Do you still carry wades of foreign currency tucked away in different pockets? Cash gives you control, but is it a secured way to travel? There is a possibility of getting robbed and there is the problem of acquiring smaller denominations. A trip abroad should be hassle free. So, upgrade from foreign currency or traveller’s cheque to the forex card. It is a plastic card, just like a Debit card with benefits. Get to know more about it and make it your new travel companion.

What is a Forex Card?

It is a prepaid travel card that is topped up with foreign currencies. A forex card is a safe, convenient, cost effective, and stress-free way to travel abroad. You can use it to shop, dine, and at entertainment places. The card is perfect for tourists, corporate, frequent travellers, and students. Forex card takes away hindrances associated with exchange of cash and procuring change in a foreign country.

What are the types of Forex Cards?

To buy forex online, know the three types of forex cards: multi-currency, student, and forex card for Haj pilgrims.

Multi-Currency Forex Card: It is ideal for leisure and business travellers visiting various countries in a single trip or over the course of the years. It is a seamless way to carry currencies of different countries.

Student Forex Card: Overseas students can spend a couple of years completing their course. When they run out of money, their family can easily top up the forex card from India. Hence, this card is perfect for students and it is valid for five years too.

Specialised Forex Card: With countries turning to plastic cards, Haj pilgrims are encouraged to carry forex cards. It is a secure way to travel abroad and have a stress free pilgrimage.

Benefits of a Forex Card

-        Safe Transactions: The card has the same security measures of a debit card. It is a secure method to make payments abroad.

-        Better than Credit Card: Using your credit card in a foreign country is an expensive affair. You have to pay for conversion charges and to withdraw cash from an ATM. Also, transaction fee is levied too. With a forex card, you enjoy zero conversion charges.

-        Convenience at your fingertips: The card can slide easily into your wallet or purse. It takes away the stress of carrying currency or traveller’s cheque.

-        Multiple Currencies: If you are visiting multiple countries, you can load multiple currencies on a single forex card.

-        Multiple Usage: The card is valid for five years, which is ideal for overseas students, leisure, and business travellers.

-        Withdraw Cash from ATM: There are times, where you may need cash in a foreign country to buy items at a flea market or dabble in street shopping. So, go up the ATM, whip out your forex card, and withdraw cash (*withdrawal charges applicable).

-        Wide Acceptance: In western countries,  cards are widely used. Hence, forex cards are extremely handy and accepted when it comes to purchase of any items. It saves you time and the trouble of getting exact change back.

-        Transfer Money to the Card: If your forex card runs out of money, it can easily be topped up and you can use it freely.

What are the misconceptions of Forex Cards

This card may be a new way of travelling for some and raises few doubts. So, let’s bust the top myths on forex cards.

1. There is no fee for an inactive card: If the card is inactive for more than six months, some operators may or may not charge a fee. The forex card is activated once the amount is updated on it.

2. There is no fee for balance enquiry: You can check the balance via internet banking or at an ATM of the issuing bank or financial institution for a small fee.

3. You do not need an insurance cover for the card:  Forex cards come with free insurance against theft, loss of card and misuse.

4. You should only carry a forex card when travelling abroad: It is recommended to carry some amount of cash too. It is handy at few places that accept cash like street vendors.

5. The card expires on your return back to India: No, when you return to India, you can use the forex card for up to five years. Also, once you are back, you can cash out. Connect with your forex broker, complete the withdrawal form, submit the form to forex broker, forex broker cash out the card and transfer the money in your account.

6. You cannot use the card for contactless payment: You can use a forex card for online transactions.

What happened if a Forex Card is lost?

You should block your primary forex card, activate the add on forex card and transfer the balance to your add on forex card. It will get activated once the amount is updated on your card.

What is the amount limit?

Maximum limit is 2,50,000 USD per financial year. It will take approximately 3 to 6 working hours to update the amount in your forex card.

Where to get a Forex Card & Why?

Riya Travel offers the best money exchange rate in the travel industry and personalised service too. To get your forex card with a fixed exchange rate, contact us at 022 2574 4840 | happiness@riya.travel. Also, plan a detailed trip, after all we provide end-to-end travel assistance. Be a confident traveller.