget planning,” said Rajesh Mani, Vice-President, MasterCard India.
The card is valid for 5 years and the card can be used not only for upcoming international trip but also for future trips as well. It is a single card with multi-currency wallet options. A companion card is also issued along with the original card with a view to ensuring hassle-free travel to the consumers. In case of damage, theft, lost of the original card, the companion card can be activated by calling the IOB Help Centre, Koteeswaran said.