Deutsche Bank Launches Forex Card in India

Indian travelers may have reason to rejoice.

Deutsche Bank has recently launched the “Navigator,” a prepaid foreign exchange card that can hold multiple currencies. It will provide an easy way of paying in local currencies without having to go through an exchange, which may prove costly as the currency rate fluctuates.

This new Visa card supports loading of the US Dollar, Pound Sterling, Euro, and Singapore Dollar, as The Times of India reports. The exchange rate is locked at the time of purchase; the card is insured up to $10,000, and allows the ability for the cardholder to withdraw the local currency.

Rajiv Rai, of Deutsche Bank, has said, “The multi-currency card will be of great convenience for globe-trotting travelers as they can travel the world and pay in the local currency using one card.” This is a very consumer friendly option for travelers who are looking for both value and convenience.

Deutsche Bank India’s new prepaid card is looking to become an integral part of India’s growing upper and middle classes who have “emerged as the fastest growing outbound travel market in the world,” according to Uttam Nayak, a group country manager from Visa.