Indian bank ING Vysya has announced the introduction of a multi-asset travel card for international travellers. Indian travelers face restrictions in using foreign currency when travelling abroad.
The bank will offer the card to retail and corporate clients and provide users with 5 currencies in one, making it easier to manage their expenses.
Once a user deposits money to the card the rate will be locked in therefore reducing currency fluctuations.
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ING Vysya will offer the card in USD, GBP, EUR, AUD and JPY.
Margin FX trading is prohibited in India as the RBI has restricted funds being sent out of the country. Furthermore, the regulators do not classify FX as a regulated asset class.
Currency futures were launched in 2008 and have been a value added product for both hedgers and speculator. The daily volume in three exchanges is around $10-$12 billion.
Can this be a method for people to send funds to overseas FX brokers?
Forexmagnates team compiled a detailed report on the status of FX in the Q2 quarterly report.