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Submit the KYC documents & make the payment directly to the money changer
Collect the currency from the store or can request door delivery or pickup
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 card for larger transactions.
A Forex 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.
Extravelmoney.com facilitates buying of multi currency forex 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.
Here is how you can buy a forex card online in India.
Forex cards have some advantages over cash
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.
Forex cards offer a wide variety of benefits for travellers and students going abroad ;
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 ;
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.
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.
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.
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.
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.
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.
A multi-currency forex card is a prepaid 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).
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!
|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.
There are few additional charges in a forex card. They are ;
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.
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.
The KYC documents required to purchase a forex care are ;
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).
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.
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.
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.
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.
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.
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