New Delhi: Forex card facilitates cash withdrawals in foreign currency, allows you to check your balance, and enables you to make purchases in the foreign currency of the respective country. Additionally, you have the flexibility to top up the card based on your specific requirements. You have the option to add funds to your Forex Card at the rates set by the bank while you’re still in India.
When you’re at your destination, you can use the Forex Card just like a Debit Card to make payments. Plus, you can conveniently top-up the Forex Card anytime using the bank’s Internet Banking portal. Once your card is loaded with the foreign currency you’ve chosen, you don’t have to stress about changes in exchange rates.
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What is a Forex Card?
A Forex card is a form of prepaid credit card that enables you to deposit funds in a foreign currency of your choosing, depending on the country you are visiting. This card grants you access to money in the specified foreign currency, and it can be loaded with one or multiple currencies, with some cards accommodating up to 15 different currencies.
Who can Buy a Forex Card?
Only an Indian national who is KYC-compliant is eligible to buy a Forex card. Non-resident Indians are not allowed to apply for one. In the case of minors aged 12 and above, a card can be issued if a parent or guardian has signed the application form.
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How to apply for a Forex Card:
Many well-known private banks currently provide Forex Cards. You can contact these banks to purchase your Card online.
Documents Required to Apply for a Forex Card:
You’ll need to provide a self-attested copy of your passport. The issuing authority may also request self-attested copies of your visa and confirmed ticket.
Benefits of Using a Forex Card:
- You receive a card preloaded with your chosen foreign currency before embarking on your journey.
- Forex Card eliminates the need to carry a large amount of cash when travelling abroad.
- The card issuing company/bank usually offers travel insurance coverage along with the Forex card.
- Forex Card can be used at any location accepting card payments.
- You can also use it to withdraw local currency from foreign ATMs.
- You can easily top-up the card online whenever you prefer.
Forex Card Charges:
When choosing a bank for a Forex Card, it’s important to review the fees associated with card transactions. This includes charges for card issuance, currency loading or topping up, ATM withdrawals, balance inquiries, convenience fees, and more.
