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Single Currency and Multi-Currency Forex Cards

April 12, 2018

 

Single Currency and Multi-Currency Forex Cards

Most forex (foreign exchange) dealers and banks have on-line operations where you can buy single and multiple currency pre-paid forex cards and have them delivered to your home within 24 hours.

You can also book your forex and lock in the buy rate by paying just for a fraction you intend to purchase and pay the remaining amount later.

Cards issued by banks, be they debit or credit will charge more as commission; they also levy a transaction fee that over a period of time will build up to become a substantial amount.

Forex cards, both single and multi currency are cheaper; the foreign currency you load on it will remain the same i.e. $100 will remain $100 despite fluctuations.

You will not be charged for use at PoS (Point of Sales) and some forex companies even offer free limited ATM use for cash withdrawals. Centrum is currently offering 3 free withdrawals from the issuing bank side.

A bank credit or debit card will charge you a currency conversion charge since the currency stored is in INRs.

Another headache with using bank cards is the currency fluctuation and your need to keep up with the prevailing price in relation to Indian rupees.

Your forex card can be reloaded by any close relative living in India and all they need to do is give the beneficiaries details and necessary KYC documents.

Forex can be bought for up to Rs.50,000 in cash but for above that you will have to make full payment (no cash) by cheque or other means and for any amount over  Rs.25,000 you will need to provide your PAN card.

When you need to surrender (return) your unused forex on your card, you will need a passport along with Aadhar Card and PAN Card. Most forex cards are valid from 3 to 5 years.

Fees for getting a forex card range from Rs 150 to Rs 500. The charges can vary depending on the provider and the needs of the customer. The renewal fee is about Rs 100 and an extra (duplicate) card is free or Rs.100.

Most multi-currency forex cards also have some free insurance included. This is for customer protection against fraudulent use and can be up to $10,000.

Almost all the cards on the market come with built in pin and chip security and can be blocked easily if lost or stolen.

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