Reliance Money announced to launch a multi-currency card that would offer facility of purchasing goods and services. It would be Visa enabled point-of-sale terminals and ATMs also globally.

It is Reliance Money Travel Currency Card. It has been launched in collaboration with Citibank. Reliance Money Travel Currency Card will target overseas travelers.

In a statement Reliance Money said to Economic Times, “Issued by Citibank, the card offers all the conveniences of plastic money by allowing customers to purchase goods and services by swiping the card over 13.5 million Visa enabled point-of-sale terminals worldwide and 900,000 Visa ATMs across the world.”

According to Reliance Money the Travel Currency Card would be for multi use – prepaid ATM access & point-of-sale-enabled card, loadable in US dollar, Euro and British pound.

CEO of Reliance money said to ET about it, “We plan to use our wide distribution network of over 10,000 outlets across 5,000 cities and towns in India to reach out to both retail and corporate clients.”

On this occasion Sandeep Bhalla who is the Business Manager (Cards) of Citibank India said, “This form of payment method provides ease of use, removes hassles of cashing traveler cheques and gives access to funds, anytime and anywhere.”

Already a month before Standard Chartered bank had launched a new credit card which will be known as SmartTravel FX. The card was also a gold pre-paid travel card with payment option of making payment in US dollar, Euro and Sterling Pound.

In credit cards industry Travel Currency Card is same like as SmartTravel FX. These credit cards will attract customers by their benefits and features. Reliance Money has entered with this card as a big competitor of Standard Chartered bank.

Recently, Nationwide bank has changed its credit cards and debit cards policy on the use of abroad. In their policy they had to not charge customers to use credit cards and debit cards on the use of outside Europe.

After a long period now they have decided to charge for their services if a customer uses his credit or debit cards outside the Europe. It will be charged by Visa.

Recently, it has been seen that Nationwide has charged 0.84% for every transaction to those customers who have used their cards outside of continental Europe and other countries along with Israel.

On the debit cards also same fees will be applied. From the July the charge will be raised by 1% for Visa.

According to the Google Press Association a Nationwide spokeswoman said, “It’s not our fee, it’s a third party fee. We have absorbed it up to this point. But we have to look at the product in the whole and the other benefits we offer our customers.”

By the policy the customers who are using Mastercard cards of Nationwide rather than Visa cards are not affected.

According to telegraph.co.uk Steve Blore of Nationwide said, “”As a prudent organisation, we have to maintain the balance between offering competitive products while ensuring they are sustainable in the long term, particularly in the current economic climate. Our cards remain commission-free when used anywhere in the world and customers using their cards in Europe will not receive any charges, as the Visa fee does not apply here.”

It is unexpected news for the users of credit cards and debit cards of Nationwide bank. It is one of the biggest financial building societies of Europe. In spite of the charge by Nationwide bank it is lower than others credit and debit card providers because they typically charge commission about 2.75% on abroad transactions.