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April 8, 2021 Forex Card
7 minutes, 7 seconds Read

How To Apply For a Forex Card?

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A forex card looks similar to a prepaid card or a debit card. With a forex card also known as a travel card, you can load funds into your account in a foreign currency. You may use your forex card to pay bills or withdraw money from a foreign currency ATM since it is accepted worldwide.

How to apply for forex card?

You can apply for a forex card on BookMyForex by following these steps:

Step 1: Go & visit BookMyForex forex card page. Now you have to select your city and choose the currency you wish to purchase.

Step 2: Now enter the forex amount and add it to your product. Tap on the ‘Book this order’ button and the whole order flow page will open up on your screen.

Step 3: Just confirm the order details, apply a discount code if you have one and continue to the next step.

Step 4: Now you have to select the countries you are travelling to, the start date of your trip as well as the end date of your trip.

Step 5: As per the Reserve Bank of India guidelines, you have to select the purpose of your visit. You can choose the one that fits best from a list of purposes mentioned.

 

Now you can upload the documents as requested and proceed further.

Step 6: Select the address where the forex card will be delivered to your doorstep. Then you have to make the required payment and that’s it. It is just that simple.

In case you have any queries regarding this, you can simply give us a call on +91 9212219191 and our customer support executive will be happy to help you.

Documents required to apply for a forex card on BookMyForex

To buy a forex card in India, you will need the following documents:

  •         Passport’s front page and back page
  •         Valid Visa
  •         Air Ticket showing travel within 60 days
  •         Copy of PAN Card

BookMyForex’s customers can upload the necessary documents online. When a customer uploads a document to the website, BookMyForex watermarks it to ensure the protection of the data and documentation submitted by the customer. Watermarking specifically specifies the document’s intended usage and prohibits it from being misappropriated for other objectives.

So you do not need to worry about sending your personal documents to us. At BookMyForex, we take our customer’s privacy very seriously.

Check out this complete guide on what is a forex card.

Hidden charges to watch out in the case of Forex Card

As easy as it might seem, there are numerous hidden charges that play a critical role when using a Forex card in a foreign country. These charges for Forex cards are not readily apparent to the customer, and when compounded over the course of your international travel, they can be very surprising.

It’s also possible that you didn’t read the guide or documents that came with the Forex card for a long time, and so you blame the people who issued the card. It’s also very likely that those in charge of issuing the forex card would tell half-truths as well.

Here’s a rundown of some of the hidden fees you may face when using your forex card abroad:

  • Fees for withdrawing cash from an ATM: If you use your Forex card to withdraw cash from an ATM machine in another country, you might be charged a hidden fee. Please check that before withdrawing cash.
  • Cross-currency markup fee: If you find yourself in a situation where you need to make a foreign currency purchase using your Forex card, you will be able to do so, however you will be charged a cross-currency markup fee.
  • Forex card activation fees: When purchasing a Forex card, you might be required to make a preliminary payment before the card is delivered.
  • Charges for a lost or stolen travel card, as well as an application for a replacement card: If you lose your forex card, you’ll have to have it replaced. You will have to pay an extra hidden foreign exchange charge if it was substituted in your home country or a foreign country.
  • Charges for performing a balance inquiry: While travelling abroad, you can feel the need to keep track of your card’s balance to help prepare your budget. You are free to check your forex card balance at any ATM; but, even for a simple balance inquiry, a service fee of approximately 0.5 US Dollars will be added.
  • Charges for obtaining a transaction slip: You will have the option of obtaining a transaction slip when withdrawing funds from an ATM machine using your Forex card. If you’d like to print a withdrawal slip, you should be mindful that there will be a hidden charge applied to your card.
  • Charges for a card that has been inactive for a certain amount of time: If you do not use your forex card for 180 days after purchasing, loading, and using it, it is considered inactive. The consumer would be responsible for the inactivity fine.
  • Fees for receiving transaction notifications via SMS: Having an SMS alert associated with your banking transaction is always a plus. In the case of a Forex card, however, any time the card is used to make a purchase, a monthly fee is deducted to cover the cost of the service.

You can purchase a forex card from BookMyForex. Unlike banks, we do not charge any fees for issuing a forex card. Also, our platforms allow you to reload or unload your forex card for free, which is fantastic and can save you a lot of money. Along with these, the BookMyForex travel card comes with a slew of other great benefits, so it’s a smart option.

Charges and Fee Structure of a BookMyForex Travel Card

As we just discussed about the various forex card charges in great detail, here is a table containing the fees/charges that you will be paying if you get a forex card from us:

 

Issuance FeeZero   
Reload FeeZero
Unload FeeZero
Cross Currency Fee* 3.5% of Transaction Value
Inactivity Fee* (Inactive period 12 months from the last transaction on the card)USD 5/eqv
Cash Disbursement fee*2% of transaction amount

Things to watch out for while purchasing a Forex Card

  • Before you buy a forex card, always confirm about all the charges as mentioned above. The charges vary from a vendor to vendor. To avoid any sort of discrepancy, keep a copy of the charges with you.
  • Do not forget to check with the vendor regarding the daily usage limit of the card that you wish to opt for.
  • Always keep the helpline number of the card vendor. In case a mishap happens, you should be able to quickly get in touch with the issuer and take the required steps.
  • Always go through the insurance cover documents thoroughly without fail. Some of the card vendors try to sneak in a few clauses that might be open to interpretation, so it is highly advised to go through it and consult on anything that sounds shady to you.

Why should you go for a BookMyForex travel card over others?

There are many reasons why you should get a BookMyForex multi-currency travel card before you travel internationally:

  • Zero charges: With the BookMyForex travel card, there are no fees associated with having the card released. You also don’t have to pay anything to reload or unload the card. This allows you to save a considerable amount of money that you can use elsewhere on your journey.
  • Exact interbank rates: Our customers can load their BookMyForex travel card with foreign currency at exact interbank rates. Users are not responsible for any additional margins; we take care of that. As a result, travel card users save 0.5 percent to 2 percent when compared to foreign currency notes, 0.5 percent to 2.5 percent when compared to traveler’s checks, and 3.5 percent to 6 percent when compared to credit/debit cards. When you’re spending money abroad, the BookMyForex travel card will be your ultimate buddy.
  • Free Insurance Cover: If you have an accident and become a victim of fraud, you have an insurance policy that will protect you. As a result, you can relax and enjoy your trip without fear.

At BookMyForex, we have sold over 1.25 lac forex cards and our users have loaded over INR 1400 crores in the forex cards that they have purchased. Our customers have saved a combined total of over INR 19 crores. 

So what are you waiting for? Go purchase your BookMyForex travel card now.

 

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