Forex cards have become a popular mode of carrying foreign currency for international travel. They offer convenience, safety, and flexibility to travelers. In India, forex cards can be obtained from authorized dealers, banks, and online platforms. In this article, we will discuss how to open a forex card in India.
What is a forex card?
A forex card is a prepaid card that can be loaded with foreign currency. It is a convenient and secure way of carrying foreign currency for travel. Forex cards can be used to withdraw cash from ATMs, pay for purchases, and make online transactions in foreign countries. They offer better exchange rates compared to currency notes and are more secure than carrying cash.
How to open a forex card in India?
To open a forex card in India, follow the steps below:
Step 1: Choose the currency
The first step in opening a forex card is to choose the currency in which you want to load the card. The most popular currencies for forex cards are USD, EUR, GBP, and AUD. Some banks and authorized dealers also offer forex cards in other currencies like JPY, CHF, and CAD.
Step 2: Compare and select the provider
Once you have decided on the currency, you need to compare the forex card providers in the market. Check the exchange rates, fees, and charges of different providers and select the one that offers the best value for money. You can compare forex card providers online or visit a bank or authorized dealer.
Step 3: Fill the application form
After selecting the provider, you need to fill the application form for the forex card. The application form will require your personal details like name, address, date of birth, passport number, etc. You will also need to provide the details of the currency you want to load and the amount.
Step 4: Submit the documents
Along with the application form, you need to submit the required documents for verification. The documents required for opening a forex card are:
– Airline tickets
– PAN card
– Address proof
Step 5: Load the card
Once your application is approved and the documents are verified, you can load the forex card with the desired amount of foreign currency. The card can be loaded online or by visiting the bank or authorized dealer.
Step 6: Activate the card
Before using the forex card, you need to activate it. The activation process varies from provider to provider. Some providers activate the card immediately after loading, while others require a phone call or online activation.
Step 7: Use the card
Once the card is activated, you can use it for your international travel. You can withdraw cash from ATMs, pay for purchases, and make online transactions in foreign countries. The forex card offers convenience, safety, and flexibility in foreign currency transactions.
Opening a forex card in India is a simple and straightforward process. By following the above steps, you can get a forex card for your international travel. Forex cards offer better exchange rates, safety, and flexibility compared to currency notes. It is essential to compare the providers and select the one that offers the best value for money. With a forex card, you can enjoy your international travel without worrying about currency exchange and safety.