Best prepaid travel card in India in 2024
In today's globalized world, businesses have become increasingly international, leading to more and more employees traveling overseas for work-related purposes.
As a result, companies need to provide their employees with secure and convenient payment options during their travels. Prepaid cards have emerged as a popular payment option for business travelers, as they allow for easy and secure transactions without the need for cash or credit cards.
In India, there are numerous prepaid travel card options available for businesses, each with its own unique features and benefits. However, choosing the best prepaid travel card out of this lot is no easy task.
What is a prepaid travel card?
A prepaid travel card is a financial tool specifically designed for travelers. It functions like a debit card but is preloaded with a fixed amount before the journey. Users can load multiple currencies, providing flexibility for international travel.
Offering the convenience of card payments and ATM withdrawals, it eliminates the need for carrying large sums of cash.
With features such as real-time transaction monitoring and customization options, prepaid travel cards enhance financial control and security during trips, making them a preferred choice for individuals and businesses alike.
10 Best prepaid travel cards in India
1. Volopay prepaid card
Volopay business prepaid cards offer an excellent tool that can be used to easily manage travel expenses. You can hold and transact with multiple different currencies using Volopay cards.
These cards are premium payment tools that come with a variety of features to help manage travel expenses. These include in-built spending limits, multi-level spend approval workflows, real-time expense tracking, as well as bank-grade security features.
Additionally, Volopay cards are extremely easy to use and manage.
2. HDFC prepaid cards
HDFC offers a wide range of prepaid cards that are ideal for business travelers. These cards can be used for international travel, online purchases, and cash withdrawals.
The HDFC prepaid cards come with several benefits, including zero liability on lost or stolen cards, emergency cash assistance, and free insurance coverage.
3. Axis Bank
Axis Bank is a popular choice for the best prepaid travel card in India. They provide two different types of prepaid cards: the Multi-Currency Forex Card and the Travel Currency Card.
The Multi-Currency Forex Card is a convenient choice for frequent travelers to different countries as it can hold up to 16 different currencies on a single card.
On the other hand, the Travel Currency Card is a suitable option for people who visit a single country frequently and need to load a specific currency.
4. SBI business debit card
The SBI business debit card is a prepaid card that best caters to the needs of small and medium-sized businesses. It enables users to make purchases and withdraw cash from ATMs located across India.
The card is equipped with various perks, such as cashback incentives, complimentary accidental death insurance, and protection on online purchases.
5. YES Bank prepaid cards
YES Bank offers prepaid cards that are suitable for businesses of all sizes. These cards can be used for online purchases, in-store purchases, and cash withdrawals.
The YES Bank prepaid cards come with a host of features, including personalized limits, SMS alerts, and free insurance coverage.
6. IndusInd Bank Multi-currency Forex Card
The IndusInd Bank Multi-currency Forex Card is a prepaid multi-currency travel card that can be loaded with as many as 14 currencies.
It is widely accepted at over 2 million ATMs and merchants worldwide that are enabled with Mastercard. This card offers several advantages, such as emergency cash assistance, a free replacement card in case of loss, and zero liability for fraudulent transactions.
7. ICICI Bank
ICICI Bank provides two varieties of prepaid multi-currency travel card for business purposes - the Multi Wallet Card and the Reimbursement Card. The Multi Wallet Card permits users to load up to 15 different currencies on one card, which is useful for individuals who travel frequently.
The Reimbursement Card is intended to make the reimbursement process easier for businesses by enabling employees to directly submit their expenses on the card.
8. Bank of Baroda Travel Card
The Bank of Baroda Travel Card is one of the best prepaid travel card in India and can be loaded with up to 16 currencies. It is accepted by over 34 million Mastercard-enabled merchants worldwide.
The card comes with several benefits, including free insurance coverage, emergency cash assistance, and zero liability on fraudulent transactions.
9. RuPay prepaid cards
RuPay prepaid cards are a convenient and cost-effective option for businesses that need to manage their expenses effectively. These cards can be used for online purchases, in-store purchases, and cash withdrawals across India.
RuPay prepaid cards come with several benefits, including lower transaction fees, faster processing times, and higher levels of security.
10. Happay World Travel Card
Happay World Travel Card is a prepaid card designed specifically for business travelers. It allows users to load up to 25 currencies and comes with several benefits, including free insurance coverage, real-time transaction tracking, and multi-level security features.
Prepaid cards to streamline your travel expense management
How to apply for a corporate prepaid travel card?
1. Research and compare
Before diving into the application process, thorough research and comparison of different corporate prepaid travel card providers are essential.
Consider factors such as fees, exchange rates, global acceptance, and additional features like expense tracking and reporting. This step lays the foundation for choosing a card that aligns with the company's specific needs and financial objectives.
