Travelling internationally is an exciting experience, but it often comes with financial considerations. One of the essential aspects to plan for is managing foreign currency abroad. To simplify this process, many travellers opt for Forex cards, which offer a convenient and secure way to carry money. Forex cards have gained popularity due to their ease of use and benefits, such as competitive exchange rates and enhanced security features. This article will explore the charges associated with Forex cards, who can purchase them, the required documents, and the significance of travel insurance benefits for Forex card usage.
Travelling abroad necessitates the purchase of foreign currency. Getting a Forex card is a fast and safe way to do this. While travelling abroad, you can use this preloaded card like a debit card. With this card, a traveller can make purchases and, if necessary, withdraw cash in foreign currency.
Who May Purchase A Forex Card?
A Forex card can only be purchased by an Indian citizen who has completed the process of KYC. Indians who do not live in the country cannot apply for one. Minors over 12 may receive a card after a parent or legal guardian signs the application.
Necessary Documents
The applicant must complete an application for a foreign exchange card online or on paper. You may need to submit the below-listed documents with the form:
- Passport photocopy with self-attestation.
- The issuing authority may also request self-attested copies of the ticket reservation and visa.
Fees
Before choosing a card-issuing business or bank, one should research the charges and fees for card-related transactions, such as card issuance, currency loading or topping up, ATM withdrawals, balance inquiries, convenience fees, etc.
Use Of Foreign Currency
The forex loaded on the card must be used for the purpose obtained within 60 days of adding it, even though a forex card is typically valid for five years from the date of issue. Within 180 days of the arrival date in India, any money not used during the foreign trip must be returned to the bank. Hoa Roi Cua Phat Nguyen Si Kha • Rainy Day Memories • 2023
Things To Consider
A single Forex card can be loaded with multiple currencies. The bank or card issuer that issued the card will typically include travel insurance with the currency card.*
A Forex card is a valuable tool for international travellers, offering a range of benefits such as convenience, security, and competitive exchange rates. By understanding the charges associated with Forex cards, who can purchase them, and the required documentation, travellers can make informed decisions and ensure a smooth financial experience during their international trips. Additionally, it is essential to consider the importance of travel insurance when using a Forex card. Travel insurance protects against unforeseen circumstances and can offer coverage for various expenses, including lost or stolen cards.*
By combining a Forex card with appropriate multi-trip travel insurance coverage, travellers can enjoy peace of mind and focus on creating memorable experiences while exploring new destinations.
Standard T&C Apply
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