What are the Eligibility Criteria of a Forex Card?

A Forex Card is a prepaid card that can be loaded with foreign currency for use while traveling abroad. To be eligible for a Forex Card, one must typically be 18 years of age or older and have a valid passport. Some banks may also require proof of income, such as a salary statement or tax returns, and may have a minimum balance requirement for the card.

Additionally, some banks may have additional criteria such as minimum account balance, minimum income, a good credit score, and having a relationship with the bank. It is always recommended to check with the bank for the exact eligibility criteria before applying for a Forex Card.

Eligibility criteria of forex card:

• Anyone may apply for a Forex Card.
• Visit a branch with the required documentation to obtain a Forex Card:
• Make a Forex Plus Card request (Aadhaar number is mandatory to be mentioned)
• A photocopied passport including your signature.
• A ticket or visa photocopy with self-attestation (for non-customers)

Required Documents:

• Copy of Passport (Self-attested)
• if the journey involves visiting multiple countries, an application form for visas
• Airline Ticket (Self-attested)
• D. Card

Types of Forex cards:

There are two main categories of forex cards:

• Single currency cards
• Multi Currency cards

Forex card for one currency: One foreign currency can be loaded onto a single currency forex card. When visiting a specific country, you can use this card to load it with that country’s currency.

Multi-Currency Forex Card: The Multi-Currency Forex Card functions like a Debit or Credit Card when making purchases at merchant establishments with an electronic terminal. The transaction amount reduces the Multi-Currency Card’s available balance. This card is accepted whenever a VISA symbol is displayed, including in merchant establishments.

Features:

The most secure method of taking money overseas is via forex cards. It is a prepaid travel card that is quite well-liked by individuals who intend to study abroad. It is valid for 3-5 years and enables travelers to carry various currencies at once. Using a multi-currency card with favorable exchange rates is safer and more advantageous than carrying cash. These are protected by PIN technology and are simple to cancel in the event of a loss.

Forex availability

• Available in ten widely used international currencies: U.S. Dollars, AUD, AED, CAD, CHF, EUR, GBP, JPY, SGD, and SEK.
• When traveling, obtain cash from ATMs using the desired local currency.
• Once loaded, don’t worry about these currencies’ currency changes.

Online Monitoring

• Use Prepaid Net banking to see your overseas purchases and transactions or ask to change your ATM pin.
• Observe your transactions and review your monthly statements.
• Get SMS and email notifications for transactions on Indian and foreign phone numbers.

Safety

• Using the EVM chip on your card, you can guard against skimming and misuse.
• Unlike with traveler’s checks or cash, don’t worry about damage, loss, or misuse.
• When not traveling, temporarily disable your card or, for increased security, modify your ATM pin through Net Banking.

Receive notifications for each transaction by email and SMS (SMS alerts on both local and international numbers if registered)

Insurance:

• Protection of up to 5 lakh rupees from card fraud, forgery, and skimming
• Personal Accident Insurance of Rs. 25 lakhs (death cover alone).
• Up to 50,000 in lost luggage coverage and 20,000 in lost checked baggage coverage
• Up to $20,000 in passport reconstruction coverage (based on the actual cost of reconstruction only)

International assistance:

Get worldwide emergency cash delivery support in the event of card loss or card malfunction.

Wherever you are, dial one of our toll-free international lines.

Reloading:

Use Prepaid Net Banking to instantly recharge your card from anywhere in the world. 

Points to Consider Before Applying:

Before applying for a Forex Card, there are a few things to consider. Before obtaining a forex card, you should think about the following:

Set a Daily Limit: A forex card has a daily usage limit that must be considered when applying for the card because it has a set limit. To ensure you only wind up spending the predetermined limit, ask the issuer about the fees when applying for a forex card.

Card Activation: You should consult the issuer on card activation, including the process and the helpline number to call if you lose your card.

Respect the specified Value: According to RBI regulations, the balance on a forex card should not exceed the equivalent of $2,000. Therefore, since it’s against the law to store sizable quantities of foreign currency, you should pay out the remaining balance on your card.

Insurance: Inquire about the policies with the issuer. Some cards have security features to prevent card fraud of any form.

Protect your PIN: You should also know how to generate a new one if you forget your current one. 

