Where to get it You can get a prepaid forex card from a bank or an authorised forex dealer (also known as money changers). You don’t even need an account relationship with the bank to purchase the card.
How to get a Forex card?
To get a forex card, you would be required to submit the following documents: 1. Passport 2. Visa 3. Confirmed Air Ticket 4. PAN Card Details BookMyForex allows its customers to online upload the documents required.
What is a forex travel money card?
A forex prepaid card is a smart, convenient and secure alternative that you can use to carry foreign currency when you travel overseas. How do travel money cards work? Money cards, forex prepaid and currency cards are essentially prepaid cards.
What is the eligibility criteria for getting a Forex card?
There’s no eligibility criteria for getting a forex card. You just need to comply with the LRS limit of 250,000 USD per individual in a financial year and you are good to go. To get a forex card, you would be required to submit the following documents:
What are the regulations for the usage of Forex card?
Usage of the Forex Card needs to be in accordance with the Exchange Control Regulation of Reserve Bank of India and the applicable laws in force from time to time, in particular and without information, the Foreign Exchange Management Act, 1999. 36. How can I reload my Forex Card?
Who is eligible for forex card?
Eligibility & Documentations. The Forex Card is available to Indian nationals traveling abroad and Foreign nationals residing in India. It can be issued to customers who maintain an account with Kotak Mahindra Bank, as well as non-customers.
Can I get forex card without bank account?
You can get a prepaid forex card from a bank or an authorised forex dealer (also known as money changers). You don’t even need an account relationship with the bank to purchase the card.
What are the documents required for forex card?
Documents required while purchasing/reloading the Multi-Currency Forex Card:Sr.DocumentAt the time of Purchase1.Passport CopyMandatory2.Application FormMandatory3.VisaMandatory4.Airline TicketMandatory1 more row
Do students need forex card?
A forex card for students is a foreign exchange or forex card which allows students to pay for their expenses without worrying about currency or cash issues. If you are a student considering studying abroad, then this card will be perfect for you.
Which bank is best for forex card?
11 Best Forex Cards in India 2022Axis Bank Diners card.HDFC Bank Multicurrency ForexPlus Card.HDFC Bank ISIC Student ForexPlus Card.HDFC Regalia ForexPlus Card.Thomas Cook Borderless Prepaid Card.Thomas Cook One Currency Card.IndusInd Bank Multi-Currency Forex card.ICICI Bank Multi-Currency Platinum Travel Card.More items…•
Is visa required for forex card?
To apply for a Forex card, you need to submit an Application-cum-Declaration form along with a copy of your passport, tickets and visa. You have to remit an amount in Indian Rupees (equivalent to the amount you want in foreign currency) to the bank. Once the transaction is done, your card is activated.
How much does a forex card cost?
HDFC Bank Forex Cards Rates and ChargesFee/Charge TypeRegalia ForexPlusMulticurrency Platinum ForexPlusCard issuance feeRs.1,000 plus taxesRs.500 plus taxesReload FeeRs.75 plus taxesRs.75 plus taxesRe-issuance of Card FeeRs.100 plus taxesRs.100 plus taxes
Can I use Indian forex in India?
Can I use my Forex Card in India? No, you cannot use it in India, Nepal or Bhutan. The Forex Card is intended only to be used during your travels abroad. To apply for the HDFC Bank ForexPlus Card, you can click here.
Can we transfer money from forex card to bank account?
One of the best features of a Forex Card is the ease with which you can transfer money from your Forex Card to a bank account. Forex Cards usually have a validity of three to five years. You can simply retain leftover funds for your next trip or easily transfer it back to your bank account.
Which forex card is best for Indian students?
Best Forex Cards for Indian StudentsWise Borderless Card.Niyo Global Card.Axis Bank forex card.HDFC forex cards.ICICI forex cards.
What is SBI forex card?
State Bank Foreign Travel Card,is a prepaid Foreign Currency card that makes your foreign trip trouble-free and convenient. It is a Chip based EMV compliant Card which stores encrypted and confidential information.
What is HDFC forex card?
Think of a forex card as a prepaid travel card that you can load with a foreign currency of your choice. You can use a forex card just like a credit or debit card to pay for your expenses in a local currency abroad. You can withdraw local cash from an ATM.
What are the restricted countries where usage/issuance of Forex Card is not permitted?
As per RBI guidelines, usage of prepaid forex card is not permitted in high-risk countries indicated by FATF (Financial Action Task Force). The lis…
Which bank gives the best forex rates?
In order to get the best Forex rates, you can get a Forex card from a trusted online currency exchange marketplace such as BookMyForex. It would is…
Does a prepaid forex card have a validity period?
Yes, your forex card comes with a validity period beyond which it can be used subject to renewal. However, the period itself is not fixed and may v…
Do I need to buy a new prepaid travel card every time I travel abroad?
No, you don’t need to buy a new prepaid travel card every time you travel abroad. You can use your existing Forex card by simply loading the curren…
Can I use a Forex card at an ATM?
Yes, you can use a Forex card at an ATM to withdraw cash in foreign currency while travelling abroad. However, you would be levied an ATM Cash With…
A forex card is a safe option to carry while travelling abroad. It is very easy to obtain it and can be bought from any authorised dealer or bank
A forex card is a safe option to carry while travelling abroad. It also protects against exchange rate fluctuations during the travel period. It is very easy to obtain a forex card and it can be bought from any authorised dealer or bank.
ET PRIME – PERSONAL FINANCE STORIES
RERA is coming up short in giving relief to homebuyers. What ails the legislation?
Forex cards- International travel made effortless
Sara usually travels around the globe for her official trips quite frequently, and she enjoys shopping at local shops to bring back memorabilia for colleagues and family. Nairobi was on her frequent travel list, and she loves to shop the local markets for their rich handicrafts.
