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What is a forex travel card?

April 21, 2017

What we eat, what we wear and where we live- has all been subject to winds of evolution. How we travel, modes of study, the way we live and communicate-you name it and it will stand proof to constant evolution. Present century inhabitants have been lucky to witness such drastic changes and experience the powerful wave of technology. All that was unimaginable in the past is the present that we live in! Paper money is now plastic! And another revolutionary addition to the range of plastic money is the Forex Travel Card.

Here’s all you wanted to know about the Forex Travel Card…

What is a Forex Travel Card?

It is a prepaid or preloaded card. It serves as the perfect companion for you whenever you are travelling abroad. Try loading it with different currencies from various countries. Centrumforex currently provides a choice of up to 17 currencies.

Where can one buy a Forex Travel Card?

Ideally, it should always be in a smart travelers’ wallet! And to have it there, the proposed traveler could head to designated banks or for greater convenience visit an online forex service provider like Centrumforex.

What does one need to get a Forex Travel Card?

There could be a range of documents asked for by different agencies. These could range from-

  1. Form A2/ Form BTQ (varying as per purpose)
  2. Self attested photocopy of your passport
  3. Self attested photocopy of your visa
  4. Self attested photocopy of your air ticket
  5. Proof of funds

It would be wise to check the list with your chosen service provider before you proceed.

Why should I get a Forex Card?

It’s distant yet living forefathers include hard cash and travelers’ cheques. Add to that international debit cards. But it is from experience that we know how cumbersome it is to carry ‘Grandpa’ currency notes around and keep them safe! The travelers’ cheques still behave way too exclusive. They cannot be used everywhere and encashing them often poses a problem.

The international debit/credit cards are closest to the Forex cards in being handy. But they come with a huge price of a 3% charge for each usage. For using them for ATM withdrawals, there could be a flat additional charge of INR 300 too!

As far as the Forex card goes, it outdoes them with wider usage options and lower costs. Most places which accept Master and Visa cards will accept a Forex Card too. Not just that, you can use it for making online payments abroad. This may not always be possible with international debit or credit cards.  And all this comes at no additional cost!

What does a Forex Card Cost?

As priceless and precious as it is, the Forex Card comes at a cost of anywhere between 100 to 300 INR. At www.centrumforex.com, you can get the forex card for free!

Where and how to charge a Forex Card?

Forex cards could be charged by a range of different currencies. The family of Forex cards features cards with a single currency or multi-currency Forex cards.

You could have them reloaded physically at an agent or a bank or through simple online procedures. You can visit www.centrumforex.com to buy a forex card and reload the same card for your subsequent trips.

How much can I load or reload a Forex Card with?

That depends on certain guidelines and of course, you!

If you travel for a leisure trip, you could consider charging it up to an equivalent of 10,000 USD.

In case of a business trip, it could be charged up to an equivalent of 2,50,000 USD per annum.

What to do for stolen or lost Forex Cards?

Block a lost forex card immediately by calling a 24-hour hotline or you can also do it online.

Some agencies provide a companion secondary card for the primary card. So you have another card handy in case of such an emergency. You need to follow the prescribed procedure of informing them through a 24 hour hotline and the value can be transferred to the secondary card.

In other cases, a new card can be delivered to you as soon as possible (usually within 48 hours to one week depending on your location).

Is it safe to use a Forex Card?

Yes, it is! With a chip and a PIN, it is a completely safe and secure payment option.

You can track all transactions and check your balance online, any time.

What to bear in mind when I buy a forex card or reload a forex card

  • Always buy from authorized agents.
  • Exchange rates need to be borne in mind. Some banks offer premium cards where the rates get locked in and later fluctuations do not affect the value of the card.

So here’s your take home message about the Forex Card-

In a nutshell, it is a prepaid foreign currency card which can easily be bought and reloaded online, offers a choice of multiple foreign currencies and options of expenditure as a debit card, ATM withdrawals and online payments…

Yes! The Forex Card will always be the best foreign travel companion for you!

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