Charges & Fees:

The bank will impose a 2% cross-currency markup on transactions if the transaction currency differs from the currency supported by the Multicurrency Forex Plus card. The VISA/MasterCard wholesale exchange rate in effect at the time of the transaction will be utilized as the exchange rate.

Card Issue                       175 for each card

Reload                       75 for each reload

Reissue                      1 rupee per card

Transactions fees:

Currency

ATM Cash Withdrawal

Balance Checking

Retrieve Charge slips

US Dollar (USD)

USD 2.00

USD 0.50

USD 2.00

Euro (EUR)

EUR 1.5

EUR 0.50

EUR 2.50

CHF

CHF 2.50

CHF 0.60

CHF 3.50

GBP

GBP 1.00

GBP 0.50

GBP 1.50

CAD

CAD 2.00

CAD 0.50

CAD 3.00

AUD

AUD 2.00

AUD 0.50

AUD 3.00

JPY

JPY 250.00

JPY 60.00

JPY 375.00

SGD

SGD 2.70

SGD 0.75

SGD 4.00

AED

AED 7.00

AED 2.00

AED 10.50

SEK

SEK 15.00

SEK 3.50

SEK 22.50

Way to avoid forex fees:

By selecting a bank account that has no fees and reimburses out-of-network ATM fees and permanently withdrawing local currency from ATMs, these expenses can be avoided. Account holders can also inquire with their home bank if the destination country or countries have partner branches or in-network ATMs.

Forex card V/S Cash:

When traveling abroad, a Forex card has lower or no transaction fees than a debit or credit card, and its conversion fees are less than withdrawing cash. Many international travelers find that using forex cards is worthwhile when traveling abroad.

Difference between a forex card and a Visa card:

Forex cards typically don’t have transaction fees when used at merchant locations, which makes them a better choice than debit or credit cards. The “currency conversion charge,” the most significant fee, should be as close as feasible to the interbank rates.

Money transfers from a forex card to a bank account are possible:

One of its best advantages is the simplicity with which you can transfer funds from your Forex Card to a bank account. Typically, the validity of a forex card is three to five years. Save any extra money for your subsequent vacation, or quickly transfer it back to your bank account.

Validity of Forex Card:

A prepaid foreign exchange card has an expiration date. One Currency Card has a validity of three years, whereas Multi-Currency Card has a validity of five years.

List of Best banks forex card: 

Top Indian Forex Cards List

• Student Forex Prepaid Card from ICICI Bank.
• World Traveler Forex Card from Axis Bank.
• Travel card for foreign currencies from State Bank.
• Multi-Currency Travel Card from IndusInd Bank.
• Coral Prepaid Forex Card from ICICI Bank.

Who can Apply for a Forex Card?

• Foreign nationals living in India, as well as Indian citizens traveling abroad, can apply for a Forex Card.
• A Non-Resident cannot obtain a Forex Card.

Is a forex card compulsory?

A forex card offers several advantages.

• It is the most affordable way to carry and pay for money abroad.
• It is safer than cash; it is more affordable than another card.
• It is as convenient as a credit or debit card; it can be used on numerous journeys.
• You get to take advantage of exclusive benefits and savings wherever you travel.

Is the forex card widely accepted?

The card works the same way as a regular credit or debit card while shopping on foreign websites. No additional fees will apply to any such point-of-sale or online transactions. Any ATM cash withdrawal: The loaded amount on your foreign currency card may also be withdrawn from any international ATM.

Can I take all my balance out of forex?

When you’ve accumulated your profits in a forex account, you can withdraw money from it. Tying your bank account to your trading account gives you easier access to cash when engaging in forex trading.

Is it free to use forex? 

FOREX.com does not assess data exchange costs. If you decide to keep your positions overnight, you might have to pay a funding or rollover fee for more information about trade execution and prices.

Is there a monthly price for forex?

The forex market has a unique feature that many market makers employ to encourage traders, unlike other exchange-driven markets. They guarantee there will be no commissions, exchange fees, regulatory costs, or data fees.

End Points:

In contrast to credit or debit cards, a forex card locks in foreign exchange rates on the day of the transaction. A currency conversion rate will be applied accordingly. Forex cards are more practical and economical than traveler’s checks. Traveler’s checks are rarely used because they are rarely accepted and are relatively inexpensive.