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What is Forex Card and How to Apply For it?

Overview

Forex cards are pre-loaded cards which you can use for making payments while you travel abroad. You can use Forex cards at shopping malls, to pay restaurant & hotel bills, and online shopping sites. Also, in some countries the card is accepted by taxi services.

You can load Forex card with a single foreign currency or multiple foreign currencies. Multi currency cards are valid for a few years and are useful for people who travel overseas regularly.

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How to apply for Forex Card?

To apply for a Forex card , you need to submit an Application-cum-Declaration form along with a copy of your passport, tickets and visa. You have to remit an amount in Indian Rupees (equivalent to the amount you want in foreign currency) to the bank. Once the transaction is done, your card is activated. The banks charge a minimal fee for issuing Forex cards.

Compared to credit or debit cards, with a Forex card, the foreign exchange rates are locked in on the day of transaction. You will be charged a currency conversion rate accordingly. Compared to traveller’s cheque, Forex cards are convenient and cost-effective. Few people use traveller’s cheques because they are not accepted at most of the places and also aren’t cost-effective.

IndusInd bank issues Forex card in multiple foreign currencies including USD, Euro, Pound Sterling, Singaporean and Canadian Dollar, UAE Dirham, and Saudi Riyal.

You cannot reload the card at foreign locations. It’s advisable to inform your bank in advance and leaving the necessary documentation for reloading. If you have unused balance in your card, you can encash it after you return. If you have lost the card, immediately inform the bank about the incident along with your location so that they can send you another card. It usually takes 48 hours for the bank to dispatch another card.

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