Forex cards have become a popular tool among travelers as they facilitate travel. A credit card drawn from an international currency is a currency swap card called a currency card. It offers travelers a safe way to make payments abroad. Money is charged on the Forex card each time payment or purchase is made. Multi-currency Forex cards have become popular today and readily available. Instead of carrying various debit and credit cards and paying extra expenses, it is recommended to use the Forex card on international flights. Single Cash Cards and Cash Cards: These are the two main types of cash cards offered by banks and travel agencies.
In a single currency Forex card, the card is loaded with a single currency and loaded when needed. In the meantime, as its name implies, you can load a multi-currency Forex card with different currencies. You can choose the forex card according to your travel needs. Generally, card donors offer Forex cards to eligible customers for a privileged bank. These cards usually have lower fees or additional benefits and privileges.
What is a Forex Card?
A Forex card, also known as a travel card or prepaid card, can be your best friend when traveling abroad. A travel card is one of the most convenient, safe, and economical ways to carry money abroad and pay your expenses abroad. As a debit card, you can change the country’s currency where you are traveling and use it as needed. You can also withdraw cash at your local ATM in the country.
Two types of Forex cards
- Single Currency Forex Card: Single currency Forex card can be pre-loaded with a single currency, as the name implies. The card can be reloaded as required.
- Multi-currency currency card: Depending on the card selected, the card can be pre-loaded with some coins. If you are traveling to more than one country, this card will be valid in this case.
The best Forex cards for Indian students
Smart Transfer Unlimited Card
Because TransferWise is known worldwide for its low-cost transfers, it can help you make large and small bank account payments to local universities and schools worldwide.
- There are no registration or publication fees
- Get a real exchange rate on every transaction
- Available in classified countries only
TransferWise is entirely online and allows you to send money worldwide in over 60 different currencies. But if you’re studying in the United States, Europe, Australia, or the United Kingdom, you can also get a multi-currency TransferWise account. It’s a single card that allows you to get more than 45 different coins and draw up to $ 350 a month for free.
This means you can spend it on holidays or fieldwork. If you are in India, you can send money or make payments to universities quickly from mobile or online at a single low rate. And if you’re looking for a multi-currency TransferWise card or you use TransferWIse to transfer money, you’ll always get a real exchange rate for every currency conversion. There are no marks here.
Niyo and DCB Bank have teamed up to provide a flexible technological card that can be used in more than 90 currencies but includes Visa fees and exchange rates.
- Merger and annual fee. 200 + GST
- Not available in all cities of India
- Upload the Niyo Global card from your INR account
Niyo is for the modern generation of students who want to get their cards and convert money anytime, anywhere. With the Niyo app, you can withdraw cash from your India bank account and go through the card and use it in 150 countries.
But you will receive an annual commission and merger, plus a hidden exchange rate included in the Visa exchange rate. The record has an emotional component, so make sure you are in one of the Indian cities Niyo offers.
Axis Bank has different Forex card options depending on how you travel, but other rates depend on the country where you are located.
- Axis Bank has four different options for Forex cards
- Registration fees range from Rs. 300-500 + GST
- 16 different funds available
Axis Bank has an Axis Bank Vistara currency card, affiliated with thousands of Vistara airlines, the multi-currency currency card, World Traveler currency card to help you earn miles, and the Cash card, especially for transactions US dollars.
You will need to register with Axis Bank, recharge, and pay commissions to withdraw money, not from Axis Bank ATMs. If the card has not been used for more than 36 months, you will be charged $ 5 or the stated rate for each coin.
It is one of the student-centered card banks. HDFC offers a total of five different options for Forex cards, but they are currency-specific.
- Available to non-HDFC banking customers
- Specific USD dollar and Saudi Riyal Forex card for Hajj
- The dedicated student card is available in USD, EUR, and GBP
The famous HDFC bank offers a wide range of Forex cards and especially for students. The HDFC ISIC Student ForexPlus card is only available in the US, Europe, and the UK. And the card is accepted as a student ID worldwide.
