×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Corporation Bank launches prepaid travel card

Corporation Bank launches prepaid travel card
Comment E-mail Print Share
First Published: Tue, Sep 09 2008. 04 33 PM IST
Updated: Tue, Sep 09 2008. 04 33 PM IST
Bangalore: Mangalore-based Corporation Bank has launched a prepaid travel card in collaboration with JPMorgan Chase & Co and Visa. Corporation Bank is the second public sector bank in the country after the State Bank of India (SBI) to launch such a card.
SBI and Visa International had launched a prepaid travel card in 2004. The card from Corporation Bank is currently available for US dollars and would enable a customer to make purchases, withdraw cash in local currency (currently US dollars) at ATMs while traveling abroad.
“The card helps travelers avoid the risk of carrying foreign currency, credit or debit cards and traveler cheques,” said B.R. Bhat, general manager, Corporation Bank.
Last year, nearly 8 million Indians traveled abroad. The bank expects to sell 25,000 such cards over the next one year. It will soon launch such cards for currencies in euros and pounds and later for yuan also.
Corporation Bank did not divulge the revenue sharing model amongst the three partners. Bhat says that the advantage of using the travel cards is that there is no transaction cost involved, unlike credit cards.
The minimum loading amount for these cards is $200 and maximum $9,000 at any single instance.
Comment E-mail Print Share
First Published: Tue, Sep 09 2008. 04 33 PM IST
More Topics: Corporation Bank | Prepaid | Travel Card | Visa | SBI |