Travelling abroad? A prepaid forex currency card is the easy and safe way to tote that spending money.

Usually, these cards come in fixed currencies, say, euro, pounds, dollars, yen, and so on. But if you are country-hopping, taking a card in a single currency brings in exchange rate risk and forex commissions every time you use them. Carrying several cards can be a hassle.

A multi-currency card, or a single forex card carrying several currencies, is of help here. State Bank of India joins HDFC Bank, Axis Bank and ICICI Bank, which offer such cards.

SBI and MasterCard just launched a multicurrency prepaid forex card. This card can carry up to four currencies — pound, US dollar, euro and Singapore dollar. This number may go up.

Multi-currency cards from other banks offer a larger variety — HDFC Bank’s Multicurrency Platinum, for instance, offers a staggering 18 currencies, while ICICI Bank’s offers 11. The card can currently be issued or loaded at select branches in Mumbai, Delhi, Bangalore and Chennai circles, though wider coverage is expected.

You even get medical and lawyer assistance services with the card besides common services such as replacement of lost card, online services, and so on.

Cardless cash

ICICI Bank just rolled out a facility it calls Cardless Cash Withdrawal for its customers. This service allows withdrawal of cash using a mobile number.

Customers can log on to their internet banking account and initiate a withdrawal transaction.

You will be provided with two codes. To withdraw the money, visit an ICICI Bank ATM. Key in your mobile number and the codes along with the amount to be withdrawn. Voila!

This service is useful when you need to transfer money to those who don’t have bank accounts or when you need to send cash immediately to your friend or relative. Since all they need are your number and the codes.

The entire amount should be taken out at one go — the money cannot be withdrawn in batches. The bank’s website provides a list of ATMs enabled with this facility.

But here are a few points to note. One, any mismatch in details will lock the transaction. Two, you can cancel the transaction, but it takes 12 hours.

Three, the codes are valid till midnight the next day. And four, since there are no free lunches, the bank charges a fee of ₹25 per transaction undertaken.

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