Yes Bank Multicurrency Travel Card – Benefits, Fees & Eligibility

Introduction

The Yes Bank Multicurrency Travel Card, issued by Yes Bank, is designed as an ideal travel partner for individuals who frequently travel abroad, offering a smart, convenient, and secure payment solution compared to carrying foreign currency or using credit/debit cards. Its primary differentiating benefits include protection from foreign exchange rate fluctuations by locking in rates upon loading, automatic currency selection based on the local transaction currency, and global acceptance with various discounts and offers. The card is available in Mastercard and Visa Corporate variants.

Supported Currencies & Wallet Features

• The card allows you to carry and manage up to 15 currencies simultaneously.
• Supported major currencies include USD, GBP, EUR, CAD, AED, AUD, THB, SGD, JPY, NZD, CHF, ZAR, HKD, and INR.
• The exchange rate is locked in when you load money onto the card, protecting you from subsequent foreign exchange rate fluctuations.
• The card automatically selects the appropriate currency from its multiple wallets based on the local currency of the transaction you are making.
• Once the local currency of a particular country is fully utilized, the card automatically makes the next default currency available.
• The card cannot be used for foreign currency payments in India, Bhutan, and Nepal.

Fees and Charges

• Issuance Fee: Rs. 125 plus taxes.
• Annual Fee: Rs. 125 plus taxes.
• Reloading Fee: Rs. 100.
• Unloading/Refund Fee: Rs. 75.
• Cross-Currency Markup: 2.75% of the transaction value.
• International ATM Withdrawal Fees (Cash Advance Charges): 2% of the transaction value.
• Card Replacement Fee: Rs. 2500 plus taxes (if you are outside India).
• No extra charges are levied on E-Commerce or POS transactions when the card has the local currency of the country in which you are making spends.

Travel Features & Insurance

• The card is accepted at more than 36 million merchant establishments and over 2.4 million ATMs around the globe.
• It offers great discounts and offers at various outlets across the world for shopping, dining, stays, and other spends.
• Insurance Benefits:
  • Lost/stolen card liability worth Rs. 3 Lakhs.
  • Automatic enrollment for free insurance coverage upon activation, protecting your money from unauthorized and fraudulent transactions.
• 24x7 customer assistance is available through the Yes Touch Contact Centre in India, along with international toll-free service in major countries.
• You can use the balance on your card at Duty Free stores for purchases when returning from international trips.

How to Manage the Card

• Card Management Tools: The card can be easily managed using the Yes Pay mobile app or the Self Care Web Portal.
• Loading Funds:
  • Visit the nearest Yes Bank branch.
  • Fill in the MCTC reload form and provide necessary travel documents.
  • Provide payment instructions using a cheque, demand draft, or debit to a Yes Bank account.
  • After document submission and verification, your card will be reloaded.
• Transaction Control: You can easily enable/disable and set or modify daily transaction limits on different modes.
• Alerts: Email and SMS alerts are provided for both financial and non-financial transactions.
• Refund Unused Balance: You can easily get the unused foreign currency balance on your card refunded to your account. This includes converting unused foreign currency balance to Indian currency and encashing it to your bank account.

Forex 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 frequent international travelers seeking a reliable and secure payment method.

Pros

• Multi-currency functionality, allowing loading of up to 15 currencies.
• Locks in foreign currency exchange rates, protecting against fluctuations.
• Wide global acceptance at over 36 million merchants and 2.4 million ATMs.
• Enhanced security features including contactless technology, PIN, and Chip protection.
• Easy card management through the Yes Pay mobile app and Self Care Web Portal.
• Remote reloading facility available at Yes Bank branches.
• Ability to refund unused foreign currency balance.
• Provides 24x7 customer assistance.
• Includes free insurance coverage for unauthorized and fraudulent transactions.
• No extra charges on E-Commerce or POS transactions when the card has the local currency.
• Automatic currency selection for transactions.

Cons

• Incurs issuance, annual, reloading, refund, and replacement fees.
• A cross-currency markup of 2.75% applies.
• Cash advance charges of 2% of the transaction value.
• Cannot be used in India, Bhutan, and Nepal for foreign currency payments.
• No specific mention of complimentary lounge access.

Important Product Details

• The card is contactless-enabled and features PIN and CHIP protection for enhanced security against unauthorized transactions.
• It supports up to 15 currencies, including USD, GBP, EUR, CAD, AED, AUD, THB, SGD, JPY, NZD, CHF, ZAR, HKD, and INR.
• Globally accepted at over 36 million merchant establishments and more than 2.4 million ATMs.
• Reloading can be done remotely by visiting Yes Bank branches.
• Card management is facilitated through the Yes Pay mobile app and Self Care web portal, allowing users to disable/enable and set or modify transaction limits.
• Unused foreign currency balance can be easily refunded to your account.
• Email and SMS alerts are provided for both financial and non-financial transactions.
• The card locks in the foreign exchange rate at the time of loading, safeguarding against rate fluctuations.
• Available in Mastercard and Visa Corporate variants.
• The card is valid for a period of 3-5 years.

Important Guidelines (TCS & LRS)

• There is a transaction limit of $250,000 or its equivalent in other currencies per financial year on the card.
• This limit is applicable for various travel purposes, including personal or leisure trips, business travel (from Proprietorship, individual, or corporate accounts), overseas education, emigration, medical treatment, employment, and accompanying a patient abroad.

Other Details

• Application Process:
  • Visit your nearest Yes Bank branch.
  • Fill in the application form for the Multicurrency Travel Card.
  • Submit necessary travel documents (Passport, Confirmed air ticket or Visa, PAN card, other supporting documents as per RBI guidelines) and show originals for verification.
  • Provide payment instructions using a 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.