Frequent question: What is the use of forex card?

Where can I use my forex card?

Can a Forex Card be used for online transactions? You can use it just like your Credit Card for online shopping or to make online payments for flights, hotel rooms, etc. The advantage of using a Forex Card when abroad is that online transactions will not attract additional (cross-currency) charges.

What is forex card and how it works?

A forex card is a type of prepaid card in which you can load money in foreign currency. It is globally accepted, and you can either pay for your expenses using your forex card or withdraw cash in foreign currency at an ATM. Forex cards are largely divided into two types – single currency cards and multicurrency cards.

How do I pay with forex card?

How to use Forex Card in 6 ways

  1. Load it like a Prepaid Card. …
  2. Swipe and pay or tap and pay. …
  3. Pay for online transactions. …
  4. Draw cash from ATMs. …
  5. Shuffle funds between currency wallets. …
  6. Pay across the world in a single currency.
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Can we transfer money from forex card to bank account?

One of the best features of a Forex Card is the ease with which you can transfer money from your Forex Card to a bank account. Forex Cards usually have a validity of three to five years. You can simply retain leftover funds for your next trip or easily transfer it back to your bank account.

Can I withdraw cash from my forex card?

Withdrawing money from your travel card is effortless, whether you use an ATM or a bank account transfer. ATM: To withdraw money from your travel card, insert it into any ATM in another country and follow the instructions. It’s as easy as using your standard bank card to make a withdrawal.

Is it better to carry cash or forex card?

Prepaid forex cards have better exchange rates than carrying cash around. Therefore, you can buy more foreign currency in a prepaid forex card than as cash, with the same amount of money. Cash has higher conversion rates and may vary from one dealer to the next.

Can I use forex card in ATM?

You can use a forex card just like a credit or debit card to pay for your expenses in a local currency abroad. You can withdraw local cash from an ATM. With a forex card in your wallet, you need not carry wads of cash on your sight-seeing trips in a new country.

Which forex card is best?

11 Best Forex Cards in India 2022

  • Axis Bank Diners card.
  • HDFC Bank Multicurrency ForexPlus Card.
  • HDFC Bank ISIC Student ForexPlus Card.
  • HDFC Regalia ForexPlus Card.
  • Thomas Cook Borderless Prepaid Card.
  • Thomas Cook One Currency Card.
  • IndusInd Bank Multi-Currency Forex card.
  • ICICI Bank Multi-Currency Platinum Travel Card.
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Can I get forex card same day?

If you are not a Savings customer, follow the steps outlined in the Forex Card online application form and, after successful completion, you can get your card delivered at your doorstep in three days. If you choose to personalise your card, you may have to wait for a week.

Can I use forex card in any country?

International Usage Your card is valid worldwide for usage (except India, Nepal and Bhutan). All your transactions (purchase as well as cash withdrawals) overseas must be made in strict accordance with the Exchange Control Regulations of Reserve Bank of India prevailing from time to time.

What if I lose my forex card?

Usually, when you buy a Forex Card, there is a replacement card provided along with it in the Forex Card welcome kit. You can use this replacement card when the original forex card is lost. Activate this card and get the balance funds from your lost forex card transferred to the replacement card and start using it.

Can forex card be used in India?

Yes, The Multi Currency Forex Card should not be used in India, Nepal and Bhutan for making payments in foreign currencies.

Is travel card and forex card same?

A forex or prepaid travel card is a pre-loaded card that allows you to access money in a foreign currency. The card can be loaded with one or multiple currencies; some let you load up to 15 currencies. It allows you to withdraw cash in foreign currency, check your balance and pay for shopping in foreign currency.

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How do I check the balance on my forex card?

You can check the balance in your forex card through net banking or phone banking. When checking the balance online, log in with the user ID and password provided for net banking and then put your card number and pin. Once you put that, you will find an option for checking your balance.

What is cross currency fee in forex?

Cross currency markup charge- When the transaction currency is different from loaded on the card (for instance, if you have loaded the card with dollars and have to make a transaction in euros), you may be charged a ‘cross currency markup’ of 3-3.5 percent on such transactions.