But this HDFC card comes with a fee of Rs. 300 plus a supplemental fee. 75. Also, you always get the current Visa / Mastercard exchange rate and withdrawal fees. If you want a giant card, try HDFC with 22 other accepted Forex cards, but note these rates as well.
ICICI Bank offers five travel cards to choose from, depending on your trip’s purpose and the level of luxury you are looking for.
- Membership fees can range from Rs. 499- 2,000
- Supports 15 different coins on each card
- Student-specific travel forex costs have an annual cost.
The ICICI Forex Card offers travel privileges and discounts that can be attractive to customers. With options like Goibibo Travel Forex, Sapphiro Forex, Multi-wallet Prepaid Card, Coral Forex Card, and Forex Student Prepaid, you have different Forex card options to choose from. Sapphiro Forex will cost you far more in fees than student Forex cards.
Forex cards for students have a one-time fee. 499 plus an annual fee. It is also important to note the costs of cash expenditure and the exchange rate you will receive on purchases.
What to consider when choosing a student Forex card?
How do you know, with so many choices, which one is right for you? See essential factors to consider below.
The total cost of the transfer
Sometimes cards can seem like a face-to-face, but look at them a bit more, and you will see that they pay unexpected commissions. Make sure your transfers don’t have a hidden exchange rate, exchange rate, or annual fee, so you don’t overpay.
The key is to have the flexibility to work as you work. Make sure you have an app that can be made by mobile phone or has a wide range of coins to make the journey easier or get help for customers. Find the best card flexible enough to suit your needs.
Withdrawal of ATMs
Let us be realistic that even in this digital economy, sometimes you need money. Check ATM withdrawal rates and how much you are losing. And at the same time, make sure that the withdrawal limits, if any, are workable for the amount of money you need.
Advantages of Using a Forex Credit Card When Traveling Abroad
Advantages of Using a Forex Credit Card When Traveling Abroad
- A single card for multiple destinations: Load up to 16 coins on a single card and enjoy hassle-free travel worldwide.
- Also, with one card, you can use one ATM PIN to access your account online or withdraw cash. Available currencies are USD, EUR, GBP, SGD, AUD, CAD, JPY, CHF, SEK, THB, AED, SAR, HKD, NZD, DKK, and ZAR.
- One of the most significant benefits is that Forex cards are a cheaper option if you compare them to spending money or credit/debit cards abroad. Get the best exchange rates, and you don’t have to worry about currency market volatility. For this charged balance, charging a large balance on your Forex card allows you to protect yourself from future currency fluctuations. The balance will continue to show in foreign currency until the desired amount of foreign currency is raised on the card to help you block the currency conversion factor. It will help you prepare your budget for the international holiday with confidence
- Forex cards are a convenient way to carry money abroad. Multi-Currency Forex cards are available. Travel tickets are also pretty secure. The forex card can also be secured by preventing the horrific situation of losing your wallet, including money and the Forex card, when the money disappears. Second, on your Forex card, the RBI also allows protection from unauthorized transactions.
- You can also keep track of the transactions made during the trip. You can also anticipate discounts and benefits for certain types of expenses with the BookMyForex Forex Card.
How do Forex cards work?
Forex cards are the future of foreign transactions for their security, convenience, and general acceptance. Forex cards, as mentioned above, work just like debit and credit cards.
When applying for a currency card, you are advised to look for banks and other organizations’ various cards. Choose between a single currency card (if the trip is to a specific region or country) and a multiple currency card. Multi-currency cards can be loaded with 16 different currencies.
After the applicant has submitted all the formalities and received the Forex card with a PIN, he must change the assigned PIN and verify the card balance in an ATM from the bank / financial institution. Alternatively, cardholders will check their balance through online banking if the issuing bank has this facility.
The Forex card can only be used at foreign traders’ organizations by swiping/soaking the card (depending on the type of card). Because the card is pre-loaded, the balance will immediately reflect the charges made on the card.
Cardholders can track their balance and transactions using SMS alerts or bank / financial institution notifications.
How to apply for a Forex card
Applying for a forex card is an easy and quick process, as many banks and financial institutions, and significant travel agencies offer the cards.
