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What Is A Forex Card?

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By Author: Neha Sharma
Total Articles: 349
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"A forex card is one of the best products available when you’re considering a tour abroad. A forex card is a full debit card cum ATM card where the card is preloaded with foreign currency. It can be used in ATMs to withdraw cash as well as swiped directly at merchants. Both these transactions will reduce the balance in the card. A forex card is a safe way for people to carry cash while travelling abroad.

Features of a forex card:

1. A forex card can be either a single currency or a multi-currency forex card. A multi-currency forex card can load several different currencies. Some of the popular currencies that banks charge on forex cards are US dollar, Euro, British Pound, Canadian dollar, Australian dollar, Japanese Yen.
2. The currency to be loaded in the forex card is usually sold by the bank itself.
3. The forex card India works like a debit card. The user has to set a PIN for the card which is then used to authenticate both merchant transactions as well as ATM withdrawals.
4. Most banks send an email confirmation of the transaction as well as the outstanding balance.
5. The card automatically switches between different currencies. The user does not have to do anything unique.
6. The foreign currency loaded in the forex card is entirely prepaid. This protects the money against any risk of foreign exchange fluctuation.
7. A forex card can be recharged or refilled using net banking conveniently.
8. Most banks provide a backup forex card in case the primary card is stolen or lost. This feature ensures the forex cardholder is not left stranded in case of theft or loss of card.
9. Banks provide other value-added services at a discount to forex card holders.

How to buy forex card?

A forex card can be purchased over the counter in any bank branch. It can also be applied for online on the bank’s website. However, the account holder must have enough cash in his account to cover the cost of the foreign exchange to be purchased.

Apart from that, forex card India can be purchased online. There are different websites which provide forex cards and foreign exchange from different banks. It is best to check the rates of foreign exchange provided by these different aggregators and pick the one that offers the foreign exchange at the best possible prices.

Types of forex cards:

• Single currency card
• Multi-currency card
• Hajj Umrah card
• ISIC Student card

Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about forex card. Through her work, she has spoken about forex card’s types, and features

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