Indian bank announces new multicurrency card for transfers


Daniel Webber
Daniel Webber
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Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • ICICI Bank set to partner with Goibibo to provide new card
  • Multicurrency payment service can accept up to 15 foreign currencies at any one time
  • “Customers have always been at the core of our innovations and offerings. So, we continually strive to provide improved convenience as well as more benefits to them. This offering is in line with that philosophy”, says ICICI Bank.


A leading Indian bank has announced it will launch a multicurrency payment card designed for those who are looking to travel.

ICICI Bank has partnered with travel booking brand Goibibo to launch the card, which is set to be accepted in more 200 nations and at the sites of 46 million stores and merchants.

It will be possible for travellers to add a maximum of 15 currencies to their card, meaning online money transfer will be made easier for those going abroad.

In addition, the card offers a variety of benefits to the traveller – including discounts on various travel-related items, easy flight booking processes, travel insurance and more.

According to media reports, the card will offer a number of specific discounts – including a reduction of 40 paise on the currency conversion rate, applicable whenever the card is loaded with $1000 US dollars or more.

There will also be a number of discounts available at restaurants in major cities to which Indian travellers often go – such as Hong Kong, London and Singapore.

A spokesperson for ICICI Bank pointed out that this was the first card of its kind for the firm.

"We are delighted to partner with Goibibo to offer our first co-branded multi-currency travel card”, said Sudipta Roy, who is Head of Unsecured Assets, Credit Cards & Personal Loans at the firm.

“Customers have always been at the core of our innovations and offerings. So, we continually strive to provide improved convenience as well as more benefits to them. This offering is in line with that philosophy.”

A spokesperson for Goibibo emphasised the fact that the Indian population is becoming increasingly mobile – leading to a spike in demand for services such as these.

“As more and more Indians travel overseas for leisure or business, they are consistently looking for hassle-free and safe ways of making payments without the fuss that comes with currency conversion”, said Saujanya Shrivastava, the firm’s Chief Business Officer.

“With an aim to make travel an even more rewarding experience, we are happy to partner with ICICI Bank to offer a host of tailor-made services that will deliver most meaningful and distinctive value proposition for the new age travelers.’’

ICICI Bank is a leading financial institution in India, and it was set up in 1994. It began life as a project financing bank, but it has since grown its offer and now provides a range of services to both personal and corporate customers.

If you’re interested in finding out more about the money transfer services sector, head over to our magazine page.

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