{"id":7085,"date":"2024-12-19T12:44:14","date_gmt":"2024-12-19T12:44:14","guid":{"rendered":"https:\/\/www.extravelmoney.com\/blog\/?p=7085"},"modified":"2024-12-20T08:11:56","modified_gmt":"2024-12-20T08:11:56","slug":"how-to-use-forex-card-for-indian-travellers","status":"publish","type":"post","link":"https:\/\/www.extravelmoney.com\/blog\/how-to-use-forex-card-for-indian-travellers\/","title":{"rendered":"How to Use Forex Card – A to Z Guide for Indian Travellers"},"content":{"rendered":"\n
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Travelling abroad is exciting, but managing foreign currency can sometimes be confusing. Use Forex Cards \u2013 the perfect solution for Indian travellers looking for convenience, security, and savings. Whether shopping online, swiping at restaurants, or withdrawing cash abroad, Forex cards are an ultimate travel companion. In this blog, we\u2019ll explore everything you need to know about using Forex cards effectively and economically. Let\u2019s dive in!<\/p>\n\n\n\n

Also Read: Forex Card or Cash Which is Best for International Trip?<\/a><\/strong><\/p>\n\n\n\n

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What is a Forex Card and How Does It Work?<\/h2>\n\n\n\n

A Forex card is a prepaid card that allows you to carry foreign currency conveniently and safely while travelling abroad. A RBI-authorised Forex provider or a bank issues the card. A traveller can upload US Dollars in a single-currency Forex card or load up to 12 different foreign currencies in a multi-currency Forex card without incurring currency conversion charges during international transactions. You can use it for online purchases, ATM withdrawals and swiping or tapping at point-of-sale (PoS) terminals.<\/p>\n\n\n\n

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How to Load Foreign Currency in a Forex Card<\/h3>\n\n\n\n
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  1. Select Forex card type and currency <\/strong><\/li>\n<\/ol>\n\n\n\n

    Before travel, choose between a single-currency or multi-currency forex card based on your number of travel destinations. Additionally, select the currencies and the amount to load onto the card. Later, place order on an online forex platform like ExTravelMoney.<\/p>\n\n\n\n

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    1. Upload documents<\/strong> <\/li>\n<\/ol>\n\n\n\n

      To comply with KYC (Know Your Customer) and LRS (Liberalised Remittance Scheme) government regulations, upload soft copies of identity and purpose proofs. Required documents<\/a> include a passport, PAN card, travel tickets, and documents proving the purpose of travel.<\/p>\n\n\n\n

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      1. Send required amount<\/strong><\/li>\n<\/ol>\n\n\n\n

        To load money onto a Forex card, transfer the required amount in Indian Rupees to the card provider. If you are travelling for tourism purposes, be sure to send this amount from your own bank account. For travellers going abroad for education, the money can be transferred from your or your parent’s account.<\/p>\n\n\n\n

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        1. Collect forex card<\/strong><\/li>\n<\/ol>\n\n\n\n

          A Visa or MasterCard forex card shall be issued spontaneously at the time of money transfer. <\/p>\n\n\n\n

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          1. Card gets activated<\/strong><\/li>\n<\/ol>\n\n\n\n

            It takes around 4 to 5 hours for the Forex card to get activated and load the desired foreign currency\/ies. The currency exchange rate is locked and protected against further rate fluctuations until unloading.<\/p>\n\n\n\n

            Also Read: Forex Cards, The Best way For Students To Carry Money Abroad<\/a><\/a><\/strong><\/p>\n\n\n\n

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            How to Reload a Forex Card with Currency<\/h3>\n\n\n\n
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            1. Place Order<\/strong><\/li>\n<\/ol>\n\n\n\n

              Contact or visit your card provider\u2019s website. Request the currency and amount required.<\/p>\n\n\n\n

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              1. Send required amount<\/strong><\/li>\n<\/ol>\n\n\n\n

                Make a bank transfer to the card provider in Indian Rupees according to the prevalent exchange rate. Tourists must transfer the amount from their account whereas parents must send money on behalf of international students.<\/p>\n\n\n\n

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                1. Currency gets reloaded<\/strong><\/li>\n<\/ol>\n\n\n\n

                  Your forex card shall be credited with the requested amount of foreign currency within 4 to 24 hours.<\/p>\n\n\n\n

                  Reminder: <\/strong>Travellers who went abroad for employment or immigration cannot reload their Forex cards. However, students are allowed to reload their cards only during the duration of their course.<\/pre>\n\n\n\n
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                  How to Unload and Withdraw Money from a Forex Card<\/h3>\n\n\n\n
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                  1. Place Order<\/strong><\/li>\n<\/ol>\n\n\n\n
                    Contact or visit your card provider\u2019s website. In the case of ExTravelMoney, select the \u2018sell forex card\u2019 option. The card need not be submitted for unloading.<\/p>\n\n\n\n
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                    1. Amount gets credited to bank account<\/strong><\/li>\n<\/ol>\n\n\n\n
                      The excess foreign currency in your forex card shall then be unloaded by the card provider and credited to your bank immediately according to the prevalent exchange rate.<\/p>\n\n\n\n
                      Pro Tip:<\/strong> It is not mandatory to encash the remaining currency in your Forex card or return empty cards to the card provider. You can also reload the card for future international trips and use it within its validity period.<\/pre>\n\n\n\n
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                      Using Your Forex Card Abroad<\/h2>\n\n\n\n
                      Online Purchases<\/h3>\n\n\n\n
                      Forex Cards allow you to make seamless online payments in foreign currencies while abroad. Even though cab and advance hotel bookings cannot be done, forex cards can be used for your other day-to-day purchases. Just enter your card details like any regular debit\/credit card and make the payment.<\/p>\n\n\n\n
                      ATM Withdrawals<\/h3>\n\n\n\n
                      Forex Cards also work at ATMs worldwide, making it easy to withdraw local currency in cash. However, remember to reduce the number of withdrawals and increase the amount to skip excessive charges<\/a>. Also, withdraw in the local currency to prevent dynamic currency conversion charges.<\/p>\n\n\n\n
                      Tap, Swipe, and Pay at PoS Terminals<\/h3>\n\n\n\n
                      With Forex Cards, you can pay for meals, shopping, and services by swiping or tapping at PoS machines. Most Forex Cards support contactless payments for added convenience.<\/p>\n\n\n\n
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                      Forex Card Charges<\/h2>\n\n\n\n
                      Charges<\/strong><\/td>Amount or Percentage Charged<\/strong><\/td><\/tr>
                      Cross-conversion fee for all usages (multi-currency card only)<\/td>4.5%<\/td><\/tr>
                      ATM withdrawal (multi-currency card)<\/td>USD 2 \u2013 USD 3<\/td><\/tr>
                      ATM withdrawal (single-currency card)<\/td>USD 5<\/td><\/tr>
                      Dynamic currency conversion<\/td>1%<\/td><\/tr>
                      PoS terminal transactions<\/td>Nil<\/td><\/tr>
                      Online Purchases<\/td>Nil<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
                      So, how can you minimise these charges?<\/p>\n\n\n\n