Whats is a Forex Card ?
Forex Card (also known as Travel Card or Prepaid Travel Card) is a pre-loaded card issued by financial institutions or banks through which a traveler can be able to carry and spend foreign currency while traveling to a foreign country without the risk of theft. Rather than carrying cash, a person can prepare the card with one or more of the foreign currencies, prior to traveling. It operates in the same manner as credit or debit card and can be swiped at stores, restaurants, hotels or it can be used to get money at ATMs in foreign countries. Forex card saves the traveler against currency fluctuation, because the exchange rate is determined at the time of loading, and it is always safer and cheaper than either carrying cash or using international debit/credit card
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Features of a Forex Card
The Forex Card has a number of handy features that facilitate a hassle free international travel. It enables travelers to add numerous foreign currencies in the same card which comes in handy especially where one is visiting more than one country. The fact that the exchange rate is fixed when loading prevents the user to lose money due to the fluctuation of currency at some point during the trip. This card can be swiped in international shops, hotels, restaurants or even online retailers besides being able to draw local currency out of the ATM machines in foreign countries as would be done with a debit card. The majority of forex cards include chip and PIN security, which makes such cards safe to carry in comparison with the cash. They are reloadable on the internet and in the event of loss; they are availed by a replacement card of emergency by the banks. Certain cards even come with travel insurance, discounts and the reward points as they are used. In general, the idea of a forex card is oriented towards offering the workplace security, comfort, and affordability to travellers spending their money abroad
Benefits of a Forex Card
A Forex Card has numerous advantages that qualify it to be one of the top choices to carry money when traveling to foreign countries. Cost savings is the greatest benefit since it gives better exchange rates in comparison to cash or international debit/credit cards and it does not attract high transaction fees. The money is already loaded with a fixed exchange rate thus the travelers are not at risk of sudden currency fluctuations during their travel. It is also secure and safe, since the card is chip and PIN protected and in the event it is lost or stolen, the card can be blocked and replaced easily as opposed to cash. Forex Card is also highly accepted in most places around the world such as in shops, restaurants, hotels and bank ATMs where payments are made easily without carrying a lot of money in form of currency. It is also instantly reloadable on the Internet, and certain cards are offered with an additional benefit, such as travel insurance, discounts, and reward points. Comprehensively, a Forex Card is a blend of security, convenience and economical international traveling, as it is easy, and less expensive
Documents Required for a Forex Card
A Forex Card requires an individual to make a few simple documents depending on the rules of the bank or any other financial institution. A valid passport is the most crucial one as only any person, who goes abroad, has a forex card. In addition to this, the purpose of travel is typically demonstrated by a valid visa and booked air ticket. A copy of Aadhaar Card, PAN Card or Voter ID can also be requested as a form of identity checking and address verification. In case the applicant is a student heading abroad, then he or she might be required to offer an admission letter of the foreign university as an supporting evidence. Every document should be a self-declaration and sent at the bank branch or uploaded on the internet; this depends on the mode of application. Upon being confirmed, the bank sends the Forex Card loaded with the requested currency and so it is ready to be used anywhere in the world
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