Axis Bank Ltd. has launched a Visa-branded prepaid card in India designed for foreign tourists visiting the country, the issuer announced Feb. 21.
The India Travel Card initially will be available at some Axis branches and money-exchange locations in Mumbai, Delhi and Chennai, the bank noted in a news release.
“We do plan to make the card available at 190 of our branches by June,” a spokesperson for the bank tells PaymentsSource. A foreign tourist will have to visit a branch and exchange any major foreign currency for a rupee-denominated prepaid card of the same value based on the foreign-exchange rate at the time, he adds.
Cardholders may use the card at any of the 470,000 merchant locations and 44,000 ATMs in the country, according to the release.
Consumers may load no more than 50,000 rupees (US$1,100 or 806 euros) into their card account, and they may reload the account at select Axis branches within six months of obtaining the card, the spokesperson says.
“Upon departure from India, the holder will be able to reclaim the remaining funds in Indian rupees and then convert it into their currency,” he says.
The applicants will have to show their passports, have a valid Indian travel Visa, and pay a fee of 100 rupees for the card.
Cardholders pay an additional 150 rupees to reload or redeem the funds on the card, 25 rupees per cash withdrawal at Axis ATMs, 50 rupees per withdrawal at non-Axis bank ATMs and 10 rupees per balance inquiry.
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