SBI, Visa launch prepaid foreign travel card
26 Feb 2004
The
card provides customers global access to cash in the regional
currency, at 850,000 Visa ATMs, worldwide.
Speaking to the press on Monday, Mr A.K. Purwar, Chairman, SBI, said: "Our target is to capture at least 35 per cent of the Indian market in this business the next two years; we already own 35 per cent of the foreign exchange market."
The card will be available to all consumers and is aimed at leisure and business travellers. It is being marketed as a more convenient option for the customer, compared to carrying cash or traveller's cheques.
The
load on the card ranges from a minimum of $500 to a maximum
of $10,000. Although the card is denominated in US dollars,
cardholders can undertake transactions in any currency
anywhere in the world, except India, Nepal and Bhutan.
