Forex Card also popularly known as Foreign exchange card or multi-currency card, is one of the convenient options while traveling abroad, it is a prepaid card that has the acceptance globally almost at every ATM or at POS terminal. The card offers lowest interest rates and also provide safer option to carry than carrying cash. This multi-currency prepaid card is specially designed for foreign travellers to carry currency across the world, which is a secure way to carry currency than bundles of cash. As it has a multi-currency option any kind of cash can be load onto it and can enjoy its convenience.
Types of forex Cards
There are two types of Forex Cards-
- Single Currency Cards (Offered by ICICI Bank)
- Multi-currency cards (Offered by HDFC. YES Bank, AXIS Bank, IndusInd Bank)
Benefits of Forex Card
- Allows 24/7/365 transactions, that is foreign exchange can be done anytime around the clock.
- Lower rates guaranteed
- Convenient or flexible payment options -Pay by cheque/net banking/debit card/credit card.
- Multi-currency option
- Convenient encashment and easy loading
- No extra conversion fees/surcharges/convenience fee
- Helps avoid foreign exchange fluctuation
- Offers E-commerce transactions
- Allows online access to the linked card account.
What are the considerations before you buy a Forex Car?
- Know the Daily Usage Limit - Know the limit and compare and buy the card that suits you
- Check about Charges- Forex card comes with charges like the ATM withdrawal charge, balance inquiry charge, card replacement fee, cross-currency mark-up charges, etc
- Check for the Smart features
- Know about the activation process
- Know whether the insurance cover available or not.
What are the documents required to get a Forex Card?
- Valid Passport
- Valid Visa (To the country you are travelling)
- Air tickets (Confirmed)
- PAN Card
Note - The above are the requirements for applying the card in India.
How to Apply for Forex Card?
- Step 1- Visit the official website (YES Bank/Axis/ICICI/HDFC/Make My Trip HDFC Forex Cards) to apply for the Forex Card
- Step 2- Submit Declaration Application + Passport Copy + Visa Copy + Air tickets + PAN Card details
- Step 3 - Remit Indian rupees equivalent to the foreign currency to the bank
- Step 4 - Once the transaction is successfully done, your card gets activated.
- Step 5- Now you can use your Forex Card
Bottom Line
Forex Card is a boon for the travellers who wish to do payments overseas, without carrying cash, this card will be your best partner, as it has global acceptance also there is no effect of market fluctuations, the cardholder can save on this card, but the card should be used responsibly, tract the trach or check the balance on the card after every transaction, change pin before leaving for the trip, track the expiry and secure your card to enjoy its benefits.