Whalesbook
ICICI Bank, in collaboration with Visa, has launched the Corporate Sapphiro Forex Card, a specialized prepaid forex card aimed at entrepreneurs and corporate leaders undertaking international business travel. This card facilitates transactions across 15 different currencies and features a zero cross-currency mark-up, simplifying global payments for Indian businesses.
Key features include digital management via ICICI Bank's InstaBIZ business banking application, where the card can be applied for, activated, and loaded. Cardholders will receive both a primary and a backup replacement card. The premium benefits accompanying the card include two complimentary international airport lounge visits, 'Meet and Assist' services at airports, a complimentary international eSIM, and three monthly waivers on ATM withdrawal fees. Additionally, users can avail preferential rates on select hotels and airlines.
The Corporate Sapphiro Forex Card is available for a joining fee of ₹2,999 plus GST. ICICI Bank has highlighted this launch as a significant step, noting it is the first bank in Asia to offer a prepaid card powered by Visa Infinite, Visa's premium card platform.
Impact:
This initiative is expected to boost ICICI Bank's fee-based income from forex transactions and card services, while also enhancing its appeal to the corporate banking segment. For Visa, it strengthens its presence in the Indian business travel market and increases transaction volumes. The card aims to reduce friction for Indian businesses expanding internationally.
Rating: 6/10
Difficult Terms:
• Prepaid Forex Card: A financial card that allows users to load money in advance and use it for foreign currency transactions, eliminating the need to exchange currency each time.
• Cross-currency mark-up: An additional fee charged by banks or card networks when a transaction is made in a currency different from the card's base currency. 'Zero cross-currency mark-up' means this fee is waived.
• Airport lounge visits: Access to exclusive lounges within international airports offering amenities like comfortable seating, Wi-Fi, food, and beverages.
• 'Meet and Assist' services: Personalized airport assistance provided by dedicated staff to help travellers with immigration, baggage claim, and transfers.
• International eSIM: A digital SIM that allows a mobile device to connect to foreign networks without needing a physical SIM card, often used for data services while travelling abroad.
• ATM fee waivers: Exemption from charges usually incurred when using an ATM owned by a bank other than the cardholder's own bank.
• Visa Infinite: A premium card tier offered by Visa, providing cardholders with exclusive benefits, rewards, and services.
• InstaBIZ app: ICICI Bank's mobile banking application specifically designed for its business clients to manage their accounts and transactions.