SBI Vishwa Yatra Foreign Travel Card in Saudi Riyal has been rolled out for the benefit of overseas travellers to the Kingdom of Saudi Arabia and would particularly benefit over 1,70,000 Haj Pilgrims and over 5,00,000 Umra Pilgrims from India, annually
State Bank of India (SBI) has introduced a foreign travel card namely Vishwa Yatra Foreign Travel Card in Saudi Riyal. The product was formally rolled out today by Hemant Contractor, managing director and group executive (international banking), State Bank of India.
Hemant Contractor said that the new product has been rolled out for the benefit of overseas travellers to the Kingdom of Saudi Arabia and would particularly benefit over 1,70,000 Haj pilgrims and over 5,00,000 Umra pilgrims from India, annually.
The travel card is a reloadable prepaid (store value) card and will help the pilgrims carry the foreign currency namely Saudi Riyal in a safe and secured manner obviating the need to carry the currency in cash.
The Saudi Riyal travel card has been launched in association with Visa International and shall be usable over a large number of ATMs and Point of Sale (PoS) at merchant establishments such as shops/stores/hotels etc. The pilgrims shall be able to use the travel card for withdrawing cash at ATMs or for shopping directly.
SBI also issues Foreign Travel Card in six other currencies namely US Dollar, Euro, Great Britain Pound, Canadian Dollar, Australian Dollar and Japanese Yen. SBI is also currently in the process of launching another variant in Singapore Dollar and the product is expected to be rolled out in November 2011. The Vishwa Yatra Foreign Travel Card has become quite popular among tourists, students and professional and business travelers for carrying foreign currency on overseas travel.
Dwelling on the security aspects of the card, Contractor informed that State Bank of India Foreign Travel Card is a Chip (Micro Processor) Card, a product which is fully compliant with the EMV protocol, issued by EuroPay, MasterCard & Visa International, already implemented in Euro Zone and certain other geographies which accept only chip-based cards and meets the local regulatory expectations. SBI was amongst the first to introduce a chip-based travel card in the Indian banking industry, he further added.