Can I transfer money from one Forex card to another?
Yes you can after all it’s your money. Best option is to transfer it through axis mobile app. You can transfer the funds with some simple clicks. Other option is You have to contact the branch from which you have purchased the forex card and aske them to REFUND option for your forex card.
How can I transfer money from bookmyforex to another country?
BookMyForex provides you the cheapest way to transfer money abroad. We are India’s first and largest online currency exchange and money transfer platform. Not possible. If you are NTB (New to the Bank) customer then you have to transfer the amount to any Indian Bank account.
How to transfer money from HDFC Bank Forex card to bank account?
If you are not an HDFC Bank accountholder: : Visit the nearest HDFC Bank branch or call PhoneBanking and request for the remaining money in your HDFC Bank ForexPlus Card to be transferred to your bank account. Remember: Once you transfer money from your forex card to your bank account, you lose the protection against forex fluctuations.
Can I withdraw money from my Forex card in foreign countries?
Simple answer is No. Your Forex card is like a debit card in foreign currency which can be used to make purchases online from a foreign website, withdraw cash at a foreign ATM (say in Canada), Swipe at POS terminals in a merchant outlet Abroad. You can also get the money refunded by visiting any Axis Branch.
How to transfer money from forex to US bank?
All you need is 1. your forex/travel card 2. local bank card (debit) or account information and 3. Passport .
What is forex card?
Forex card is a prepaid instrument issued under guidelines of FEMA Act (Foreign Exchange and Management Act) of RBI. As per FEMA customers are not allowed to do transfer from the prepaid card to the Foreign Bank account.
Which banks can upload forex cards?
HSBC, Citibank and Deutsche bank have an option to upload your forex card through online internet banking.
How much does Mastercard charge?
A separate issue – Mastercard charges 2.5% from all merchants which of course gets passed on to the customer. So be ready to pay 2.5% extra on every transaction where you use this card in lieu of cash.
Can you make e-commerce transactions internationally?
You can make e-commerce transactions internationally.
Can you park cash in forex?
Forex cards can not be used as a way to park cash in Forex. For that one has only one option: to buy Forex in grey market at a premium. But don’t forget possession of undeclared forex by Indian citizen is a penal offense.
How do banks make profit on currency exchange?
To make a profit on currency exchange, banks and other currency vendors sell money at a “daily rate” for more than they will buy. This is known as an “exchange margin.” There are usually service fees as well.
What is the currency market?
Currencies, like stocks and other financial products, are part of a 24-hour global marketplace known as Forex. As a result, the value of one currency relative to another fluctuates from minute to minute.
Why is it important to buy currency in advance?
Another advantage of buying currency in advance is the incentive to stick to a budget. Round out your strategy with a travel-friendly credit card and you can avoid the usual post-vacation financial hangover.
Why do people use credit cards when traveling?
Many people like to use credit cards when they travel, especially to avoid carrying large sums of cash.
Is it better to withdraw money from ATM or kiosk?
Withdrawing foreign currency from an ATM can be a better option than exchanging currency at a kiosk. But before you do it, ask your home bank about their policy on foreign transaction fees.
Do you have to exchange currency when visiting another country?
Currency exchange may seem like a simple necessity: When you visit another country, you have to buy things with the local coin. But if you don’t think about it in advance, you’re likely to end up on the losing side of the exchange margin. (The exchange what now? Read on.)
Is Travelex free?
There are no extra fees, although you’ll have to pay for shipping if you get less than $1,000 in currency delivered. Store pick-up is free.