Forex reload fee is a fee charged by banks when you reload your forex card. This fee can vary between banks, but it can be a significant expense for frequent travelers. However, there are ways to eliminate or minimize these fees, and one of them is by using the HDFC forex card.
The HDFC forex card is a prepaid card designed for travelers who need to carry foreign currency while traveling. It is a convenient and secure way to carry money while traveling abroad. The card is accepted at all VISA/MasterCard merchant outlets and ATMs worldwide.
Here are the steps to eliminate forex reload fees on HDFC:
Step 1: Get a HDFC forex card
To eliminate forex reload fees, you need to get a HDFC forex card. You can apply for the card online, and it will be delivered to your doorstep. The card comes with a PIN, which you can change later.
Step 2: Load the card with sufficient funds
Once you have the card, you need to load it with sufficient funds. You can do this through net banking or by visiting a HDFC Bank branch. You can load the card with up to 22 different currencies, and the conversion rate is fixed at the time of loading.
Step 3: Use the card for transactions
Once the card is loaded, you can use it for transactions at merchant outlets and ATMs worldwide. The card is accepted at all VISA/MasterCard merchant outlets and ATMs that display the VISA/MasterCard logo.
Step 4: Reload the card online
When you run out of funds on the card, you can reload it online. HDFC Bank offers online reload facility for forex cards. You can reload the card from anywhere, anytime, using net banking or a mobile app.
By following these steps, you can eliminate forex reload fees on HDFC forex card. However, there are a few things you need to keep in mind before using the card:
1. Exchange rate
The exchange rate is fixed at the time of loading, and it may not be the same as the current exchange rate. Therefore, it is advisable to load the card when the exchange rate is favorable.
2. ATM withdrawal fees
While using the card at an ATM, you may be charged a withdrawal fee by the ATM operator. This fee is separate from the forex reload fee and cannot be eliminated.
3. Inactivity fees
If the card is not used for a certain period, HDFC Bank may charge an inactivity fee. Therefore, it is advisable to use the card at least once in every six months.
In conclusion, forex reload fee can be a significant expense for frequent travelers. By using the HDFC forex card, you can eliminate or minimize these fees. However, you need to keep in mind the exchange rate, ATM withdrawal fees, and inactivity fees before using the card.
