Do you know the most suitable way of using the currency abroad? According to experts, it is called a forex card. In this post, we will let you know everything about the Forex card.
Forex card is something in which you can keep money and after going abroad you can use that money in the currency of that country. Forex card means foreign exchange card. As its name suggests, it is a medium to exchange currency even if you have another countries currency in your account.
You can also use the Forex card as an ATM and you can use it to do any international transaction. If you are wishing for international traveling then you must have a Forex card otherwise you may face a lot of problems. Forex card can change the amount available in your bank to the currency of your desired country.
Uses of Forex Card
- With the help of a forex card, you can keep the virtual currency of more than one country.
- Traveling abroad with money is not considered safe, so if you use this card, you will be cashless.
- Almost all banks offer prepaid forex cards to you.
- You can also shop abroad with the help of a forex card and withdraw the currency of that country.
- You will not need to replenish the money in the forex card, again and again, as soon as the money runs out, it will withdraw the automatic money from the bank.
- You can get a good currency rate with the forex card because the currency rate keeps changing all the time.
- With the help of a forex card abroad, you can pay in any shopping mall or restaurants and you will not have to pay any extra charges for this.
- Forex cards are accepted all over the world.
- You can track your expenses in a forex card.
How to choose the best Forex card for yourself?
Almost all banks offer forex card services and they have different offers and fees. You should compare all the forex cards and get the best forex card.
Before activating any forex card, you should make sure that how many countries’ currency can be loaded in that forex card and what is its limit. After this, you can choose the one that suits you.
The most important thing that you should keep in mind before making any forex card is how long the validity of the card is. If you have to go abroad for 3 years, then you should also make a forex card with a validity of up to 3 years.
In the end, you should see how much that card charges, some companies give fewer facilities but charge more, then in such a situation, you should choose an affordable and cheap forex card.
Now let’s get to know the Top 5 Forex card available in India in 2020
HDFC Make My Trip Forex Card
HDFC Make My Trip Forex Card is a highly reliable forex card company that has recently been tie-up with Make My Trip. It is protected by additional security such as chip and PIN-enabled systems. The most important feature of this forex card is that if your card is lost then you will be given a backup card.
Before giving the backup card, banks will ask for some important documents, on that basis they will give you the card.
The currency of more than 20 countries can be loaded in this card and they can be used anywhere worldwide. With this card, you also get an insurance cover of 2500000 which you can use as per your need.
If you want to block this card for some time, you can also block it and your validity will be enhanced. The validity of the card is up to 5 years and you get exclusive benefits from Make My Trip. You can manage this card online and you can avail emergency cash balance by calling customer service.
- HDFC Bank customers or anyone can apply.
- Passport copy.
- Copy of Visa or copy of the plane ticket.
- Copy of address proof
- Bank passbook, or statement,
- After that, the application form of the forex card has to be filled.
- To get a forex card, you have to pay 500 rupees and a GST fee.
- After that reloading, the card will incur a fee of Rs 65 and GST.
- Re-issuing the card will cost Rs 100.
- Apart from this, the transaction fee for each currency is different.
- You can visit the HDFC Bank website to know the latest charges.
Yes Bank Multi-Currency Travel Card
Yes Bank Multi-Currency Travel Card is the first choice of students and travelers at this time, which you can track online from anywhere. In this card, you can load the currency of about 20 countries and the most important thing is that you will be able to use it at the same rate at which you will load the currency.
The validity of this card is 5 years, in these five years, you can load this card in advance and can be used for more than 1 trip abroad. You can get an insurance cover of up to 3 lakhs on this card.
- It is necessary to be a customer of Yes Bank to get this card. It is not necessary to be a customer of the bank for offline application.
- To take the card, it is mandatory to have a passport, PAN card, visa or plane ticket.
- You can take this card by going to the nearest branch of Yes Bank by filling your necessary documents and application forms.
- To get this card, you have to pay a fee of Rs. 125.
- For reloading the card, a fee of Rs 100 will be charged.
- This card also has different withdrawal fees for different countries.
The best feature of this card is the contact-less technology, there is no need to swipe while using it. You can complete the transaction just by waving over it.
Once the trip is over, you can take the rest balance of the forex card back to your bank account.
You can load the currency of 14 countries through this card and according to Axis Bank, the validity of this card will be written on the front of the card.
- You can apply for this card online.
- You must be an Axis Bank customer to get a Forex card.
- Any person can apply offline.
- Apart from this, you can also take the card by going to your nearest Axis Bank branch by submitting the application form and documents.
- For this, you have to submit a passport copy, application form, visa or plane ticket, PAN card.
- You will have to pay Rs 300 for issuing the card.
- A fee of Rs 100 will be charged for reloading the card.
- The fee for cash withdrawal is different and changes are also available, you can see more information about it by visiting its official website.
HDFC Regalia Plus Card
- You can make contact-less payments through this card.
- Especially good for American currency. You also get the facility of the lounge at the airport selected by this card.
- You can also block the card for some time. You can only load US Dollar currency with this card.
- The validity of the card is written on the next side of this card.
- You can reload the card online.
- You get an insurance cover of at least 50 thousand with this card.
- HDFC or any other Indian citizen can take this card.
- Passport copy, Visa copy, or plane ticket
- Copy of address proof
- Pan card,
- Bank statement
- To get this card, you have to pay a fee of 1000 rupees.
- For reloading the card, a fee of Rs 75 has to be paid.
- 100 repay fees will have to be paid to retake the card.
- You can load currency only in US dollars.
- The cash withdrawal daily limit is 5000 dollars.
- You will incur a fee of $ 8 on cash withdrawal from ATM.
ICICI bank multiple currency forex cards:
ICICI is known for different types of travel cards and you can choose the forex card out of which you can be benefited. These cards are also pin enabled and have a security chip. You can load the currency in the card through the mobile application, track and manage the statement and transaction of the card online.
If the card is lost or torn, you will be given a completely new card for free. Accident death insurance cover of 10 lakhs is also included in this card. You can load the currency of 15 countries and the validity of this card is up to 5 years.
- To apply for this card online, you must be a customer of the bank, in addition to this, any person can go to the branch and apply.
- You can apply for this card online so that your card will be sent to your address in 4 to 5 days.
- For offline you have to go to the nearest branch of ICICI Bank, but you will have to submit the necessary documents and application form.
- For this, you have to fill the application form.
- PAN card, passport copy, Aadhaar card copy, and original, visa, or ticket copy.
- To get an ICICI Forex card, you have to pay a fee of Rs 150.
- And reloading will cost you 100 rupees.
Precaution while applying to get forex card
- If you are using a forex card, then you should always remember its activation number so that you can activate it after the card is closed.
- You should know the entire process of resetting the PIN code of your forex card.
- You should also remember the helpline number of your bank so that you can get the backup card in case you lose it.
- You should take care of the daily withdrawal limit otherwise you may have to pay extra charges.
- Apart from this, you can not keep more than 2 thousand dollars balance in the card.