Yes Bank Multicurrency Travel Card – Benefits, Fees & Eligibility

Introduction

The Yes Bank Multicurrency Travel Card serves as an ideal payment solution for individuals who frequently travel abroad. It provides a smart, convenient, and secure alternative to carrying foreign currency or using regular credit/debit cards, automatically selecting the appropriate currency from its multiple wallets based on the transaction's local currency. Available in Mastercard and Visa Corporate variants, this card offers protection against fluctuating foreign exchange rates by locking in the exchange rate when funds are loaded. Additionally, cardholders can enjoy various discounts and offers globally on shopping, dining, stays, and other expenditures.

Fees

• Joining Fee: Rs. 125 plus taxes
• Renewal Fee: Rs. 125 plus taxes
• Rewards Redemption Fee: Nil
• Foreign Currency Markup: 2.75% of the transaction value
• Cash Advance Charges: 2% of the transaction value
• Replacement Fee (if outside India): Rs. 2500 plus taxes
• Reload Fee: Rs. 100
• Refund Fee: Rs. 75

Rewards

Travel

• Carry up to 15 currencies (including USD, GBP, EUR, CAD, AED, AUD, THB, SGD, JPY, NZD, CHF, ZAR, HKD, and INR).
• Accepted at more than 36 million merchant establishments and over 2.4 million ATMs across the globe.
• The card features multi-currency functionality, automatically selecting the local currency for transactions.
• Foreign currency exchange rates are locked in when money is loaded onto the card, providing protection against market fluctuations.
• No extra charges are levied on E-Commerce or POS transactions when the card holds the local currency of the country where spends are made.
• Unused balance on the card can be utilized at Duty Free stores when returning from international trips.
• Once the local currency of a particular country is fully utilized, the card automatically makes the next default currency available.

Insurance

• Lost/Stolen Card Liability: Provides protection worth Rs. 3 Lakhs.
• Cardholders are automatically enrolled for free insurance coverage that protects money from unauthorized and fraudulent transactions once the card is activated.

Lifestyle

• Enjoy great discounts and offers at various outlets across the world for shopping, dining, stays, and other spends.

Other Benefits

• Enhanced Security: The card is contactless-enabled and features PIN and Chip protection, safeguarding against unauthorized transactions, misuse, and fraud. Cardholders can choose preferred transactions and set or modify limits for daily usage.
• Card Management: Easily manage the Multicurrency Travel Card using the Yes Pay mobile app or the Self Care Web Portal. This allows for staying updated on transactions, reloads, and other card information. Users can also enable/disable and modify/set daily limits on different transaction modes.
• Alerts: Receive real-time Email and SMS alerts for both financial and non-financial transactions on registered contact details.
• Customer Assistance: Access 24x7 customer assistance through the Yes Touch Contact Centre in India, along with an international toll-free service in major countries.

Rewards Redemption Guide

• Refund Unused Balance: Cardholders can easily get the unused foreign currency balance on their card refunded to their account.
• Convert to INR: Unused foreign currency balance can be converted to Indian currency and encashed to the bank account.

Card Eligibility Criteria

Documents Required

• Passport (original and self-attested copies required for verification)
• Confirmed air ticket or Visa (original and self-attested copies required for verification)
• PAN card (original and self-attested copies required for verification)
• Other supporting documents as per RBI guidelines (original and self-attested copies required for verification)
• Passport size photograph

Card Review

The Yes Bank Multicurrency Travel Card is considered one of the most beneficial, secure, and cost-effective forex cards available in India. It is best suited for individuals who frequently travel abroad and engage in international spending.

Pros

• Offers genuine payment solutions globally, acting as an ideal travel partner.
• Supports loading up to 15 different currencies, usable at over 36 million merchants and 2.4 million ATMs worldwide.
• Locks in foreign exchange rates upon loading, providing protection from rate fluctuations.
• Provides enhanced security features like contactless technology, PIN, and Chip protection, along with the ability to set/modify transaction limits.
• Easy to manage remotely via the Yes Pay mobile app and Self Care Web Portal.
• Allows for easy reloading at Yes Bank branches and simple refund of unused foreign currency.
• Includes free insurance coverage for lost/stolen card liability worth Rs. 3 Lakhs and protection against fraudulent transactions.
• Offers great discounts and offers globally for shopping, dining, and stays.
• Provides 24x7 customer assistance in India and major international locations.

Important Product Details

Positive Highlights

• Ideal for frequent international travelers, offering smart, convenient, and secure global payment solutions.
• Supports loading and transacting in up to 15 different currencies.
• Widely accepted at over 36 million merchant establishments and 2.4 million ATMs globally.
• Features a locked-in foreign exchange rate upon loading, protecting against market fluctuations.
• Equipped with contactless technology, PIN, and CHIP protection for secure transactions.
• Allows for remote reloading at Yes Bank branches.
• Enables easy card management through the Yes Pay mobile app and Self Care Web Portal.
• Provides the flexibility to disable/enable and set or modify transaction limits on various modes.
• Offers a simple process for refunding unused foreign currency balance to the account.
• Includes email and SMS alerts for both financial and non-financial transactions.
• Provides automatic free insurance coverage for lost/stolen card liability up to Rs. 3 Lakhs.
• No additional charges for E-Commerce or POS transactions if the local currency is available on the card.
• Offers 24x7 customer assistance via the Yes Touch Contact Centre and international toll-free services.
• The card has a validity period of 3-5 years.

Negative Highlights

• Cannot be used for foreign currency payments in India, Bhutan, and Nepal.
• Subject to an issuance/joining fee of Rs. 125 plus taxes and a renewal fee of Rs. 125 plus taxes.
• A foreign currency markup fee of 2.75% of the transaction value applies.
• Cash advance charges are 2% of the transaction value.
• A replacement fee of Rs. 2500 plus taxes is charged if the card is replaced outside India.
• Reloading the card incurs a fee of Rs. 100.
• A refund fee of Rs. 75 applies for balance refunds.
• There is a transaction limit of $250,000 or its equivalent in other currencies per financial year.

Other Details

• Card Variants: Available in Mastercard and Visa Corporate variants.
• Best Suited For: Travel and International Spends.
• Reward Type: N/A (no traditional reward points system).
• Transaction Limits:
  • A limit of $250,000 or its equivalent in other currencies is applicable per financial year.
  • This limit applies to travel purposes such as personal or leisure trips, business travel (from Proprietorship, individual, or corporate account), overseas education, emigration, medical treatment, employment, and accompanying a patient abroad.
• How to Apply:
  • Visit the nearest Yes Bank branch.
  • Fill in the application form for the Multicurrency Travel Card.
  • Submit the necessary travel documents and show the original documents for verification.
  • Provide payment instructions using Cheque, Demand Draft, or Debit to a Yes Bank account.
  • You will be instantly provided with the Yes Bank Multi Currency Travel Card kit, and your card will be loaded with currency within one working day.
• How to Reload the Card:
  • Visit the nearest Yes Bank branch.
  • Fill in the MCTC reload form and provide the necessary travel documents along with it.
  • Provide payment instructions using cheque, demand draft, or debit to a Yes Bank account.
  • Your MCTC will be reloaded after the documents are submitted and verified.