A prepaid travel card is nothing but a forex card that comes preloaded and can be used to pay for your expenses on your travels abroad. It offers an easy, safe, and cashless way to carry foreign currency. Much like your credit card, it is accepted worldwide and dipped into PoS terminals and ATMs to make purchases and cash withdrawals.
Generally, there are two types of forex cards - single currency forex cards and multi-currency forex cards. A single currency forex card is suitable for travelers traveling to one country. It can be loaded with only one foreign currency at a time. As with the multi-currency forex card, you have the luxury to load multiple foreign currencies at once and travel the world without worrying about currency conversion charges. The best part is that while loading your forex card, you can avail yourself of affordable forex money exchange rates.
The perks of buying a multi-currency forex card on your travels abroad
Your multi-currency prepaid travel card comes with numerous advantages that you can avail of during your travels abroad, which are:
- After buying your forex card, you can load it with multiple foreign currencies at once. The number of foreign currencies you can load onto your forex varies across different forex card issuers. Most forex card issuers offer upto 20 foreign currencies to buy at once.
- It comes with the security features of a credit card, which means that your transactions abroad are safe and secure. There is no chance of a security lapse.
- The forex money exchange rates are predetermined at the time of loading your forex card, and it remains unchanged throughout your journey, ensuring immunity to foreign currency fluctuations.
- While loading your multi-currency forex card, you can avail of unbeatable forex money exchange
- You have the luxury of making all kinds of international bookings and payments for hotels, restaurants, stores, airlines, cinemas, clubs, and petrol pumps at no extra charge.
- Your prepaid travel card is not restricted to only swiping at PoS terminals. You can use it to withdraw liquid cash from selected ATMs at a flat withdrawal fee.
- Your days of standing in long queues to buy and exchange foreign currency are long gone.
- If you happen to misplace or lose your forex card on your travels abroad, you can immediately inform to block your forex card. Your bank will issue a new forex card at a nominal replacement fee.
- After returning to India from your travels abroad, you can easily encash the remaining balance. You will need to request your forex card issuer to transfer the remaining balance to your bank account.
- You can keep track of your spendings and check the balance on your forex card through instant SMS alerts.
What are the requirements to get a multi-currency forex card?
While applying for a multi-currency forex card online, you will need to meet the requirements set by your forex card issuer and also prepare the supporting documents.
Here are the eligibility criteria to get a forex card in India:
- You must be an Indian citizen with travel plans, or
- You must be an employee of a corporate traveling overseas for official or business purposes, or
- You must be a parent or sponsor of a student traveling abroad for education, or
- You must be an ex-pat residing in one of the cities of India.
It is worth noting that all ex-pats residing in India and employees of corporate companies are subject to KYC norms. Also, parents and sponsors accompanying the student can get a forex card in the name of the student.
Relevant documents to submit with your application
To get a multi-currency forex card, you will need to submit the following documents along with your application:
- A copy of your passport
- A copy of your visa
- A copy of your air ticket
- A copy of your PAN Card or form 16 if you are loading more than Rs. 50,000/-
- A copy of your Aadhaar Card is needed if your address is different from the one mentioned in your passport.
However these documents are not required by many service providers who provide online forex card booking but do require details for necessary KYC checks.