With a Forex card, you can make purchases in the foreign currency of the relevant nation, check your balance, and withdraw cash in foreign currencies. You can also choose how much to add to the card following your own needs. While you are still in India, you can choose to top off your Forex Card at the prices that the bank has established.
You can use the Forex Card to make payments at your destination in the same way that you would with a debit card. Additionally, you can easily top off the Forex Card at any time by using the bank’s online banking interface. Once the foreign currency of your choice is placed onto your card, you won’t need to worry about exchange rate fluctuations.
What is a Forex Card?
Depending on the country you are visiting, a Forex card is a type of prepaid credit card that lets you deposit money in any foreign currency of your choice. You can load this card with one or more currencies. Some cards support up to 15 different currencies and use them to access funds in the designated foreign currency.
Who can Buy a Forex Card?
A Forex card can only be purchased by an Indian national who complies with KYC requirements. Indians who are not residents are not eligible to apply for one. If a parent or legal guardian signs the application form, a card can be provided to children who are 12 years of age or older.
How To Apply For A Forex Card?
These days, a lot of reputable private banks provide Forex Cards. If you want to buy your card online, get in touch with these financial institutions.
Required Documents for Forex Card Applications
- A copy of your passport that has been self-attested will be required.
- Copies of your confirmed ticket and visa, self-attested, may also be requested by the granting authorities.
Advantages of Forex Card Usage
- Before you go on your trip, a card with your preferred foreign currency preloaded on it is given to you.
- When travelling overseas, using a Forex card removes the need to bring a lot of cash.
- In most cases, the Forex card comes with travel insurance from the bank or card issuer.
- The Forex Card can be used somewhere that accepts credit or debit cards.
- Additionally, you can use it to get local money out of ATMs located overseas.
- The card may be conveniently topped off online at any time you’d like.
Fees for Forex Cards
Reviewing the costs related to card transactions is crucial when selecting a bank for a Forex Card. This covers expenses associated with the issuing of cards, loading or topping off currencies, withdrawing cash from ATMs, checking balances, convenience fees, and more.
