Bank of Kathmandu Ltd. has launched what it says is the country’s first debit card designed for customers who have accounts based on a foreign currency, the Nepal-based issuer announced Jan. 26.
The bank is using the card to target nonresident Nepalis who travel in and out of the country and who maintain U.S. dollar or other foreign-currency accounts, a spokesperson tells PaymentsSource.
“On a secondary front, this card is also targeting frequent travelers who may want to open a foreign-currency account just because their source of income is overseas and they get paid in that currency,” he says.
Cardholders may use the Visa-branded card in all ATMs and payment terminals in Visa’s network, the spokesperson says, noting the bank previously issued bankcards usable only in India and Nepal.
With the new debit card, cardholders may access cash outside of Nepal and India in the currency they hold with the account with the bank, without having any funds converted from Nepali rupees, he adds.
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