Forex Card For Indian Travellers: Complete Guide

Posted on: Dec 28, 2022 | 3 mins | Written by: HDFC ERGO Team

Forex Card For Indian Travellers: Complete Guide

Have you got your trip sorted to Europe and also have travel insurance for a Schengen visa? Do you think you are all set? Wait, there is something you are missing. Read on to know what it is. Post-pandemic, the international travel restrictions have eased out now, and everyone is busy planning their international trips. When planning a trip, ensure you plan everything properly to enjoy a stress-free vacation. Also, never forget that international travel insurance has good coverage to ensure there are no financial issues later if anything were to happen. There is one more thing that is needed when travelling out of the country, and that is foreign currency.

If you’re a traveller or an international investor, you know exactly how a Forex card can be beneficial! It is saved in an account or card form, easy to spend and it costs less enabling the holder to get a better exchange rate than physical cash, and it shields you from volatile foreign exchange rates. Forex cards are ideal for anyone – be it a college-going student, a working professional, or a regular traveller. However, decision-making can be quite tricky, given that there are numerous providers in the market. This article will provide a step-by-step on how to get the Forex card, what the requirements are, what documents are also required for the best Forex credit card when travelling and the importance of the best Forex card for Indian travellers. We shall also discuss the related fees and other features and learn how to get the best Forex credit card by obtaining the Forex card with overseas travel insurance.

Introduction to Forex Cards

As mentioned above, one of the most convenient ways to carry foreign currency is a Forex card. For those who do not know, a Forex card is like a debit card and is preloaded with the amount you wish to carry. You can use this card as a debit card or use it at an ATM to withdraw foreign currency. These cards are designed specifically for spending money abroad. This enables you to not carry cash while travelling and can be used anywhere in your holiday destination.

Who Can Apply for a Forex Card?

A Forex card is an international prepaid card which enables a person to make payments in foreign exchange while a person is on a trip. It saves people the inconvenience of having to deal with little cash or changing from one currency to another when it comes to being able to cash.

Eligibility Criteria

1. Indian Citizens:

Any Passport holder who is an Indian citizen can get a Forex card.

2. Age Limit:

Most banks have a standard requirement that an applicant must be at least eighteen years old.

3. Income Requirement:

There is a possibility that some of the banks have conditions regarding the income limit to be eligible for a Forex card.

4. Overseas Travel Insurance:

Most of the Forex card issuers also provide the insurance of overseas travel as an additional gratuitous.

Documents Required for Applying for a Forex Card

1. A copy of the passport duly attested

2. A copy of the ticket issued by the airline

3. Copy of the visa

4. Any person who is not a customer of the bank will also need to do the mandatory KYC

5. For customers, just need to mention their PAN number

Best Forex Cards for Indian Travellers

When travelling overseas, carrying cash can be a hassle and risky. A Forex card is a convenient and secure alternative that permits you to load multiple currencies onto a single card.

Here are some of the best Forex cards for Indian travellers:

1. HDFC Bank Forex Card

Offers competitive exchange rates, zero reloading fees, and overseas travel insurance.

2. ICICI Bank Forex Card

Provides a wide currency range, emergency cash withdrawal facility, and travel assistance services.

3. Yes Bank Forex Card

Features competitive rates, no transaction fees, and complimentary lounge access at certain airports.

4. Axis Bank Forex Card

Offers a dedicated app for easy tracking of expenses, multiple currency loading options, and travel perks.

5. Kotak Mahindra Bank Forex Card

Provides a 24/7 helpline, zero commission on purchases, and up to 10% cashback on fuel spending.

Best Features of Forex Cards

1. Lower exchange rates and transaction fees compared to cash or credit cards.

2. Chip-and-PIN protection, fraud monitoring, and card locking features.

3. Load multiple currencies, make purchases and withdrawals worldwide, and track expenses online.

4. Many Forex cards offer complimentary overseas travel insurance, providing peace of mind during your trip.

How to Apply for a Forex Card?

The process to apply for a Forex card is very simple. You need to fill out a form either online or offline and need to attach some documents along with it. The bank processes the application on the basis of these documents and issues the Forex card.

Documents required to get a Forex card

1. A copy of the passport duly attested

2. A copy of the ticket issued by the airline

3. Copy of the visa

4. Any person who is not a bank customer will also need to do the mandatory KYC.

5. For customers, just need to mention their PAN number.

Tips for using Forex cards effectively during international travel

The best Forex card for Indian travellers will have very good exchange rates for money and will safeguard you against unstable Forex markets.

Here are key tips for using them effectively:

1. Load your card in advance.

Do not plan to book it at the last minute and lose your chance to get it with the best offer.

2. Choose a card with travel insurance.

The best Forex credit card occasionally comes with overseas travel insurance that helps to ease any possible complications. It is recommended to review coverage specifics for sickness and accidents, delayed/missed flights, and lost luggage.

3. Use your card for ATM withdrawals.

Don’t let your bank drain it; protect your cash from these fees.

4. Track your expenses

Money consumption has to be closely monitored so that at no given time the money to be spent is outdone.

By doing so, you will definitely get the best from your Forex card while enjoying your trip whether it is a business one or a tourist one.

Things to keep in mind when using a Forex card

Some of the things that must be kept in mind are:

1. On one Forex card, you have the option to load different currencies.

2. Some of the banks also offer international travel insurance with the Forex card, so check if you can avail yourself of it.

3. If your card gets stolen or lost, contact your bank immediately. Also, check if it is covered by your travel insurance cover.

4. You can check your balance through phone banking and net banking.

FAQ's

1. Can a Forex card be used for online transactions?

Yes, a Forex card can be used like you use a debit or a credit card. Online transactions abroad will not attract a cross-currency charge.

2. Can I use the Forex card in any country?

The Forex card cannot be used in India, Nepal, and Bhutan. You should also check with your bank before getting the card issued.

3. What is the validity of the card?

A Forex card is valid for 5 years. The expiry date must be mentioned on the card and, thus, should be checked.

Conclusion

A Forex card is an easy way of making transactions, especially when one is transacting in a foreign country. Minimising the need for physical cash saves a great deal of time, effort, and inconvenience from having to change currency. This service normally provides good exchange rates and may also have extra services and features. When travelling overseas, it is recommended to get a Forex card, as this will ease your experience and make it more enjoyable.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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