So, what is a forex card?
A forex card can hold single or multiple currencies in a single card, prepaid by nature. It is a globally accepted prepaid card with features of ATM withdrawal, just like a debit/credit card. Therefore, it is a safer and fool-proof way of managing finances abroad, be it for professional or personal travel.
Types of Forex Cards
Forex cards come in various types, and they can be chosen as per the traveler’s requirement. The forex cards are typically differentiated as:
Advantages of Forex Card over Cash
Forex cards come with better exchange rates when compared to cash conversion. Also, the traveler gets to enjoy locked-in exchange rates that do not fluctuate on a daily basis.
Why a forex card?
While forex cards do allow for frictionless travel, they also come with a host of other benefits such as:
What is a bookmyforex card?
BookMyForex Multi Currency Forex Card is a foreign currency denominated Prepaid Travel Card which can be loaded with multiple currencies on a single Card that makes your foreign trip totally hassle-free and convenient. You can load this pre-paid card with foreign currency in India by paying in INR and use it to swipe on merchant outlets and withdraw cash in the local currency from ATMs accepting Visa cards.
What is DCC in forex?
Since your Forex Card is already loaded in a foreign currency, DCC can lead to double conversion charge if you select the “Home currency” option.
Can I use a multi currency card at a merchant?
Can my Multi Currency Forex Card be used directly at merchant establishments? Yes, Multi Currency Forex Card can be used directly for payments at merchant establishments that accept Visa enabled cards. Your Multi Currency Forex Card is Chip enabled Card, which provides maximum security when using overseas.
Is there a fee for using a forex card?
No, there is no transaction fee incurred for using your card for payments at merchant establishments. However if the transaction done in the local currency of the country is not available on the Forex Card then the card will intelligently process the transaction in the currency available on the Card.
What are the charges for using a forex card?
Here are few of the charges based on usage: 1. Cash withdrawal charge- The cost you incur when you swipe the forex card at any ATM and withdraw cash. 2. Balance inquiry charge – The charge for checking your balance at an. 3. International SMS alert charge (monthly) – For receiving SMS alerts when aboard. 4.
What happens when you return a forex card?
When you return : When you return, get your balance on the card encashed as holding large amounts of foreign currency is prohibited. “As per RBI laws, the balance amount held in the forex card should not exceed equivalent of $2,000 dollars,” says Bhaktha. Insurance cover.
What is an inactive period on a forex card?
Inactivity Fees: Inactive period on the card is defined as absence of any debit or credit on the forex card for a consecutive period of more than 6 months. Some banks may levy this. Things to confirm while purchasing forex cards.
Do you have to be aware of conversion charges on a prepaid card?
As with anything else, you need to be aware of the various charges while using a prepaid forex card card. Once the card gets loaded with forex, you don’t have to worry about the conversion charges anymore.
Can you carry cash on a holiday?
Using just cash is not advisable, especially if your holiday is a long one. Other than hard cash, there are a few other ways you can carry forex — travellers cheques, plastic money in the form of debit and credit cards, and prepaid travel cards. Each of these comes with its own pros and cons.
Is it bad to use a credit card abroad?
Each of these comes with its own pros and cons. Using a credit card abroad for foreign currency transactions may be fine but it is expensive. If one uses a credit card abroad, there will be conversion charges, and if used at an ATM, an additional fee is levied.
Is the Indian rupee accepted internationally?
Since the Indian rupee is not a widely accepted currency internationally, you should be wise about how you carry your forex when you travel out of the country. For instance, don’t get swipe-happy with your credit card, along with processing fee you will be charged a conversion fee.
Why is a forex card important?
And just like a credit or debit card, it can also be used to withdraw cash from an ATM. Forex card helps to keep your money safe when you are traveling abroad.
How many currencies can you use on a forex card?
This is one of the most worthy, smart, safe, and hassle-free forex cards. It can be loaded with 7 currencies at once. You can use this card to make payments in shops, hotels, and restaurants worldwide because it has the MasterCard Acceptance Mark.
What is HDFC forex card?
HDFC ForexPlus Cards is among one of the best forex cards in India, it is easy, safe as well as a cashless way of carrying foreign currency on your trip abroad. You can use this card to make payments for shopping, lodging, dining, etc.
What are the different types of forex cards in India?
DIFFERENT TYPE OF FOREX CARDS IN INDIA: There are two types of Forex cards in India. They are: Multi-currency Forex cards: A card that can be loaded with 23 different currencies and can be used throughout the world. When you are traveling from one country to another, it helps you change to the currency of the country you are going to visit from …
How much money can I load in one forex card?
Multiple currencies can be loaded in one single card, and you can load money up to 2.5 lakh at maximum as directed by the RBI. You can get yourself a forex card from your bank or a forex dealer, and you are not required to be an existing customer of the bank for getting yourself a forex card.
What is the best way to spend money abroad?
Forex cards are one of the best options for spending your money wisely when you travel abroad. These cards are safe and serve as a less expensive replacement for your cash. It will also help you with reasonable exchange rates if you use a forex card with foreign currencies loaded in it.
What is an add on card?
Add-on cards, not exceeding more than two. It can be used to pay for your shopping, restaurants and accommodation bills. The minimum amount that can be loaded and reloaded is USD200 and equivalent in other currencies. The facility of emergency cash replacement as per the amount of balance in your card.
What is forex prepaid card?
A forex prepaid/ travel card acts as a convenient and secure alternative to carry foreign currency while travelling overseas. Here’s a preview of the benefits of having a forex travel/ forex prepaid card. You can store multiple currencies in a single card in case you are travelling to different countries. Unlike credit and debit cards, there are no …
Can you store multiple currencies in a single card?
They are universally accepted.