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BookMyForex launches interbank rate forex card with zero markup


Online foreign exchange marketplace on Wednesday announced the launch of interbank rate multi-currency forex card. The company said it is India’s first true zero markup travel card. Earlier, BookMyForex charged a markup of about 0.25 paise per dollar, which has now been waived with the introduction of interbank rate multi-currency forex card, Sudarshan Motwani, Founder and CEO, said in an interaction with Mint.

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

 “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 VISA/ MasterCard 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,” 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 offer, BookMyForex will also provide 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,” the company said.

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