IDBI Bank and MasterCard Launch IDBI Bank Global Currency Card

IDBI Bank Ltd., India’s leading public sector bank today has announced the launch of its new variant of pre-paid travel card - “IDBI Bank Global Currency Card”. The Global Currency Card will be issued on MasterCard platform and will be available in USD Currency with similar features as IDBI Bank’s existing Prepaid Travel Card - World Currency Card (WCC) which is issued on Visa Platform. Currently, Bank is issuing WCC in 8 currencies, namely, US Dollars, Euros, Sterling Pounds, Singapore Dollars, Australian Dollars, Canadian Dollars, Japanese Yen and UAE- Dirham.

The Global Currency Card (GCC) will have access to over 1.9 million MasterCard / Maestro/ Cirrus ATMs for Cash Withdrawal and Balance Inquiry. The card can also be used for purchases at over 32.9 million acceptance locations across 210 countries and empowers the cardholders to shop online. The GCC also comes with a slew of insurance benefits.

The GCC offers cardholders the convenience of a traveller’s cheque, the safety of an ATM card and the acceptance of a credit card, all rolled into one. The same can be bought by any IDBI Bank customer as well as by walk-in customers from any of the IDBI Bank Branches or the associate Full Fledged Money Changers. The maximum amount which can be loaded into GCC is USD 10,000 per annum for individuals and USD 25,000 per business trip (as prescribed under extant RBI/FEMA regulations).

Speaking about the GCC, Shri R.K. Bansal, Executive Director of IDBI Bank Ltd. said, “IDBI Bank is a universal Bank offering its customers the full spectrum of banking services, encompassing corporate, investment and retail banking with 1513 ATM’s, 924 Branches & 621 Centres in India. With the increasing number of people travelling abroad for the purpose of Business, Education, Entertainment/leisure etc, there is a huge potential in Indian Pre-paid Card market to be unlocked. The launch of the IDBI Bank Global Currency Card will provide our customers the ease and convenience of carrying one solution for all their payment needs while travelling abroad instead of a carrying traveller’s cheque/ credit card.” “GCC will further strengthen the existing association with MasterCard & will help to expertise in offering world-class payment services”, he further added.

Mr. T.V. Seshadri, General Manager, South Asia and Country President – India, MasterCard: “We are pleased to extend our relationship with IDBI bank with the launch of the IDBI Bank Global Currency Card”, said Mr. T.V. Seshadri. With more Indians travelling abroad, there is a distinct need for a product that offers them a secure and hassle-free alternative for carrying foreign currency. “With this launch, we aspire to provide our cardholders with the ease and convenience of carrying one card for all their payment needs while travelling overseas”, he added.