Prepaid Forex Travel Cards
While on a foreign trip, it is good to carry foreign currency notes with you for emergencies. At the same time, is better to carry a multi currency Forex travel card for larger transactions.
What is a forex travel card?
A Prepaid Forex Card or a Travel Card is a popular and convenient way to buy foreign currency and use it on your travel abroad. They work just like a bank debit card. The card is issued by a bank or an authorized money changer and the required foreign currency is loaded into it.
Depending on the type of forex card you are being issued, you may be able to carry one foreign currency or multiple foreign currencies in a single card.
Forex card may either come in the magnetic strip variety or using a newer smart chip model as can be seen in the latest debit and credit cards.
Advantages of forex card
- It is safe and convenient than foreign currency notes on your trip.
- Multi currency forex card avails 12 different currencies (USD, EUR, GBP, SGD, AUD, CAD, JPY, CHF, SEK, THB, AED, SAR).
- Free spare cards available on purchase of forex travel card.
- Conversion charges are low compared with Travelers Cheques.
- Accepted over 14.50 million Merchant Establishments worldwide.
- 24*7 access to withdraw cash at 10,00,000+ ATMs; anywhere in the World.
- A 4 digit PIN helps to secure all your cash withdrawal transactions.
- Can use it for making international payements via payment gateways.
- Free SMS alerts on transactions to registered Indian mobile number.
- Un-utilized balance can be en-cashed via extravelmoney.com or let the balance remain on your Card (up-to $2000) so that you can use it for any future international trips.
Extravelmoney.com facilitates buying of multi currency Forex Travel Cards via our 4000+ tied up forex stores across India. You can ensure to get the best forex card rate by comparing exchange rates offered by your nearest RBI authorized money changers. You can place the order online and get the forex card home delivered.
With the Forex Cards safe in your pockets, you can enjoy your trip without having to worry about converting your Traveller’s Cheque or Indian rupee into local currency. For payments at merchant establishments, you can directly swipe your forex Card without any transaction fee.
FAQ on Forex Travel Cards
How can I buy a Prepaid Forex Travel Card online?
Now buying a forex card online in India is very simple.
ExTravelMoney offers 8 of the best forex cards in India through our online platform.
Here is how you can buy a forex card online through ExTravelMoney
- Go to the link ExTravelMoney - Forex Card and select the foreign currency and its amount you want to load in the card.
- Enter your location. You’ll be shown a list of forex stores near you along with their exchange rate. Select the one offering the best exchange rate.
- Enter your phone number and email address, so that we can verify your order via OTP.
- Once your order is confirmed, you’ll receive the forex store details like their bank account information and store address. Using this information, the payment can be made through online banking or as cash by directly going to the store.
Once payment is made, you can pick up the forex card from the store or it’ll be delivered to your address if you have chosen door delivery option.
Buying an forex card online has never been so easier!
Just 4 clicks in your computer or phone and a forex card will be made ready for you at ExTravelMoney.
Is forex card better than cash?
Forex cards have some advantages over cash
- Prepaid travel cards have better exchange rates compared to cash. For the same amount of money, you can buy more foreign currency in forex card than as foreign currency in hand.
- Prepaid travel cards are safer compared to cash. Nowadays forex cards come enabled with chip and pin technology and hence provide more safety features. Cash is only safe as we keep it. It’s entirely dependent on how safely we handle it. Plus, travellers carrying an excess of cash in their wallets are very easy targets for thieves abroad.
- In case of theft or loss of your prepaid travel card, you can have the card blocked and also transfer the funds to your new replacement card. This replacement card is usually given as a backup along with your forex card kit. In case of theft of cash, there is no protection for your stolen money. It’s as good as gone. This is one of the biggest disadvantages of cash.
- When you are travelling to many countries, Prepaid travel cards allow you to load multiple currencies in them. When you are abroad and transacting with your forex card, it automatically detects which country you are in and pays using the preloaded local currency. Whereas, to carry different currencies as cash and making sure they don’t mix up and to pick out the correct currency, is a big hassle. That is something travellers can do without.
To know more read about the Comparison of Prepaid Forex Travel Cards vs Cash, Debit & Credit Card.
How long does it take to get a forex card?
Usually, at ExTravelMoney, if you order a forex card anywhere between 10:30 am and 2:30 pm on any given day, you’ll be able to get the forex card before 5:30 pm on the same day.
