Before learning how to get a forex card in India, it is crucial to understand what a forex card is and how it can benefit you on your travels abroad. It is a prepaid travel card that offers an easy and safe way to carry foreign currency abroad. It is safer to use and easier to use than traveler’s cheques.
With a forex card, you can make international bookings and payments at hotels, restaurants, stores, airlines, and petrol stations without incurring any extra charges. It also is use to withdraw cash from any VISA-enabled ATMs abroad at a nominal withdrawal fee one each transaction.
Generally, there are two types of forex cards – a single currency and multi-currency forex cards. A single currenc forex card is a type of card that can be load with only one foreign currency at a time. It enables you to travel to only one country at a time. how to get a forex card in India However, a multi-currency forex card can be loaded with multiple foreign currencies at once and allows you to travel anywhere without worrying about foreign transaction fees. The best part is that a forex card protects you against fluctuating foreign exchange rates.
How to get a forex card in India?
To get a forex card for your travels abroad, you will need to meet certain requirements of the bank, such as:
- You must be an Indian citizen currently living in India.
- You must be a current employee of a corporate traveling abroad for official purposes, or
- You must be a parent of a student traveling abroad for higher studies, or
- You must be an ex-expat residing in India.
It is worth pointing out that all employees of corporate organizations and ex-pats residing in India are subject to KYC norms. Also, parents or sponsors of the student traveling abroad can get a forex card in the name of the student.
Prior to figuring out how to get a forex card in India, it is pivotal to comprehend what a forex card is and the way that it can help you on your movements abroad. how to get a forex card in India It is a prepaid travel card that offers a simple and safe method for conveying unfamiliar money abroad. It is more secure to utilize and simpler to use than secured checks.
For the most part, there are two sorts of forex cards – a solitary cash and multi-money forex cards. A solitary money forex card is a sort of card that can be stacked with just a single unfamiliar cash at a time. It empowers you to make a trip to just a single country at a time. Nonetheless, a multi-money forex card can be stacked with numerous unfamiliar monetary forms on the double and permits you to travel anyplace without stressing over unfamiliar exchange expenses. Best of all, a forex card safeguards you against fluctuating unfamiliar trade rates.
Documents need to get a forex card in India
- It is crucial to furnish the following documents or provide details of to get a forex card in India:
- A copy of the passport, visa, air ticket
- A copy of PAN Card or Form 16, if you are loading more than Rs. 50,000/-.
- A copy of the Aadhaar Card, if the address is different from the one in the passport.