What is Forex Card & All Your Questions Related to Forex Card are Answered here
Forex Card, which is also called Travel Card, Prepaid Card, Traveller’s Card, Prepaid Travel Card is like your debit card. Forex Cards are used for making payments while you are travelling abroad. You can pre-load money in the denominations of foreign currency which enables you to access money in the required local currency of the country you’re in. There are no charges, unlike a debit or credit card. If you require more money, you can also top it up. The card allows you to withdraw cash in foreign currency, check your balance and shop. Here are some more important answers to questions you may have about Forex Card.
Also Read: Know About the Best Forex Cards in India
Forex Card: All Your Questions Answered!
How does the forex card work?
Forex card works just like your debit or credit card. You can use a forex card to shop, withdraw money or pay your bills while you are travelling abroad. All you have to do is pre-load the money in the shape of foreign currency in your Forex Card and then use it just like your debit card albeit with Zero or significantly low charges than a Debit or Credit card.
Which ATMs accept the Forex Card?
All ATMs in overseas that have the logo or symbol of Visa, Visa Plus or MasterCard accept a Forex Card. There are over 2 million Visa ATMs worldwide and you can see the list of Visa ATMs here
Is there a fee levied for the use of VISA ATMs overseas?
Yes, there is a transaction fee levied at various ATMs for cash withdrawal and balance inquiry.
Can I use forex card in an ATM?
Yes, you can withdraw cash from any VISA/VISA Plus/MasterCard ATMs worldwide. However, if you have to change the PIN of your Forex card, you can do that only in an Axis Bank ATM in India. Your Card will work fine at any shop or restaurant or a hotel that accepts cards of Visa/Visa Plus or MasterCard.
BookMyForex Forex cards are loaded with foreign currency at exact Interbank rates i.e at zero margins and without any hidden charges. That literally means you get to exchange currency for free. Welcome to the forex revolution.
Can I remotely reload the Forex Card?
Yes, You can reload your Forex Card remotely. All you have to do is send us a signed copy of the reload form, and the payment, we will reload the card for you. You may also leave a signed copy of the reload form and authorisation with your family. And your family member can approach BookMyforex with the form and authorisation. Once we receive the documents and payment, the card will be reloaded with currency.
Can I reload the Forex Card after I exhaust the funds on the card?
Yes, you can. If you have run out of the money on your forex card, you can reload it with additional funds. All you have to do is contact BookMyForex and one of the sales consultants will help you with the process of loading your card.
Can you transfer money from forex card to bank account?
No, you can not.
What is a multi-currency forex card?
A multi-currency Forex card is a travel card that you can load with more than one currency. A multi-currency Forex Card is for those travellers who have to travel to more than one country. So rather than taking a separate Forex Card, they can just take one Forex Card and load it with as many currencies of as many countries they are travelling to.
What is BookMyForex Multi-currency travel card?
BookMyForex multi-currency forex card is one of the best travel cards in India loaded with most advanced features and secured by the latest technology to provide its users with a seamless spending experience while travelling abroad. The card has been launched by BookMyForex in partnership with Yes Bank and Visa.
Zero-Margin Rates: You can load/unload your BookMyForex Travelcard online at Zero margin rates i.e at exact interbank rates without having to pay any hidden charges.
Contactless Payment: The BookMyForex Card allows its users to make contactless payments with a single tap at POS terminals.
Multi-Currency Card: BookMyForex Travel Card allows you to load multiple currencies on the same card. So travellers planning to go to multiple destinations abroad do not need to carry separate forex cards. BookMyForex card allows you to load as many as 10 currencies on the same card.
What if I want to use my Debit card instead of a Forex Card? How do I make my debit card work internationally?
You can use your Debit or even Credit card abroad but it is a costly affair. There will be too many charges to pay. You need to call your bank to activate your international usage of your debit or credit card and once they activate it, you can use it internationally the same way as you do it in India.
There are basically three types of charges:
1. Foreign Currency Conversion Fee –
This is the charge/fee that goes to Visa or MasterCard or any other network that your card is on. Your Debit Card or Credit Card is free of any charge when you use it on a Visa or MasterCard Network within the country of its issuance. If you use it abroad, you pay in a different currency and withdraw a different one. The conversion happens from INR to that currency and Visa/MasterCard automatically charge a 1-2% fee on foreign currency exchange and anything in excess of it is generally a small margin of profit for the bank.
This is the charge of your Card provider. When you carry out a transaction in foreign currency, your card provider will charge you for that transaction. The foreign transaction charge is around 2.5 -3.5% figure of the total transaction amount.
3. Cash Advance/Withdrawal Fee –
Withdrawing Cash using your Credit card comes with a charge called Cash Advance fee, irrespective of whether you used the card in India or Abroad. The fee, however, is higher when you use your card abroad. And when you withdraw money from ATMs abroad using your debit card, you will have to pay a withdrawal fee too. This is the fee that your bank agrees to pay to the bank whose ATM you used to withdraw cash as they allowed the use of their ATMs. You can incur a 1-4% additional fee every time you carry out an overseas cash withdrawal.
Does an overseas ATM give an option to select the currency when I use my multi-currency card?
No, however, they may show a message indicating that the transaction will be in USD along with the exchange rate of USD and a with a choice given to the customer to proceed or cancel.
What if I have 3 currencies loaded in my multi-currency Forex card and the balance is 200 AED, 200 Euro, and 300 USD and I want to withdraw 400 USD, will the ATM deduct 300 USD from the USD wallet and remaining equivalent 100 USD from the other two wallets?
No, in order to withdraw 400 USD from the ATM, anyone of the wallets should have an amount equivalent to 400 USD including the amount to cover the withdrawal and cross-currency charges
What is HDFC forex card?
A forex card that HDFC bank sells or issues to a customer.
What are the cross-currency charges?
When the currency is in a transaction that is not the same as the currency in your card, the currency conversion fee applies. For example, if you use your USD card to pay a restaurant bill in the UK, the merchant will charge you in GBP and the currency will automatically be converted.
What are the USPs of a Forex Card purchased from BookMyForex?
—You get foreign currency cash at a discount when bought with Forex Cards.