If you have an overseas trip scheduled anytime soon, you have a couple of options to carry foreign currency with you. The first is to simply carry some wads of notes in your wallet, while the better alternative is to get a prepaid foreign exchange card issued by a reputable bank in India.
The forex card will work abroad exactly like your debit card here.
As of now, you cannot apply online for a forex card on account of pandemic. But one can always walk into a bank branch and apply for it. It is a prepaid card, so you can apply for it even if you do not have an account with the bank.
You just need to show your passport, visa, and other travel-related documents which confirm that you are set to fly abroad.
These are some of the key features of forex cards issued by commercial banks:
1. It is one of the best ways to carry foreign currency in your pocket.
2. It is a prepaid card, so you do not need to worry about the currency fluctuation after you reload it.
3. You can use it to pay your restaurant, grocery and store bills while you are abroad.
4. Its validity lasts for a few years, so you do not need to immediately open a bank account after landing abroad.
Once your forex card is activated, you can maintain the online account dedicated for the forex card just like your internet banking. Even if you have an account in the same bank that issued the prepaid card, you can still operate it separately through the dedicated prepaid card’s portal.
These are the step you can follow on the forex card portal:
1 First, you can enter your prepaid card number and password on the login page.
2 After you key in the correct details, your profile page will open.
3 Here, you can carry out transactions which include reloading your card, changing password, changing your address, etc.
4 You can even restrict the usage limit on your portal. You can put a cap on the expenditure across platforms which include international ATM, POS, E-commerce (online payment) and contactless payment international.
A forex card is an important card that will come handy when you want to go shopping, pay hotel bills and buy food or grocery abroad.
Usually, you will need the travel forex card until you have a bank account in a foreign country. So, if you have gone abroad to work or to study, you will need a local bank account. Until this happens, a forex card will be a panacea for all problems.