If you travel abroad often or have the intention to do that in near future, Forex cards are the best option if you’re traveling abroad. Millions of Indians still take cash instead of Forex card because they do not know what is forex card and its benefits. In this post we cover the top 5 things you need to know about forex cards in India. If you’re thinking of traveling abroad, you need to read this or else be prepared to feel robbed because of the charges and hidden fees.
5. What is Forex Card?
A Forex Card is a Prepaid Card you can use to make payment when traveling abroad or when you’re studying abroad. Prepaid Card, Travel Card, Travel Money Card, Prepaid Travel Money Card are just other names of a Forex Card. Since they are preloaded with foreign currency, you can access money in local currency abroad.
4. Are Forex Cards better than Debit and Credit Card?
Debit and Credit Cards involve a surcharge of 3.5-6%. It means if you get a bill of Rs. 5000 in a restaurant abroad, you pay Rs. 175 more (3.5% surcharge). Debit and Credit cards also attract a flat charge for ATM withdrawals.
Tip: BookMyForex Cards have ZERO surcharge
What are the various charges included in Forex Card?
There are basically three types of charges involved:
The fee that Visa and Mastercard charge you because your card is Indian and your Card balance reflects in Indian Currency and when you use it abroad, you pay it in the currency of the country you are in. The conversion happens from INR to that currency and Visa and 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
2. Foreign Transaction Charge–
Charge that your Debit/Credit card provider puts on you for carrying out a transaction in foreign currency. Your Debit/Credit card is designed to work only in the currency of the country it has been issued in or domestically but when you go abroad and use the card to either shop or withdraw cash, your bank will charge you for that Foreign transaction which makes up for 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. 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.
A recent research found that people spend way more using Debit/Credit Card when they run out of cash abroad. Reloading a Forex card is very simple. You can do it in 3 simple steps.:
- Just ask for a reload form, fill it and send the scanned form back via email.
- You will receive a payment link wherein you can make a payment.
- Your card will be loaded within the next 24 hours.
2: What If I want To Encash the Remaining Balance in Forex Card?
Encashing the remaining value is as simple as reloading your forex card. Visit the issuing bank or money exchanger, fill out a form and funds will be transferred back to your account.
At BookMyForex, you can do all this online, saving yourself from the hassle of visiting the bank. The best part: You get the best rates too.
1: How to Apply for a Forex Card?
You need the following documents:
- Valid Passport
- Valid Visa of the country of your travel (except where visa on arrival is applicable)
- Confirmed Ticket with Travel within 60 days.
- Pan Card
Once the documents are verified, you have to make the payment. You will receive the cards which will be active within next 24 hours.
Note: Additional documents may be required
Eligible age for Forex card is 14+ years.
Best place to purchase
You can spend precious hours visiting various banks offering the international travel currency card or the flexible multi- currency world travel card, compare their products – or you can sit at home and visit BookMyForex online!
We give you the best deal i.e ‘live’ market-fed rates, viz.a.viz. flat ‘daily’ rates offered by banks and other currency exchangers. You can “Freeze the Rate” your preferred rates for a maximum of 3 days. We give you Best Rate Guarantee on Travel Card rates. You need not pay any fee for either issuance or reload, the first time and each time. Easy reload facility from your loved ones back home ensures that your cash keeps flowing at all times.
So buy your prepaid travel forex card from BookMyForex and go tension-free for your overseas trip!
For Booking your Forex Card Quickly you can call 9212219191 and enquire about the same
What are the USPs of a Forex Card purchased from BookMyForex?