Forex cards are prepaid travel cards that are used for making transactions in foreign currencies. They are a convenient and safe way to carry money when travelling abroad. Forex cards are offered by various banks and financial institutions, and the process of applying for a forex card is easy and straightforward. In this article, we will guide you through the step-by-step process of applying for a forex card.
Step 1: Choose a bank or financial institution
The first step in applying for a forex card is to select a bank or financial institution that offers forex cards. You can check with your existing bank or search online for banks that offer forex cards. Some of the popular banks and financial institutions that offer forex cards are HDFC Bank, Axis Bank, ICICI Bank, and State Bank of India.
Step 2: Check the eligibility criteria
Once you have selected a bank or financial institution, you need to check the eligibility criteria for applying for a forex card. The eligibility criteria may vary from bank to bank, but generally, you need to be a resident of India and have a valid passport and visa.
Step 3: Fill the application form
After checking the eligibility criteria, you need to fill the application form for the forex card. The application form can be downloaded from the bank’s website or obtained from the bank’s branch. You need to provide details such as your name, address, contact number, email ID, passport number, visa details, and the amount you want to load on the card.
Step 4: Submit the required documents
Along with the application form, you need to submit the required documents such as a copy of your passport, visa, and PAN card. Some banks may also ask for additional documents such as a copy of your air ticket or hotel booking.
Step 5: Choose the currency and load the card
After submitting the application form and the required documents, you need to choose the currency in which you want to load the card. The most popular currencies for forex cards are US dollars, euros, and British pounds. You can also load the card with multiple currencies if you are travelling to multiple countries.
Step 6: Pay the fees
Once you have selected the currency and loaded the card, you need to pay the fees for the forex card. The fees may vary from bank to bank, but generally, they include issuance fees, reload fees, and transaction fees. You can pay the fees through net banking, debit card, or credit card.
Step 7: Activate the card
After paying the fees, the bank will issue the forex card and send it to your registered address. Once you receive the card, you need to activate it by calling the customer care number provided by the bank. You can also activate the card through the bank’s website or mobile app.
Applying for a forex card is a simple and easy process that can be completed in a few steps. However, it is important to choose a bank or financial institution that offers competitive exchange rates and low fees. You should also read the terms and conditions carefully before applying for a forex card to avoid any misunderstandings later. With a forex card, you can travel abroad without worrying about carrying cash or exchanging currency.