Forex cards have become an increasingly popular way of carrying money while traveling abroad. These cards are prepaid debit cards that can be loaded with foreign currency and used to withdraw cash or make purchases in local currency. They offer a range of benefits over traditional methods of carrying money such as cash, traveler’s checks, or credit cards. In this article, we will discuss what is required to get a forex card.
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. Some of the popular providers are HDFC Bank, ICICI Bank, Axis Bank, and SBI. It is important to compare the features and benefits of different providers before making a decision.
2. Know the Requirements
The requirements for getting a forex card may vary depending on the provider. However, some basic requirements are common to all providers. These include:
– Age: The applicant must be at least 18 years old.
– Identity proof: A valid passport or Aadhaar card is required for identity verification.
– Address proof: A valid address proof such as a utility bill or bank statement is required.
– Visa: The applicant must have a valid visa for the country they are traveling to.
– Amount: The minimum and maximum amount that can be loaded on the card may vary depending on the provider.
3. Apply for the Forex Card
Once you have chosen a provider and have the necessary documents, you can apply for the forex card. The application process is usually online and can be completed in a few easy steps. The applicant needs to fill in their personal and travel details, choose the currency they want to load, and make the payment.
4. Load the Forex Card
After the application is processed, the applicant can load the forex card with the desired amount of foreign currency. This can be done online or through the bank’s branch. Some providers also offer the option of reloading the card while traveling.
5. Activate the Forex Card
Once the forex card is loaded, it needs to be activated before it can be used. This can be done by calling the customer care number or through the provider’s website. The card can be activated by entering the card number, CVV, and expiry date.
6. Start Using the Forex Card
After the forex card is activated, it can be used to withdraw cash or make purchases in local currency. The card can be used at ATMs or Point of Sale (POS) terminals that accept Visa or Mastercard. Some providers may also offer additional benefits such as travel insurance, emergency assistance, and discounts on travel-related expenses.
Conclusion
In conclusion, getting a forex card is a simple and convenient process. It offers a range of benefits such as convenience, safety, and cost-effectiveness. It is important to choose a reliable provider and understand the requirements before applying for a forex card. With the right forex card, you can enjoy your travels without worrying about carrying cash or dealing with currency conversion issues.