Depending on whether you have chosen door delivery of forex card option or not, the card will be delivered to your address or you’ll be able to pick up directly from the chosen forex store in your town or city.
What are the benefits of a forex card?
Forex cards offer a wide variety of benefits for travellers and students going abroad ;
- Forex Cards offer better exchange rates for loading currencies than buying foreign currency as cash.
- Forex Cards are loaded with foreign currency at locked-in exchange rates. Thus they are immune to the fluctuation of currency value in the forex market.
- Forex cards are more secure than carrying cash as they come enabled with chip and pin technology for safeguarding the money in them.
- Forex Cards can be used to carry multiple foreign currencies at the same time in a single card.
- Forex Cards have no additional charges when swiping at PoS counters abroad, unlike Debit and Credit Cards.
- Forex Cards have no Dynamic Currency Conversion Fee when used abroad since they are already loaded with the local currency of that foreign country.
- Forex Cards are universally recognized and accepted, unlike Traveller’s Cheque which has become an outdated payment instrument.
To know more, read The advantages of Forex Card and its benefits for travellers
Can I transfer money from my forex card to bank account?
You can easily transfer money from your forex card to your Indian bank account. Simply head to your bank branch, request transfer of funds from your forex card to bank account.
If you have a different forex card which is not of your bank’s then what you can do is encash the funds in your forex card by approaching the bank/forex vendor from whom you bought the card. Once you encash the foreign currency in the card and get back equivalent Indian rupee, you can deposit that amount in your bank account.
However, if you are abroad, say in the US and have a forex card loaded with US dollars, then you can directly transfer the money in the card to your local bank account in the US for a small fee. All you would need is to approach your local bank in the US with ;
- Your forex card
- Local bank card (debit) or account information
These are the ways you can transfer money from your forex card to your bank account
Can forex card be used in India?
Forex cards cannot be used in India at ATMs or for swiping at PoS counters. They have a specific purpose and that is for use abroad. However, you may be able to use forex cards in India for online payments which have to be paid in foreign currencies.
Also, they cannot be used in Nepal and Bhutan.
How do I withdraw money from a forex card?
Withdrawing money from a forex card is very easy. It’s just like the way you withdraw money from your debit card.
When you are abroad, go to an ATM, swipe your card there and enter the amount of currency you want to withdraw and collect the money from the ATM machine.
When you are in India and want to withdraw money your forex card, go to the vendor who issued the card and encash the funds in your card. You’ll receive the equivalent Indian rupee back.
How do you put money on a forex card / reload a forex card?
When you are buying a forex card from us, reloading it is very easy. Simply visit ExTravelMoney’s online portal and select reload forex card option and complete the entire procedure online, even when you are in the midst of your travels abroad.
If you are in India and want to reload your forex card, you also have the additional option of reloading the forex card by directly going to the vendor store from where you purchased the card.
Can forex card be used for online transactions?
Yes forex cards can be used for online transactions where the payment has to be made in foreign currency. The card does not function in India at ATMs, PoS counters or in Indian e-commerce websites where the payment has to be made in Indian rupees.
Is forex card a debit card?
Forex card is not a debit card. But it can be said to perform almost the same functions of your bank debit card. The exception is that a forex card is meant to be specifically used abroad. Also, forex cards are pre-loaded with the foreign currency of the country you are travelling to. The forex card is not linked to your bank account and the funds in the forex card are not part of the funds in your bank account.
Can forex card be used as a credit card?
No, forex cards cannot be used a credit card. A credit card as the name suggests is a card which allows the user to purchase goods through it on the basis of credit given by the card company.
However, a forex card is somewhat opposite of a credit card. Funds are loaded into it beforehand itself by the user. The user of a forex card can only use the funds available in the card and no more. They won’t get any credit from the forex card issuer.
What is a multi-currency forex card?
A multi-currency forex card is a prepaid forex travel card which allows the user to load multiple foreign currencies in one single forex card. Depending on the country you are in, the card will automatically choose the correct currency and make payments accordingly at PoS machines or withdraw the correct currency when using at ATMs.
A multi-currency forex card is very useful when you are planning to visit multiple foreign currencies in a single vacation or are planning to visit multiple foreign currencies within a span of 5 years (maximum validity of most forex cards is 5 years).
Which all currencies can be loaded in a forex card?
Depending on the card issuer, one or multiple foreign currencies can be loaded in a forex card.
At ExTravelMoney we offer forex cards with at least 16 currencies in them!
