Foreign exchange is an essential aspect of international travel, and it is imperative to have a reliable and convenient mode of payment while traveling abroad. One of the most popular ways of carrying foreign currency is through a forex card. A forex card, also known as a travel card or prepaid card, is a prepaid debit card that allows travelers to load and spend foreign currency. In this article, we will discuss the process of getting a forex card in India.
What is a forex card?
A forex card is a prepaid card that is loaded with foreign currency. It is a convenient and safe mode of payment for travelers who are visiting foreign countries. It is a plastic card that is similar to a debit or credit card, but instead of being linked to a bank account, it is loaded with foreign currency. The card can be used to withdraw cash from ATMs and make payments at merchants that accept debit or credit cards.
How to get a forex card in India?
Getting a forex card in India is a simple and straightforward process. One can follow the steps given below to get a forex card:
Step 1: Choose a forex card provider
The first step in getting a forex card is to choose a provider. There are several banks and financial institutions that offer forex cards in India. One can compare the features, benefits, and fees of different providers before choosing the one that suits their needs.
Step 2: Fill in the application form
Once the provider is selected, the next step is to fill in the application form. The application form can be downloaded from the provider’s website or obtained from their branch. The form requires basic personal details such as name, address, date of birth, and passport details.
Step 3: Submit the required documents
Along with the application form, one needs to submit the required documents. The documents required may vary from provider to provider, but the common documents required are:
– Passport
– Visa
– Airline ticket
– PAN card
– Address proof
Step 4: Load the card
After the application form and documents are submitted, the card can be loaded with foreign currency. The card can be loaded with multiple currencies, and the exchange rate is locked in at the time of loading. The minimum and maximum amount that can be loaded on the card may vary from provider to provider.
Step 5: Activate the card
Once the card is loaded, it needs to be activated. The activation process may vary from provider to provider, but it usually involves logging in to the provider’s website or calling their customer care number.
Benefits of forex cards
Forex cards offer several benefits for travelers. Some of the benefits are:
– Convenience: Forex cards are a convenient mode of payment as they eliminate the need to carry cash or traveler’s checks.
– Safety: Forex cards are safer than carrying cash as they can be blocked if lost or stolen.
– Exchange rate: Forex cards offer a better exchange rate than cash exchanges as they are based on interbank rates.
– Multiple currencies: Forex cards can be loaded with multiple currencies, which is useful for travelers visiting multiple countries.
– Online transactions: Forex cards can be used for online transactions, such as booking hotels and flights.
Conclusion
In conclusion, getting a forex card in India is a simple and straightforward process. One needs to choose a provider, fill in the application form, submit the required documents, load the card, and activate it. Forex cards offer several benefits for travelers, including convenience, safety, better exchange rates, and online transactions. It is advisable to compare the features, benefits, and fees of different providers before choosing the one that suits your needs.
