Forex cards have become popular with Indians who frequently travel abroad and need to access their money quickly. They can also be useful for those who want an alternative to traditional banking services while abroad. The card is used like any other prepaid card at shops, restaurants and even ATMs. The difference is that the money you load on it can be in any currency.
If you’re thinking of getting a forex card, then read this blog to understand: Do you know what the charges are? Do you know how much it will cost for every transaction? Are there any extra fees involved?
Where can you buy it?
You can obtain a prepaid forex card via a bank or an authorized forex dealer. Furthermore, to get the card, you don’t even need to have an account with the bank. You just need to simply fill out the application form with personal information. This information includes the amount of foreign money to be exchanged and submit a self-attested photocopy of one’s passport. Furthermore, there may also require a copy of the visa to confirm. There are a variety of options from which you can choose to select the best as per your needs.
Here’s what you need to know about the charges involved in forex cards:
If you’re planning to use a prepaid forex card, make sure you are aware of all the charges, as well as the terms and conditions. Although there is no charge for swiping the card at a merchant outlet, some banks may charge a fee for transactions like balance inquiries.
Here are a few examples of some usage-based fees:
- Cash withdrawal fee: When you use your foreign exchange card to withdraw money from an ATM, you will be charged a cash withdrawal fee.
- Balance inquiry fee: If you check your balance at a financial institution, you will be charged a balance inquiry fee.
- The monthly price for international SMS alerts: If you want to receive SMS warnings while onboard, there will be a monthly price for international SMS alerts.
- Replacement card fee: If your card is lost or stolen, you’ll need to pay a replacement fee.
- Transaction slip retrieval fee: Many banks charge a fee for retrieving a transaction slip from an ATM.
- Inactivity Fees: Some banks may also charge an inactive period situation in which there has been no debit or credit on the card for more than 6 months.
When traveling abroad, it is best to carry a little cash and use your forex card for the rest. You should choose an option based on your needs while traveling.
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