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Things to Know Before You Buy a Prepaid Forex Card
Posted on Monday, June 21st, 2021 | By IndusInd Bank
You’re all set to take your international trip. The top two questions you most likely have in mind are –
- How much foreign currency should I carry?
- What is the best way to carry it?
Sure, you can still do it old school and carry some cash, but there are restrictions to how much hard currency you can take on a trip without declaring. So, why bother carrying bundles of moolah when you can easily pay for your transactions with a prepaid forex card?
What is a Prepaid Forex Card?
In a nutshell, a prepaid forex card allows you to load multiple currencies on it, depending on the countries you plan to travel to. If you are touring just one country, you can load this card with only a single currency as well. How much money can you load into your prepaid forex card? As per RBI guidelines, you can charge your card to an equivalent of US$ 2.5 lakh per annum.
Once you have the forex card ready, swipe it at a Point-of-Sale (PoS) machine or use it to withdraw cash from an ATM abroad – the choice is yours.
Where Can I Get a Forex Card?
In no time, you can get your forex card at IndusInd Bank. The Indus Multicurrency Forex Card is a convenient way to carry international money on your travels abroad. This card comes in 14 currencies and protects you from foreign exchange fluctuations. Use this card for hassle-free transactions at merchant outlets, ATMs, and for online transactions.
What Are the Advantages of Carrying a Prepaid Forex Card by IndusInd Bank?
● We extend incredible convenience to our travelling customers by letting them load up 14 currencies simultaneously on one card. These 14 currencies are – United States Dollar (USD), Euro (EUR), Australian Dollar (AUD), Great Britain Pound (GBP), Swiss Franc (SWF), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Arab Emirates Dirham (AED), New Zealand Dollar (NZD), Japanese Yen (JPY), Singapore Dollar (SGD), Saudi Riyal (SAR), Thai Baht (THB), and South African Rand (ZAR).
● Your exchange rate remains unchanged after you load the card. This feature protects you from currency fluctuations.
● We don’t charge extra when you make flight bookings, hotel reservations, or any other purchase with your forex card on loaded currencies via POS or online shopping.
● With the Indus Multicurrency Forex Card, you avoid the rigours of standing in long queues at the foreign exchange counter at airports or marketplaces.
● You can withdraw cash from all VISA-enabled ATMs around the world.
● Quickly cash out the residual funds that remain in your card on your return to India.
Terms to Know Before You Buy a Prepaid Forex Card
Know these terms before purchasing a forex card:
Card Issuance fee – This includes a nominal bank charge for issuing the card.
Charge on cash withdrawal(s) – Before you apply for a forex card, figure out if there is any cost you incur on ATM withdrawals. While one withdrawal per day may be free, your bank will likely charge you for multiple ATM transactions.
Charge on Balance Inquiry – Of course, you will need to figure out how much balance is left on your card. But, can you do this for free? Make sure to ask beforehand.
Charge on SMS Alert – It’s a safe practice to receive an alert every time you use your card. But, when you are abroad, these alerts are international SMSs that may be charged out of your pocket. Best to check!
Fee for a Replacement Card – Before applying, make sure to ask if there is a way to replace your card should you lose it when on your international trip. If yes, you should also know of these charges.
To Sum Up
Are you planning on jet setting for an international trip? Well, then reach out to IndusInd Bank and apply for a forex card with us right away. With our slew of benefits, you can forget transaction worries on your international travels for good.