- You can visit a bank branch or order the card you want online.
- Most banks and financial institutions offer different cards depending on the type of benefit and the benefits obtained.
- Once you have selected the card, you can apply for it, go to a bank branch with the necessary documentation, or use it online if the installation is provided.
Documents required for a currency card
When you apply for a Forex card from a bank, financial institution, or travel agency, you must meet specific criteria before you can issue the card. Some documents must also be submitted. The documentation may vary depending on the card issuer.
The primary documents required are:
- Application form.
- A copy of the passport (self-check).
- A copy of the visa (if the visa includes travel to several countries).
- A copy of the plane ticket.
- PAN card.
Other documents may need to be provided depending on the card issuer requested and the Forex card. This will depend on the amount charged on the card, even if a regulatory change is made.
Forex card for fees
Applying for a forex card is a quick and easy process, from the application process to the documents and fees. Fees will depend on the card issuer as well as the type of Forex card chosen. People with multi-cash cards and extra benefits may have higher rates.
Use a Forex card to get it done and do it quickly.
The Forex card helps those looking for a convenient and safe way to make payments abroad. While they are safe to use forex cards and have many benefits, there are some points that candidates should bear in mind when using a forex card.
- Always check your Forex card balance after each transaction.
- Make a backup in case of loss/theft of the Forex card or malfunction
- Change your PIN at your local ATM before you travel.
- Check the expiration date mentioned on the menu.
- Never use a Forex card to pre-book a room or pay a rent/car/room deposit abroad.
- Do not use the Forex card to pay in a currency other than the one charged on the card.
- Do not use the Forex card to pay the customs duty as it will not work abroad.
Things to consider before buying a new Forex card
Here are some things to remember:
- Check that the daily usage limits of the card meet your requirements. This card is then useless as if it had a daily usage limit of a specific limit below your spending.
- You may also be wondering about your card activation period. Again, if you forgot it, watch the PIN creation process.
- Dial the service card number of the corresponding card.
- Forex card balances should not exceed the value of USD 2000 as per RBI guidelines. So after returning from a trip abroad, make sure you pick up the remaining balance.
- As with the rest, you need to consider various charges when using a prepaid Forex card. You do not have to think about conversion costs until you have filled the card with Forex. Although it is not possible to sell the card at points of sale, you will have to pay a small fee for transactions such as balance inquiries.
Frequently Asked Questions About Forex Cards
- What is the minimum amount I can charge on my Forex card?
The minimum amount charged on the forex card will depend on the card issuer and the type of card chosen.
- Can I use a Forex card in an ATM?
Yes, Forex cards can be used to withdraw cash at the ATM.
- What is a Multi-Currency Forex Card?
A multi-currency Forex card is a type of Forex card that can be loaded with multiple currencies. These forex cards can have 16 currencies at a time.
- forex card better than a debit card?
The Forex card is more efficient when it comes to international travel. It is widely accepted and saves you any conversion fees. It is best to keep a card if you are traveling in foreign currency deposited there.
- How can I withdraw money from a Forex card when I’m abroad?
When you are abroad, you can withdraw money from your Forex card by visiting an ATM and choosing ‘credit card’ as your type of card. Follow the on-screen instructions to remove the card.
- Can I charge my Forex card when I’m abroad?
No, most Forex card issuers do not allow you to charge your card abroad. Instead, you can give someone permission to complete it for you.
- How many days before my trip can I buy a Forex card?
If you meet the forex card requirements, you can apply 60 days before the flight.
- What should I do if I lose my Forex card abroad?
If you lose your Forex card or change location, you can contact the card issuer at the free helpline and request a card lock. It is advisable to report theft or loss of the card as soon as you realize it is missing.
- Will my Forex card be insured?
Yes, most Forex cards have insurance. However, it is advisable to contact the card issuer before placing the order.
- How can I cancel my Forex card?
You can cancel the forex card by contacting the card issuer and submitting a card cancellation request.
- Is there a transaction fee every time I use a Forex card?
No, you do not charge a transaction fee each time you use the Forex card for foreign purchases, as long as they are made in a currency previously set on the card.