Travel is fun. And the right tools can make your travel even more splendid. When you travel within your country, you don’t need to think about the currency. But when you travel abroad, you need to carry the currency of the country which you’re traveling. This all is possible only with the help of a forex card. In some countries, the Forex card is also known as a travel card.
In this post, we will help you to get every information at the same place about the Forex Card.
What is Forex Card? A Forex Card or travel card allows you to load and carry the currency of the country you’re traveling. It is the most convenient way to carry foreign currency and pay for your expenses during the trip. Most forex card providers also provide an option to load multiple currencies into a single card.
Types of Forex Card
There are two types of Forex Card available in the market. These are:
- Multicurrency Forex Card
- Single Currency Forex Card
Single currency Forex card has limited use. You can only load only one Currency which you have opted for. However, if you travel to multiple countries, you can a forex card which provides you an option to load multiple currencies. Nowadays most of the banks and Forex Card providers can give you an option to load 20+ currencies in a single card.
Best Forex Card to Buy
It’s always a good option to opt for Multicurrency Forex Card, as you can load multiple currencies such as EUR, USD, GBP, AUD, etc. into a single card. Before buying any Forex Card you must check the ratings and customer reviews. Also, when you’re abroad you might experience problems contacting the Forex Card service provider. Thus, 24/7 support plays a very important role. Here are the few points you should consider before buying Forex or travel card:
- Low currency Exchange rate or conversion rate
- Reload facility
- 24/7 Customer Support
- Security Features
Benefits of Forex Card
Why buy a forex card when you can use your Credit/Debit card overseas? Yes, it is true that you can use your credit/ debit card when you travel overseas. But, it might make a big hole in the pocket by the end of the trip. Some credit/debit card providers charge massive fees when you use the card for any type of transaction outside the country. Also, few outlets sometimes reject your card for no reason. Thus, to make your travel hassle-free, consider opting out for a good travel card.
Here are the few benefits for Forex Card:
- Forex card provides a fixed exchange rate and locks it before you travel.
- Ability to load multiple currencies such as USD, EUR, GBP, YEN, AUD, SGD etc. in a single card.
- Some Card Provides gives free travel insurance.
- Ability to reload your card using a smartphone
- It provides debit card functionality without linking your card with your local bank.
- Some cards give free access to an airport lounge, discounts at a partner hotel and excess baggage allowance.
- Forex cards also come with a reward system that you can use for online shopping.
How to Apply for Forex Card?
To apply for a Forex or travel card, all you need to submit an Application-cum-Declaration form along with a copy of your passport, tickets, and visa. For most of the countries, the process is the same. However, it is suggested to check the application process which you’re based.
Nowadays, most of the card providers offer online application and KYC verification. And provide forex card at your doorstep. The card will get activated once done with the documentation process.
Documents Required for Forex Card
When applying for a forex or travel card, there are certain criteria you have to meet before the card is issued to you. Most commonly, these are the few documents you need to submit to get Forex card:
- Application form cum declaration form
- Airline Ticket
Do’s and Dont’s While using Forex Card
A forex card is the safest way to carry currency to make payments overseas. Whilst forex card has number of benefits, there are some points you should consider before using your card.
- Check the balance after every transaction you make when you’re overseas.
- Opt for email alert rather than SMS as your SIM card might not work.
- Ask the card provider to provide you a supplementary card.
- Do change your PIN before you take off.
- Check for the expiry card of your travel card.
- Carry all the related documents in case you need it to cross-check something, such as fees, and charges.
- Avoid using your forex card to pre-book hotel or rental car.
- Don’t use your card to pay in the currency other than loaded.
- Never opt-out for wireless forex card for safety reasons.