Foreign exchange or forex cards have become a popular choice for travellers as they offer a convenient and secure way to carry currency while travelling abroad. Forex cards are prepaid cards that can be loaded with a specific amount of foreign currency, allowing you to access money when you are travelling internationally. But, who can get a forex card? In this article, we will explore the eligibility criteria for getting a forex card.
Eligibility criteria for forex card
1. Age: Most banks and financial institutions have a minimum age requirement for issuing a forex card. Generally, the minimum age requirement is 18 years. Some banks may also require the applicant to be over the age of 21. However, age criteria may vary from bank to bank.
2. Resident status: Forex cards are available to both resident and non-resident Indians. However, the eligibility criteria for both may differ. If you are a resident Indian, you will need to provide KYC documents, such as Aadhaar card, PAN card, and proof of address. Non-resident Indians will need to provide their passport, visa, and other relevant documents.
3. Purpose of travel: Forex cards are primarily used for travel-related expenses such as hotel accommodation, food, and transportation. Therefore, the applicant must provide proof of travel, such as air tickets, hotel bookings, or tour package details.
4. Financial documents: To be eligible for a forex card, the applicant must have a bank account and provide financial documents such as income tax returns, salary slips, and bank statements. The bank may require these documents to determine the applicant’s creditworthiness and to set a limit on the forex card.
5. Credit history: The bank may also consider the applicant’s credit history while issuing a forex card. If the applicant has a poor credit history, it may affect their eligibility for a forex card.
6. Exchange rate: Forex cards are available in various currencies, and the exchange rate may differ from bank to bank. The applicant should choose a bank that offers a competitive exchange rate to get the best value for their money.
Conclusion
A forex card is a convenient and secure way to carry currency while travelling abroad. To be eligible for a forex card, the applicant must fulfill certain criteria, such as age, resident status, purpose of travel, financial documents, credit history, and exchange rate. Before applying for a forex card, it is essential to research various banks and compare their offerings to choose the best forex card that meets your requirements.