2. Contact the provider
Once a suitable provider is identified, the next step involves reaching out to them. This initial contact allows for a detailed discussion of the features, terms, and conditions of the corporate prepaid travel card program.
It also provides an opportunity to clarify any queries and gain a comprehensive understanding of the application process.
3. Gather the required documents
To streamline the application process, gather all the necessary documents. Typically, this includes corporate identification documents, proof of business registration, and details of authorized signatories.
Ensuring that all required paperwork is in order accelerates the subsequent stages of the application.
4. Complete the application form
Most of the best prepaid travel card providers offer an online application form for corporate prepaid travel cards. The form typically requires information about the company, its employees, and the desired features of the cards.
Completing this form accurately and comprehensively ensures a smooth transition to the next phase of the application process.
5. Verification process
Once the application is submitted, the provider initiates a verification process. This step involves validating the information provided, checking the authenticity of the documents, and ensuring compliance with regulatory requirements.
The thoroughness of this verification process contributes to the security and reliability of the corporate prepaid travel card program.
6. Add funds to the card
After successful verification, it's time to load funds onto the corporate prepaid travel cards. The company decides the initial load amount for each card, taking into account anticipated expenses.
The flexibility to add funds as needed allows for dynamic budget management during corporate travels.
7. Customize card features
Many providers offer customization options for corporate prepaid travel cards. This includes setting spending limits, defining transaction categories, and tailoring features to align with company policies.
Taking advantage of these customization options ensures that the cards are optimized to meet the specific needs and financial controls of the organization.
8. Activate the cards
Once funds are loaded and features are customized, the corporate prepaid travel cards need to be activated. This step may involve individual card activation by the employees or a centralized activation process facilitated by the company's administrator.
Activation marks the readiness of the cards for use during business travels.
9. Distribute the cards
With the cards activated, the next step is distribution to the intended users within the organization.
Clear communication about the distribution process, along with any guidelines for card usage, enhances employee understanding and encourages responsible spending behavior.
10. Training and support
To maximize the benefits of the corporate prepaid travel card program, providing training and ongoing support is crucial. Conduct training sessions to educate employees on how to use the cards, access transaction details, and adhere to company policies.
Additionally, having a dedicated support system ensures quick resolution of any issues or concerns that may arise during the usage of the cards.
11. Regular monitoring
The final step in the application process is establishing a system for regular monitoring of card activities. Implementing tools for real-time expense tracking, generating detailed reports, and conducting periodic audits contribute to efficient financial management.
Regular monitoring also allows the company to identify any discrepancies or potential misuse promptly.
How do Volopay prepaid cards help your organization?
1. Streamlined expense management
Volopay prepaid cards offer a user-friendly tool that allows employers to maintain constant control and monitor employee spending in real time. This feature helps businesses keep track of expenses and manage their budgets more efficiently.
2. Enhanced security
Volopay prepaid cards come with highly secure, bank-grade security features, including two-factor authentication, approval workflows, and real-time transaction alerts.
This feature ensures that only authorized employees can use the card and that businesses are protected against fraudulent transactions.
3. Convenience
Volopay prepaid cards can be accessed easily and used for all sorts of online and store payments, making it a convenient payment option for businesses.
In fact, you can issue unlimited virtual Volopay cards at no added cost and use them for various purposes.
4. Better record keeping
Transactions made with Volopay prepaid cards are recorded instantly. Detailed transaction records are made available that can be easily downloaded and reconciled with accounting systems.
This feature ensures that businesses can keep accurate records of their expenses and reduces the risk of errors.
5. Better spend control
Volopay prepaid cards come with a predetermined spending limit feature that aids in preventing overspending and keeping expenses within the set budget.
Additionally, the card only needs to be loaded with the required amount, reducing the risk of overspending or unauthorized expenses.
6. No debt accumulation
Unlike credit cards, Volopay prepaid cards do not amass debt. This characteristic feature ensures that businesses do not have to be concerned about interest charges, late fees, or other similar expenses.
7. Better rewards
Volopay prepaid cards provide attractive rewards, such as partnership benefits, travel insurance, and much more. This aspect is particularly beneficial for global travelers who can enjoy these perks while on the move.
8. No need for credit check
Volopay prepaid cards do not require a mandatory credit check. This makes them an accessible payment option for businesses that may not have a particularly healthy credit history.
9. Unlimited virtual prepaid cards
With Volopay you can issue an unlimited number of virtual prepaid cards at no additional charges whatsoever. These cards can be used for a large variety of purposes including subscription management cards, gift cards, travel cards, burner cards, vendor payment cards and so much more. This makes Volopay one of the best prepaid travel card providers in India.