There are two crucial concerns to consider when planning a trip abroad: how much foreign currency should you bring and how should you carry it? When travelling to a foreign nation, it is best to avoid spending cash as much as possible, and a Forex card is a fantastic alternative to real cash.
Most banks offer Forex Cards, but before purchasing one, it’s vital to understand what it is, the benefits of Forex cards, how they function, the many types of Forex cards, where to acquire one, and so on. So, before applying for a Forex card at any bank, read this article to learn everything there is to know about this prepaid or travel card.
What is a Forex Card?
A forex card is essentially a prepaid trip or travel card. Its primary use is to carry foreign currency when travelling to another country and paying for expenses there. Any foreign currency can be loaded onto a forex card by the traveller. It functions in the same way as the local currency of the place you’re visiting. A forex card allows you to keep money in an electronic form.
A forex card can also be used to withdraw money from an ATM as a debit card. As a result, Forex cards can come in handy whenever you plan to travel internationally. You won’t have to worry about carrying cash if you use a forex card.
A forex card makes it simple to spend money in several foreign currencies. You might also be curious as to what a forex card number is. Your forex card, on the other hand, will be chip-based and will have a unique number that will allow the card’s provider to identify it.
Where Can I Get a Forex Card?
A Forex card can be obtained via an accredited forex card dealer, often known as a money changer, or from a bank. The Forex card can be obtained without the necessity for a bank account. The customer will be given an application to fill out by the banking institution.
The application will ask you a few questions, such as how much foreign currency you wish to apply for, your personal information, your PAN card, one self-attested passport photocopy, trip tickets, and a few other things. Some banks may also want a copy of your Visa.
You can fill out the application in person at the bank or online. Both alternatives will be available at most of the main banks. However, if you have any questions, it is recommended that you go to the bank in person and chat with the pros.
Make sure you choose the correct amount while filling out the application. You won’t be able to change the currency amount once you’ve chosen it. As a result, pay close attention to it. Consider how many days you’ll be staying and how much you’d like to spend on shopping, lodging, and other miscellaneous things.
Types of Forex Cards
One can apply for one of two types of forex cards. The first is a multi-currency system, and the second is a single-currency one. A multi-currency card, as the name implies, can contain multiple currencies. A multi-currency card can contain up to 23 currencies, while a single-currency card can only hold one. You will be able to convert funds to different currencies if you have prepaid net banking.
There are also student Forex cards available, which are designed for students studying in a foreign nation. Students frequently apply for student forex cards in order to use them to pay for expenses. There are forex cards available that are specifically designed for travel to destination nations.