Ever heard of MCTC in Banking? Well, the full form of MCTC is Multi Currency Travel Card. This is a perfect travel card that provides travellers with ideal payment options. Students studying abroad must consider carrying MCTC for smart and cost-effective ways of carrying foreign currency abroad. Continue reading this blog to find out more about the full form of MCTC and other details.
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Full Form of MCTC
MCTC stands for Multi Currency Travel Card. As the name suggests, it is a travel card that can be loaded with multiple currencies. This prepaid card is offered by many banks, including YES Bank and HDFC Bank, which is also called a multi-currency forex card.
An HDFC MCTC card can load up to 22 currencies, while the YES Bank MCTC can load up to 15 currencies. These cards offer convenient and secure alternatives for carrying foreign currency abroad. The maximum limit of the amount that can be loaded in the MCTC or a Forex Card is USD 250,000 in a financial year as per the Liberalised Remittance Scheme (LRS) of RBI.
They are similar to credit/ debit cards that allow users to make payments internationally. However, there’s a stark difference between Multi Currency Travel Card and Credit/ Debit Cards in terms of charges.
MCTC vs Credit/ Debit Cards
Traditional cards can work abroad, but they often come with hefty foreign transaction fees. MCTC locks in exchange rates when you load the currency, offering users with more predictability and potentially saving you money.
Also Read: Read this blog to know the major differences between a Forex Card and a Credit Card. Explore the pros and cons and select the better option after analysis.
Benefits of MCTC
Multi-Currency Travel Travel can load multiple foreign currencies onto one single card. Users do not have to worry about scrambling for the right bills or about carrying large amounts of cash. The MCTC Card also protects you from currency exchange rate calculation and fluctuations. Let’s explore what are the other benefits offered by multi-currency travel cards-
- MCTC offers convenience. You can ditch the currency exchange booths and hidden fees for conversion. Swiping your Multi-Currency Travel Card marketplaces, shopping malls, and other places allows hassle-free payments.
- MCTC allows you to budget wisely. You can load what you need in each currency. For example, if you require GBP and CHF, then you can load both currencies as per your needs (nothing more and nothing less!).
- The card comes protected by insurance. If your MCTC gets stolen or lost, you are covered against the expenses under the insurance provided by the bank.
- MCTC offers benefits like travel insurance, airport lounge access, and discounts on student essentials, making it an ideal choice for international students to carry on their study-abroad journey. These benefits make it similar to the ISIC Card for international students.
Must Read: Check out the list of Cheapest Forex Cards for International Students and manage your finances easily when studying abroad.
Eligibility & Documentation
Well, anyone can apply for a Multi-Currency Travel Card. Existing customers of the bank may help you avail of additional benefits such as discounted fees. However, even if you are not an existing customer of the bank, you can still apply for an MCTC Card.
You simply need to visit the nearest bank branch and fill in the Multi-Currency Travel Card application form. One is required to submit necessary travel documents and show identity verification documents. Check out the list of documents required to apply for an MCTC Card.
- Self-attested copy of Passport
- Self-attested copy of PAN
- Copy of international travel ticket or VISA
- Copy of account statement (1 year), used for funding the MCTC/ Forex Card
- Any other supporting document if required as per RBI guidelines
Banks have the right to ask for additional documents for the complete verification process.
MCTC Fees and Charges
Banks usually levy a nominal fee for issuing MCTC cards. You are also required to pay if you wish to replace your existing card with a new Multi-Currency Travel Card. The charges are based on the replacement country, i.e. within India or outside India. Some other charges on MCTC are related to reloading and refund of the card.
| Charges | Amount |
| Issuance Fee | INR 100 to INR 500 (based on the bank issued from) |
| Reloading Fee | INR 75 to INR 100 (based on the bank) |
| Cross Currency Fee (Mark-up Fee) | 2% to 3% of the transaction value based on the bank |
This was all about the full form of MCTC- Multi-Currency Travel Card, offered by banks like YES Bank and HDFC. Always stay informed about your bank’s fees and stay within your budget when issuing an MCTC for education abroad, travel purposes, medical treatment or any other purposes.
FAQs
The full form of MCTC is a Multi Currency Travel Card. This is a perfect travel card that provides travellers with ideal payment options and cost-effective ways of carrying foreign currency abroad.
MCTC stands for Multi Currency Travel Card. As the name suggests, it is a travel card that can be loaded with multiple currencies. This prepaid card is offered by many banks, including YES Bank and HDFC Bank.
The maximum limit of the amount that can be loaded in the MCTC or a Forex Card is USD 250,000 in a financial year, as per the Liberalised Remittance Scheme (LRS) of RBI. It can be used for various travel purposes like personal trips, business travel, education abroad, medical treatment, etc.
MCTCs are similar to credit/ debit cards that allow users to make payments internationally, but they often come with hefty foreign transaction fees. MCTC locks in exchange rates when you load the currency, offering users with more predictability and potentially saving you money.
Multi-Currency Travel Cards can be loaded with multiple currencies. From offering the convenience of making payments abroad to loading it at locked exchange rates, this offers multiple benefits to travellers. They offer benefits like travel insurance, airport lounge access, and discounts on student essentials.
One is required to submit necessary travel documents and show identity verification documents. These include a self-attested copy of your Passport and PAN, a copy of an international travel ticket or VISA, a copy of an account statement (1 year), used for funding the MCTC/ Forex Card and any other supporting document if required as per RBI guidelines.
To know more about forex cards, education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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