Are you planning to travel abroad? Here's what you should know about the Forex card

A Forex card is an easy way of carrying money while travelling to different countries. The card can make online transactions or withdrawals in multiple currencies. The card intends to make travelling easier and lighter for customers.

Travelling to different countries can be difficult, especially when an individual has to handle foreign currency. Travellers can find it difficult to keep a record of the foreign currency if it is in cash, and it can also be a safety issue. To streamline the process of carrying money to different countries, the Forex card was introduced by the banks. These cards can hold any money for the traveller and be used to make transactions in multiple currencies. Read on to learn more about the Forex Card and how you can get one.

What is a Forex card?

A Forex Card is a prepaid credit card that allows the customer to deposit or withdraw funds in different currencies. The card can be used while travelling to foreign countries as it can be used to make online payments and withdraw cash from ATMs. A traveller can carry this card instead of money and go to any country worldwide. The card makes travelling easier and allows customer to track their expenses. 

Also read: What is IPO?

What are the key features of a Forex card?

The key features of a forex card are:

1. Safe and secure transactions across various countries.
2. Forex cards are prepaid, allowing travellers to spend money within their budget.
3. Forex cards are widely accepted and can be used anywhere. They can also be used to withdraw money from ATMs.
4. Reduce the dependency of the traveller on cash.
5. The amount loaded into the forex card is not impacted by the fluctuations in the value of currencies each day. The deal is based on the exchange rate for the day the amount was loaded.
6. Forex cards are cheaper than debit or credit cards which can be used to make international payments.
7. Various banks offer deals and discounts on Forex Cards, allowing customers to save money while travelling.

Also read: Most Traded currencies across the world!

Who are eligible to purchase a Forex Card?

Any Indian national can apply for a Forex Card. Even minors above 12 years can apply for a forex card, but their parents must sign their application form. 

A traveller can apply online or reach out to their nearest bank to get a Forex Card. The process to obtain the Forex Card is simple and easy. The bank or financial institution requires the traveller to submit the necessary documents. Once the documents are approved, the customer will receive the Forex Card.

What are the documents required to purchase a Forex Card?

The documents required to purchase a Forex Card can vary from bank to bank. However, the basic documents required are:

1. Application form
2. Passport 
3. International Visa (For the countries which the traveller is going to)
4. Copy of the airline ticket of the traveller
5. PAN Card of the traveller

Which are the best Forex Cards in India?

Travellers in India have multiple options when it comes to Forex cards. The best Forex cards which a traveller should obtain are:

1. Forex Card by "Thomas Cook"
2. Multi Currency Platinum Forex Card by "HDFC Bank"
3. Multi-Currency Travel Forex Card by "Yes Bank"
4. Multi-Currency Forex card by "Axis Bank"

Also read: Foreign Currency Options to consider while travelling abroad

Final Words

Travelling in a different country can be made easier with a Forex card. The customer must look at the various features offered by Forex Cards to choose the one per their need. Forex cards can eliminate the requirement for money while travelling and simultaneously keep a record of expenses.