ING Vysya Bank and Visa launch Platinum Multi-Currency Prepaid Travel Card

India Infoline News Service | Mumbai | March 30, 2012 11:56 IST

ING Vysya Bank and Visa, a global leader in payments, announced the launch of ING Visa Platinum Multi Currency Forex Travel card, world’s first Visa Platinum multi-currency card. The card is currently available in five foreign currencies - USD, Pound, Euro, Australian Dollar and Japanese Yen.

The ING Visa Platinum Multi Currency card is a prepaid card designed to offer travelers unmatched convenience and a secure way to carry money when travelling abroad. For the first time, the Indian traveler can load five different foreign currencies on a single Visa Prepaid card and lock in the currency exchange rates for all the five currencies. 

Travelers can benefit against the frequent currency fluctuations and depreciating rupee, by locking in the currency exchange rate they availed during the time of purchase of the card, and not pay different rates every time they travel.

Shailendra Bhandari, MD & CEO of ING Vysya Bank said, “We are proud to launch the world’s first VISA Platinum Multicurrency Forex Travel Card. Our promise to our customers is to make banking easier and with this innovation we reinforce our commitment. The power of this product lies in the convenience it offers. 

Our customers can manage transactions across five currencies in one single card. I am sure this, along with a host of inbuilt privileges, will go a long way in meeting the evolving needs of the global Indian. With the launch of this card, we also start a new partnership with Visa and I am confident it will be a successful one.”

Uttam Nayak, Group Country Manager, India and South Asia, Visa, said, “With more Indians traveling abroad, both for leisure and business, a product that offers such a wide range of benefits to international travelers was the need of the hour. The unique proposition of the card is that it locks the value of the rupee at the rate on the purchase date and any fluctuation in currency exchange rates or rupee rate will not impact the traveler. 

We are delighted to partner with ING Vysya Bank and launch World’s first multi-currency prepaid card that offers the busy travelers an easy and convenient solution to carrying currencies or multiple cards. With its easy accessibility and multiple benefits, I am confident this card will soon become a regular feature amongst the frequent Indian travelers.” 

In addition to the benefits offered by a travel card, cardholders can also enjoy the unique features available on the Visa Platinum platforms including discounted shopping at luxury brand outlets, exclusive offers at luxury hotels, free access to emergency cash amongst others.

How does the ING Visa Platinum Multi Currency Forex Travel Card work?

The cardholder must load the card with the desired amount of money in all the currencies required. As a traveler moves from one destination to another and uses the card, the card intelligently identifies the usage country and makes payment from the respective currency wallet. Any change in the exchange rate does not affect the cardholder as the rate gets locked at the time of uploading the card.

Further, if a cardholder overruns the budgets of a particular currency, the card alternatively clears expenses by taking money allotted to the other currencies, thereby providing frequent travelers a larger budget.

Benefits of ING Visa Platinum Multi Currency Forex Travel card

  • Need not carry multiple prepaid cards for each currency

  • Complementary additional card.

  • Helps currency rate lock-in.

  • Free emergency cash disbursement/card replacement for lost or stolen cards.

  • The card will be replaced within 72 hours from reporting.

  • Exclusive offers from Visa on shopping, hotel & travel

  • Great offers with Hertz and Avis car rentals.

  • 30% off Green Fees at 300 clubs worldwide Access.

  • Shop, dine and pay fees or hotel bills across 14 million Visa merchant outlets.