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How To Get Forex Card

Overview

Forex or Foreign Exchange cards are prepaid cards that can be used to make payments when you are travelling abroad. With Forex cards, you can easily shop and make payments at the hotels in the local currency and also, use it to withdraw foreign currency from ATMs at any location. You can check balance, reload them easily when necessary.

Forex cards can be multi-currency or single currency. With a single currency Forex card, you get foreign currency only in one currency. However, a multi currency Forex card comes loaded with multiple currencies. This means you can withdraw funds in any currency while travelling abroad. This is especially beneficial for people who are travelling to multiple locations. You can use a single card at different locations to withdraw funds.

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How to Get a Forex Card?
To get a Forex card, you need to submit Form A2 in your bank along with other documents as mentioned under the Foreign Exchange Management Act (FEMA). The documents include:

  • A self-attested copy of your passport (you have to produce the original passport as well)
  • A copy of your PAN card and any other document as required by the bank

After you submit the required documents and once your funds get cleared, your card is activated. IndusInd bank provides you a with a one-stop option for all your Forex needs. Now you do not need to go to the bank to buy Forex card or reload it. IndusInd bank has an end to end online process with which you can easily buy Forex card online or send foreign currency abroad.

Why Buy Forex Card?
The majority of people, who travel abroad, prefer Forex card over cash. Forex card comes with a number of benefits which include

  • From restaurants to shopping malls, Forex cards are accepted everywhere.
  • Carrying a Forex card is safer than carrying cash. With a Forex card, you do not have to worry about losing cash in case of loss or theft of your wallet. Similar to the debit and credit card, you can get another Forex card in case of loss. Inform immediately to the bank about the incident and they will courier another card to your said location.
  • It safeguards you from the volatility of currency fluctuation. This is because when your Forex card is being loaded with cash, its value is determined based on the exchange rate of that day. This rate remains fixed.
  • It’s much cheaper than credit or debit card. For a transaction with credit or debit card, you have to bear currency conversion charge ranging from 3% to 5%. You can save this extra expense with Forex card.

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