Forex Card:Using a forex card is one of the safest and simplest ways to carry currency while travelling abroad. It is possible to use this preloaded card as a debit card. With this card, a traveller can make purchases and, if necessary, withdraw cash (in a foreign currency).
Who can buy?A forex card can only be bought by an Indian citizen who has completed KYC. NRIs are not eligible to apply. Minors over 12 who have a parent or guardian's signature on the application form may receive a forex card.
What are the documents required for Forex Card?You must complete an application for a forex card (either online or physical form). The following papers must be presented with the form: A copy of the applicant's passport that has been self-attested; the issuing authority may also require copies of the applicant's confirmed ticket and visa.
What are the charges?Before finalising a card issuing company or bank, one should check the charges levied on transactions made on the card regarding issuance of card, loading or topping up currency, withdrawal from ATM, balance enquiries, convenience charges, etc.
Utilisation of Forex CardThe currency stored on the card must be used for the purpose it was obtained within 60 days of adding it to the card, even though a forex card typically has a validity of five years from the date of issue. Within 180 days of the date of arrival in India, any money not used during the foreign trip must be returned to the bank.
Other points to noteMultiple currencies can be loaded on a single forex card; Card issuing company usually offers travel insurance coverage along with the card.