Foreign exchange cards, also known as forex cards, are a popular way to carry money when travelling abroad. These cards are pre-loaded with foreign currency and can be used to withdraw cash or make purchases in the local currency of the country you’re visiting. One of the benefits of forex cards is that they offer better exchange rates compared to traditional methods like cash or credit cards. If you have a savings account, you can link it to your forex card to easily manage your funds.
Here’s a step-by-step guide on how to link your savings account to your forex card:
Step 1: Choose a forex card provider
The first step is to choose a forex card provider. There are many providers out there, so it’s important to do your research and choose one that suits your needs. Look for a provider that offers a good exchange rate, low fees, and a range of currencies. Some popular forex card providers include HDFC Bank, ICICI Bank, Axis Bank, and SBI.
Step 2: Apply for a forex card
Once you’ve chosen a provider, you’ll need to apply for a forex card. The application process is usually online and requires you to submit your personal details, ID proof, and address proof. You’ll also need to choose the currency you want to load onto your card. You can choose from a range of currencies, including USD, GBP, EUR, AUD, and more.
Step 3: Link your savings account
Once you’ve received your forex card, you can link it to your savings account. This will allow you to transfer funds from your savings account to your forex card anytime you want. To link your savings account, you’ll need to follow these steps:
– Log in to your savings account online or visit your bank branch
– Find the option to link a forex card or travel card
– Enter the details of your forex card, including the card number and expiry date
– Confirm the link and enter the amount you want to transfer
Step 4: Transfer funds to your forex card
Once your savings account is linked to your forex card, you can transfer funds to your card anytime you want. This is particularly useful if you’re travelling abroad and need to top up your card with more foreign currency. To transfer funds, you’ll need to follow these steps:
– Log in to your savings account online or visit your bank branch
– Find the option to transfer funds to your forex card or travel card
– Enter the amount you want to transfer
– Confirm the transfer
Step 5: Use your forex card
Once you’ve transferred funds to your forex card, you can use it to withdraw cash or make purchases in the local currency of the country you’re visiting. Forex cards are widely accepted and are a convenient way to manage your money when travelling abroad. You can also check your balance and transaction history online or through a mobile app.
In conclusion, linking your savings account to your forex card is a simple process that can help you manage your money when travelling abroad. By following these steps, you can easily transfer funds to your forex card and use it to withdraw cash or make purchases in the local currency of the country you’re visiting. Remember to choose a forex card provider that offers a good exchange rate, low fees, and a range of currencies, and always check your balance and transaction history regularly to stay on top of your finances.
