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People travelling overseas for business and personal trips usually keep foreign currency in cash to pay off their expenses. However, one can face several issues when it comes to keeping foreign cash. As a result, many banks and institutions have come up with an alternative - a Forex card.
You can easily pay off your expenses by swiping this card in a foreign land. Read on to learn more about this facility and how to apply for it!
It is a card issued by various banks and other financial institutions in which you can load the currency of any country and use it to pay expenses in a foreign country. You can also withdraw foreign currency cash by using the Forex card in an ATM. Therefore, it works just like a normal debit card which you use daily for various activities.
Nowadays, there are many contactless Forex cards available in the market. It is a safer and more convenient option for handling cash in a foreign country. The biggest benefit of a Forex card is that it saves you from the hassles of carrying and storing cash in a foreign land.
Currencies of different countries can be loaded on this card for use. Banks and travel operators provide a list of countries whose currencies are available for you to load. These cards can be immensely beneficial for those who travel to different countries frequently.
A single currency card is one in which you can load the foreign currency of a single country at a point in time. This card can be useful for those who undertake frequent trips to a particular country.
Some advantages of Forex cards are as follows:
These cards work just like a debit or credit card and offer you a seamless travel experience. First, you need to apply for a Forex card from a bank or foreign exchange conversion company. Once your application gets approved, you will receive your card along with a PIN which you can keep or change at your convenience.
Once you have set your PIN, you must transfer funds into these cards via NEFT or IMPS. You can load your card with the required foreign exchange, and you are good to go.
While travelling abroad, you can pay off your bills by simply swiping the card at point-of-sale machines or any other devices. Once a transaction is completed, you will receive a notification on your mobile about the payment made. In case of an emergency, you can also withdraw cash by using these cards at local ATMs at no additional cost.
Therefore, we see that a Forex card is easy to use and provides ease of travelling.
You can apply for a Forex card online by following these steps:
Step 1: Visit the foreign exchange services page of your bank and login using your credentials.
Step 2: Click on the application form tab. Select the type of card and foreign currency required and enter other details on the portal.
Step 3: Enter all travel-related details like passport number, visa information, Aadhaar number, purpose of travel, etc.
Step 4: You should enter all personal details, like correspondence address, occupation, etc., in the form.
Step 5: Click on submit to send your application for approval.
If your application gets accepted, you will receive the Forex card via speed post at your registered address. Additionally, you can also apply for a Forex card via offline mode by visiting the physical branch of the bank. You must fill up an application form and submit a hard copy of the required documents to complete the application process.
Different banks levy different fees and charges on various services offered. The charges that banks generally levy are application fees, reloading fees, issuance of card fees, etc. Apart from this, banks also levy charges if you withdraw cash from an ATM by using your Forex card. You must also pay for the balance enquiry request via missed call or SMS alert.
The ATM cash withdrawal fees and balance enquiry charges are deducted in foreign exchange denominations. However, the rest are charged in your domestic currency.
A Forex card is a mechanism that makes foreign tours, particularly multi-country tours, hassle-free for tourists and business professionals. You can keep currencies of different countries under one card and use them to pay off your expenses. They are widely accepted worldwide and are a secure way to transport international money.
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