Forex Prepaid Card
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Forex cards are the safest solutions since you don’t have to carry around cash or to incur heavy charges when you use a credit or debit card in a foreign country.
A Forex Prepaid Card is nothing but a foreign exchange prepaid card which can be used overseas as well as be loaded with multiple currencies. This is the most prominent factor that differentiates between Forex cards and travel currency cards. In case of a travel currency cards, you only have the option of pre-loading them with one currency. A Forex card is also not too different than a credit card. The most important difference is that your money is debited immediately from your bank account every time you make a transaction. Safety being one of the greatest benefits of a Forex card, you load multiple currencies.
Types of Forex Card
Single currency forex card
These forex prepaid cards are cards that can be preloaded with only one particular currency. You can reload the card later whenever needed.
Multi-currency forex card
These cards allow you to preload multiple currencies depending on the type of card you choose. You will find multiple options of such cards whenever you visit any travel agency, bank or any financial institution
With the number of benefits as well as features that the forex card offers, it is the ideal solution for those who travel abroad and are looking for a safe as well as secure payment method.
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You can apply for a forex card in a quick as well as easy process. Mostly all the banks as well as financial institutions and large travel agencies provide the forex prepaid cards.
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It is important that you look for a forex card and opt for one as per your requirement and the type of forex card that best suits your travel needs. There are banks as well as financial institutions that offer various discounts during festive seasons.
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Following this, all you need to do is visit a bank branch to apply for a forex prepaid card. You may also apply online for a forex card of your choice.
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Post choosing selecting the forex card of your choice, you may either visit a bank branch along with the required documentation or apply online in case the bank or financial institution offers the facility.
Anytime you travel abroad, it makes sense to carry a Forex Card for the below mentioned reasons:
- Forex cards are very safe as well as secure way of making payments overseas. This is because they come with the same security as that of a credit card
- Unlike credit cards, you can easily keep a track of your Forex prepaid cards for your spends since they are repaid
- Forex cards are the most economical option for international travels. If you use a debit card in a foreign country a currency conversion charge of 2.5% approximately is charged every time you make a transaction
- Gone are the days when you would need to carry money around. With forex cards in place, your travel becomes safe and secure
- In case of any fluctuations in the value of the currency, Forex Cardholders are completely protected. The currency which is loaded onto your card depends on the exchange rate on that particular day when the currency gets loaded into your card
Some of the frequently asked questions about Forex Card
- Being extremely safe, Forex cards are considered as the future of overseas transactions. They are very convenient and are accepted universally. Forex cards aren’t too different to function than debit and credit cards
- You must find out the various types of forex cards available with the financial institutions, banks as well as travel agencies before applying one. You can opt for a single currency card in case your trip is to a particular region or a country otherwise it is advisable to go for a multi-currency card. You can mostly load around 16 different currencies in this Multi-currency cards.
- Once you submit all the paperwork and then receive the forex card along with the PIN, you should change the PIN assigned and then check the card balance at any nearest ATM of the issuing bank or the financial institution. Alternatively, you may also find out the balance of the forex card by using internet banking in case the issuing bank offers this facility.
- You can swipe or dip the forex card at merchant establishments overseas depending on the type of card you possess. Because the forex card is preloaded, the balance in your account will then reflect the payments that are charged to the card instantly.
- Cardholders should however keep a track of their balance as well as the transactions via methods such as SMS alerts and notifications that you receive from the issuing bank or the financial institution.
You may load different currencies such as AUD, USD, CAD, SEK, GBP, EUR, SAR, AED, HKD, THB, ZAR, NKD, etc.
The PIN or the Personal Identification Number is the unique 4 digit number that is secure and that is assigned to your card and is therefore known only to you. You must change the PIN in the ATM of the particular bank once you receive the same.
In case you input a wrong PIN thrice in the ATM, your forex card will be blocked automatically for usage in ATMs. This is done by the banks or financial institutions for your safety and to avoid any fraudulent transactions.
What is DCC ?
The meaning of DCC is Dynamic Currency Conversion. It will give you the option to start a transaction in the currency that you wish to check in. DCC will also help you in knowing the particular transaction in the particular currency opted during the transaction. .
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