Getting a forex card for your overseas trips is as crucial as obtaining a travel passport, visa, and tickets. It eliminates any stress of cash misplacement or theft. So, if you are traveling abroad, get a multi-currency forex card, load it with the foreign currencies of your choice, and enjoy a hassle-free trip.
Before learning how to get a forex card, let us understand the benefits of carrying a forex card abroad:
● A multi-currency forex card is a travel card that you can load multiple foreign currencies at once.
● It is safer than carrying liquid cash and easier to use than traveler’s cheques.
● It offers immunity against foreign exchange rate fluctuations.
● It enables you to make international bookings and payments at hotels, restaurants, stores, airlines, cinemas, and petrol stations at zero or minimal extra charges.
● You can also withdraw cash from any international ATMs without incurring currency conversion charges. But, you will have to pay a nominal withdrawal fee on each transaction you make with your forex card.
● You no longer need to stand in long queues to buy or exchange currency. You can load and reload your forex card from the comfort of your home.
● While loading your forex card, you can avail yourself of affordable foreign exchange rates.
● If you lose your forex card, do not worry. You can immediately inform your forex card provider to freeze the balance and get a new one.
How to get a forex card in India
Both banks and non-banking forex companies offer forex cards. However, you will have to fulfill certain requirements to become eligible.
Here are the eligibility criteria to get a forex card in India:
● The applicant must be an Indian citizen currently living in India with plans to travel abroad.
● The application must be a current employee of a corporate traveling abroad for official purposes, or
● The applicant must be a parent of a student traveling overseas for higher education, or
● The applicant must be an ex-past residing in India.
You will also need to submit the following documents or provide details of the following base on your medium of application:
● A copy of passport, visa, and air ticket.
● A copy of PAN Card or Form 16, if the amount is more than Rs. 50,000/-.
● A copy of Aadhaar Card (in the case of a different residential address)
