BookMyForex launches 'Interbank Rate Forex Card'

New Delhi: Online foreign exchange marketplace BookMyForex.com said it has launched the interbank rate multi-currency forex card, which is a "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 and actual rates as seen on search engines at which banks deal with each other for major currencies, the company said in a statement.

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

Commenting on the launch, Sudarshan Motwani, 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 per cent over interbank rates, it said.

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 per cent over interbank rates. Hence, zero markup is not zero markup unless it is zero markup on interbank rates, it added.

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, the statement claimed.