When travelling abroad, you always need to carry some extra cash along. Of course, there is liquid cash in the form of credit/debit card or hard money. However, there is one more option that acts as your saviour during foreign trips: forex cards.
What are forex cards?
A forex card is similar to your bank’s credit/debit card. It holds money, and you can make electronic payments with the help of the card. Forex cards are generally of different kinds: multi-currency, single currency, student card, etc. You can store and load money from 18 countries.
How can you buy a forex card?
Acquiring a forex card is easy. You can get one from any authorised bank or dealer. You can obtain a forex card by following the simple steps:
1) Form: Banks or dealers provide the form for buying a forex card. You can also download it from the bank’s website or apply for one online.
2) Information: Fill in your details such as name, date of travel, passport number, PAN information, type of foreign currency, amount to be loaded, etc.
3) Fee: The bank might charge a fee applicable at the time of obtaining the card.
4) Documents: You need to carry supporting documents such as a copy of passport, copy of your tickets, check with the amount to be loaded along with charged fees. Processing of forex cards takes 4-5 days.
Before purchasing a forex card in India, remember the following points:
1) Keep foreign exchange ready: It is advisable to keep the foreign exchange prepared at least a week or three days before your travel date. The rates are subject to fluctuate. In case the prices are higher, you can always wait for 2 or 3 days to get the rates that falls within your budget.
2) Do not exchange money from airport outlets: Do not even think of trading money in the overseas airport outlets. They charge a commission of around 10-15 per cent. You do not even get to bargain. More so, your entire travel budget goes for a toss at the last minute.
3) Do not use debit card as travel card: The moment you swipe your debit card somewhere outside India, you might be charged a currency conversion ranging up to 5 per cent. Your debit/credit card holds currency in INR. This is why forex card is used for purchasing any product abroad.
4) Keep a spare forex card: Due to unforeseen circumstances such as theft and fraud, chances are that you might lose your forex card. In such cases, a backup forex card can save your time and energy. While buying a forex card, banks/lenders provide you a kit that carries a spare card.
5) Encash leftover foreign currency: If you have spare money after your trip, you can either encash it via the banking website or use them for your next trip. However, you are not allowed to keep an amount over USD 2,000, six months from the date of your return.
Now that you know how forex cards can act as your best ally, go ahead and travel to your much-awaited holiday or your first-ever business trip without any hassle.
What are forex cards?
A forex card is similar to your bank’s credit/debit card. It holds money, and you can make electronic payments with the help of the card. Forex cards are generally of different kinds: multi-currency, single currency, student card, etc. You can store and load money from 18 countries.
How can you buy a forex card?
Acquiring a forex card is easy. You can get one from any authorised bank or dealer. You can obtain a forex card by following the simple steps:
1) Form: Banks or dealers provide the form for buying a forex card. You can also download it from the bank’s website or apply for one online.
2) Information: Fill in your details such as name, date of travel, passport number, PAN information, type of foreign currency, amount to be loaded, etc.
3) Fee: The bank might charge a fee applicable at the time of obtaining the card.
4) Documents: You need to carry supporting documents such as a copy of passport, copy of your tickets, check with the amount to be loaded along with charged fees. Processing of forex cards takes 4-5 days.
Before purchasing a forex card in India, remember the following points:
1) Keep foreign exchange ready: It is advisable to keep the foreign exchange prepared at least a week or three days before your travel date. The rates are subject to fluctuate. In case the prices are higher, you can always wait for 2 or 3 days to get the rates that falls within your budget.
2) Do not exchange money from airport outlets: Do not even think of trading money in the overseas airport outlets. They charge a commission of around 10-15 per cent. You do not even get to bargain. More so, your entire travel budget goes for a toss at the last minute.
3) Do not use debit card as travel card: The moment you swipe your debit card somewhere outside India, you might be charged a currency conversion ranging up to 5 per cent. Your debit/credit card holds currency in INR. This is why forex card is used for purchasing any product abroad.
4) Keep a spare forex card: Due to unforeseen circumstances such as theft and fraud, chances are that you might lose your forex card. In such cases, a backup forex card can save your time and energy. While buying a forex card, banks/lenders provide you a kit that carries a spare card.
5) Encash leftover foreign currency: If you have spare money after your trip, you can either encash it via the banking website or use them for your next trip. However, you are not allowed to keep an amount over USD 2,000, six months from the date of your return.
Now that you know how forex cards can act as your best ally, go ahead and travel to your much-awaited holiday or your first-ever business trip without any hassle.
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