What is a Forex Card?
When traveling abroad, a Forex card is the most convenient way to keep foreign currency on hand to cover the expenses. A forex card is a prepaid card that you can load with a pre-determined sum. As a result, rather than carrying cash, you can use a card to pay for your bills when traveling abroad. It is a safer and unquestionably superior method of carrying foreign currency. Since it is approved worldwide, you can use your Forex card to make payments abroad or withdraw money from an ATM.
Types of Forex Cards
Forex cards are mostly categorized into two types. One is called single currency cards and the other one is known as multi currency cards. Let us get into more details for greater understanding of both types of cards:
1. Single Currency Forex Card: With this card, you can load one foreign currency. If you are just travelling to one country, you can buy the forex card.
2. Multi-Currency Forex Card: As the name suggests, you can load multiple currencies in this type of card. Forex card vendors allow you to load as many as 14 currencies on this card. This is perfect for someone who will be traveling to multiple countries and will require different currencies. In this scenario, you do not need to worry about carrying different foreign currency notes.
How Does a Forex Card Work?
A Forex card, also known as a prepaid travel card, is a convenient and secure way to carry and spend foreign currency while traveling abroad. Here’s how it works:
1. Loading the Card: Before you travel, you load the card with a pre-determined amount of foreign currency. You can choose to load multiple currencies onto a single card, depending on your travel destination.
2. Using the Card: Once loaded, you can use the Forex card just like a debit or credit card. It can be used to pay for goods and services at any location that accepts card payments, including online transactions.
3. Reloading: If you run out of funds, most Forex cards can be reloaded online, giving you continuous access to money without needing to find a currency exchange.
4. Withdrawing Cash: If you need cash, you can use the Forex card to withdraw local currency from ATMs in a foreign country.
In summary, a Forex card works similarly to a credit or debit card, designed for easy and secure foreign currency transactions during international travel. It eliminates the need to carry large amounts of cash and offers various convenience, security, and cost benefits compared to other modes of payment.
Benefits of Using a Forex Card
Using a Forex Card offers several benefits, which can make international travel more convenient and economical. Here are the key benefits:
1. As compared to buying foreign currency in cash, Forex Cards offer better exchange rates. Hence, it is less costly for travelers to buy Forex Cards rather than having foreign currency in cash.
2. Foreign currency is loaded on forex cards at fixed exchange rates. As a result, they are unaffected by exchange rate movements in the forex market.
3. Forex cards are a safer mode of carrying foreign currency because chip and pin technology are used to protect your funds. If your Forex card is lost or stolen, it can be quickly blocked and the balance can be frozen. The money can then be transferred to the secondary Forex card, if issued in conjunction with the first one.
4. Several foreign currencies may be kept on a single forex card at the same time. The card supports all popular currencies like USD, GBP, CAD, EUR, AUD, SGD, etc. Forex cards typically have zero markup fees, unlike credit or debit cards that often carry a markup foreign transaction fee ranging from 1-3% for international transactions.
Click here to read more on benefits of forex card.
How to Apply for a Forex Card?
Applying for a Forex Card involves a few simple steps. You can apply either by visiting a bank branch, or, even better, through a forex service provider’s website or mobile app. Next, choose the type of forex card you need and the currency or currencies you wish to load onto it. After selecting your card, you must fill in your personal details and travel plans. Along with this, you’ll need to submit necessary documents such as a valid passport, visa (if applicable), proof of travel plans like airline tickets, and ID and address proof—for instance, a copy of your Aadhar card.
Once all documents are in place, make the required payment for the amount you wish to load onto the card, as well as any issuance fees. Payments can typically be made online. After processing your application and payment, you’ll receive your forex card. You can follow the provided instructions to activate it. Upon activation, your forex card will be ready for use, and you can start making transactions abroad, whether for purchases or ATM withdrawals.
Why BookMyForex’s Multi-Currency Prepaid Forex Card is the Best Option for You?
There are a number of reasons why the BookMyForex multi-currency travel card is the best Forex card for you and why you should get one before you head to your international destination:
1. Zero charges: With the BookMyForex travel card, you do not have to pay any sort of charge for getting the card issued. You also pay absolutely zero charges on reloading the card as well as unloading the card. With this, you save up on a significant amount of charges that can be spent elsewhere during your trip.
2. Exact interbank rates: With the BookMyForex travel card, our users enjoy loading the card with foreign currency at exact interbank rates. The users do not have to bear any added margins. As a result, travel card users save around 0.5% – 2% over foreign currency notes, 0.5% – 2.5% over traveler’s cheques, and a whopping 3.5% – 6% over your credit/debit cards. BookMyForex travel card will act as your true companion while you enjoy your trip overseas.
3. Same-Day Doorstep Delivery: BookMyForex provides same-day delivery for its Multi-Currency Prepaid Forex Card. This service ensures that once you place an order online, you can receive your card on the same day.
4. Multi-Currency Support: You can load up to 14 different currencies onto a single card, making it highly versatile for travel to multiple destinations.
5. Global Acceptance: The card can be used worldwide for various purposes like shopping, dining, and withdrawing cash at ATMs, making it a comprehensive solution for all your travel payment needs.
6. Easy card management: The BookMyForex app facilitates the easy purchase and management of the Forex card, which allows you to check your balance, instantly reload your card, and monitor transactions effortlessly while on the go.
7. Free insurance coverage: Even in case of a mishap where you encounter fraud, you have an insurance cover that will take care of the situation. So you can rest assured and enjoy your trip with peace of mind.
Related Resources
How To Apply For a Forex Card? Steps & Documents Required
Benefits of Using Forex Card for Students, Travelers & Tourists
How to Reload/Unload a Forex Card? Steps & Documents Required
Forex Card vs. Cash vs. Credit/Debit Card – Which is the Best Option for Travelling?
Everything You Should Know About Add-on Forex Cards
How to Use a Forex Card: Tips on Daily Usage, Stolen Card & Hidden Charges
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