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.
These forex prepaid cards are cards that can be preloaded with only one particular currency. You can reload the card later whenever needed.
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.
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.
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.
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.
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:
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.
You may use the internet banking facility to check the balance on your forex card.
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.
As per the Reserve Bank of India as well as FEMA regulations, the amount gets loaded or reloaded on your forex card. You need to check the same with the issuing bank.
A chip card also known as EMV card - Europay MasterCard Visa- is better than a magnetic stripe card.
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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