How can I check my forex card balance?
|1. US Dollar
||9. Swedish Kronor
||10. UAE Dirham
|3. British Pound
||11. Saudi Riyal
|4. Australian Dollar
||12. Thai Baht
|5. Canadian Dollar
||13. New Zealand Dollar
|6. Swiss Franc
||14. Hong Kong Dollar
|7. Japanese Yen
||15. South African Rand
|8. Singapore Dollar
||16. Danish Krone
Forex cards usually come along with their own net banking facilities. You would have an username and password through which you can login to your forex card net banking application and check the balance.
When you purchase a forex card, these facilities would be explained to you by the card issuer and you would get an envelope with the forex card and your login details.
What are the additional charges in a Forex card?
There are few additional charges in a forex card. They are ;
- Forex card encashment/surrendering charges
When you are encashing a forex card a charge is levied on you. Usually this is very less around Rs 100. However, at ExTravelMoney most of our forex cards can be encashed free of charge!
- Forex card reloading charges?
Many banks and money changers charge a fee for reloading forex card. Again this is usually around Rs. 100 and again ExTravelMoney offers customers free card reloads for forex cards purchased through us.
- Forex card ATM withdrawal charges
Many forex cards have an fixed ATM withdrawal fee of US$ 2 or it’s equivalent per ATM usage for funds withdrawal. For checking balance this is usually around US$ 0.5 or its equivalent.
Are there any free ATM withdrawals using forex card?
ExTravelMoney offers ATM cards which have 1st 3 foreign ATM withdrawals free of charge. After the 1st 3 ATM withdrawals, a fixed fee of US$2 for ATM withdrawal and US$ 0.5 for checking balance at ATMs abroad will be applicable.
What is a cross-currency fee?
Cross-currency fee is charged by the merchant overseas to convert the foreign currency in your card to the currency in which you are trying to pay using your forex card.
For example, if you are using a forex card loaded with US dollars in Germany, then payments would have to be made in euros. That means the dollars in your forex card would have to be converted to euros and this would involve a cross-currency fee which would be atrocious.
Usually, the cross-currency charge is 3 to 4% of the total transaction amount.
What are the documents required to purchase a forex card?
The KYC documents required to purchase a forex care are ;
How do I know that my forex order is processed?
- Indian Passport
- Confirmed Air Ticket showing travel within 60 days
- PAN Card
- Valid Visa (Mandatory for some countries)
After placing your buy forex card order, our customer support team will be updating the order status to you via E-mail, SMS and directly through phone call if needed.
These timely updates will let you know if your forex card is ready to be picked up from the store or out for delivery to your address (if you have chosen door delivery option).
How much foreign currency am I allowed to load in a forex card?
Minimum amount of foreign currency to be loaded in a forex card, through ExTravelMoney, is USD 50 or its equivalent in other foreign currencies.
The maximum amount of foreign currency which can be loaded in a forex card is USD 2,50,000 or its equivalent in other foreign currencies.
Please Note : This forex card limit of USD 2,50,000 is part of the forex limit given to an resident individual in a single financial year as per the Liberalized Remittance Scheme (LRS) of RBI.
How do I block my forex card if it is lost or stolen?
In case of loss or theft of the card, travellers can simply block the card by contacting the card issuer. This can be either be done by the 24*7 Phone Banking or Prepaid Net Banking facility provided along with a forex card. Then, the replacement secondary card, which is usually present along with your original Forex card kit, can be enabled and would be ready for use abroad.
Should I surrender the balance amount in forex card after returning to India?
It is not necessary to surrender the backup amount in your forex card after returning to India from a trip abroad. The funds can be held indefinitely. However, sometimes an inactivity fee may be charged by the card issuing agency. Also, the validity of most forex cards is upto 5 years. So you must encash any leftover foreign currency before the end of this 5 year period or that money will be lost from your card.
What should I do if I forget my forex card ATM PIN?
If you forget your forex card PIN, you can get in touch with your card provider through the toll free number provided on your card. That way you’ll be able to regenerate the PIN.
What type of forex card is available at ExTravelMoney? A smart chip card or a magnetic strip card?
For enhanced security features, all major forex cards available through ExTravelMoney.com are chip based cards. These cards are more secure than forex cards just using magnetic strip. However, even now, some merchants are using card machines which only have swipe facility in them. So considering that, the forex cards also come equipped with magnetic strip that can be used at such PoS terminals.