The biggest thing that worries international students and travellers while travelling abroad is how to carry money in a safe and easy way. A Forex Card is one such medium that allows travellers to carry money in multiple currencies safely across the borders. It is a prepaid travel card that is encrypted with PIN and chip technology. It is easy to use and allows users to make payments every day at pocket-friendly rates. If you are planning to study abroad and wish to apply for this card then here is a list of documents required for a forex card.
This Blog Includes:
- What is a Forex Card?
- Who can Apply for a Forex Card?
- List of Documents Required for Issuing a Forex Card
- How to Apply for a Forex Card?
- Things to Remember When Applying for a Forex Card
- Benefits of a Forex Card
- List of Currencies Covered by Forex Card
- Leverage Finance
- [BONUS] Smart and Easy Ways to Live on Budget While Studying Abroad?
What is a Forex Card?
A Forex Card is a prepaid travel card that allows the user to carry multiple foreign currencies at a time. It can be used as a debit or credit card, a Forex Card allows its users to pay expenses by withdrawing local cash from an ATM when travelling to another country. Students can also swipe this card at various points and the maximum number of currencies offered by a forex card is 16 to 22 currencies in India. Forex cards cover all major currencies like Dollar, Pound, Euro, Dirham, etc and can be used across the globe. It is an excellent card for everyday use as well as emergency.
Did you know that you do not need an account relationship with a bank to get a Forex Card?
Who can Apply for a Forex Card?
- Indian nationals traveling abroad and foreign nationals residing in India can apply for a Forex Card.
- Non-Residents are not eligible to get a Forex Card.
List of Documents Required for Issuing a Forex Card
Applying for a forex card is easy and hassle-free, students require the following documents in order to procure a forex card from a bank:
- Passport (Self attested copy)
- Visa(s) if the trip involves more than 1 country
- Airline Ticket (Self attested copy)
- PAN Card
- Application Form
- Insurance (not mandatory)
How to Apply for a Forex Card?
- You have to submit an application form along with required documents mentioned above.
- After submitting the form, you will have to pay the amount in INR. The amount should be equivalent to the amount you want in the foreign currency.
- After paying the desired amount, you will have to pay the submission fee.
- After the completion of the Transaction Process, your Forex Card will get activated.
*Submission Fee may vary for different banks.
Things to Remember When Applying for a Forex Card
Besides keeping all the documents required for a forex card at hand, keep the following important points in mind.
- When applying for a Forex Card, you must remember to check the usage limit of your Forex Card as it comes with a certain amount of limit. Therefore you must ensure the daily limit of your card so that you don’t end up spending more than the set limit.
- Forgetting PIN numbers is a big issue. So when applying for a Forex Card always remember to ask the card issuer about the PIN generating method. Make sure you note down the helpline number in case you forget the PIN or any problem related to the activation of a Forex Card.
- You would also want to get your balance encashed on the card as it is prohibited to carry large amounts of a foreign currency. According to the RBI Guidelines, the balance amount in a Forex Card should not exceed the equivalent of $20,000 dollars.
- Most of the Forex Cards come with an Insurance policy. Be aware of the insurance policies, ask the issuer about the protection against any kind of Card Misuse.
Must Read: Budgeting Tips for Students
Benefits of a Forex Card
- A Forex Card is a product specifically designed to carry multiple currencies on the same card that eliminates the need to carry multiple cards for different destinations across the world.
- A Forex Card is one of the most reliable options to carry money safely while traveling overseas.
- It offers affordable currency exchange rates and protects you from fluctuations in foreign currency prices.
- If unfortunately your card gets stolen, it can be blocked immediately and the money balance gets frozen.
- You can make online payments, purchases and transactions when abroad without giving any additional charges.
- It is world recognised and is accepted worldwide. If you want to have dinner, you can quickly make the bill payment through the card.
- Most of the cards are contactless which makes a Forex Card even more safer than before because you do not have to worry about the card in case it gets stolen.
List of Currencies Covered by Forex Card
- Australian Dollar
- AED (Dirhams)
- Canadian Dollar
- Hong Kong Dollar
- Japanese Yen
- Singapore Dollar
- Sterling Pound
- Swiss Franc
- Swedish Krona
- Thailand Baht
- South African Rand
- Oman Riyal
- New Zealand Dollar
- Danish Krone
- Norwegian Krone
- Saudi Riyal
- Korean Won
- Bahrain Dinar
- Qatari Riyal
- Kuwait Dinar
- US Dollar
Leverage Finance offer assistance with International Money Transfer at the best possible prices. You can save up not only your money but also time by sending money abroad without stepping out. All you need to do is select your designation and recipient, fill out the amount and hit send! Leverage Finance’s aim is to make your foreign journey more financially feasible and pocket-friendly to help you reach greater heights.
Benefits of Using Leverage Finance for International Transactions
- It is a 24*7 online process.
- It has the best exchange rates – Save 1 Re on every pound you remit -exchange rate than banks helps you save INR 20K on remittance of 20K GBP.
- It allows transparent payment structure and ZERO hidden charges.
- It is the quickest and safest mode of payment abroad for students for university fees / living expenses.
Using a Forex Card is the most hassle-free way of making payments when traveling abroad. It should be the first thing striking your mind while making any plans regarding foreign travel. Prevention is better than cure, so make sure you carry cash along with you too. It has never been a good option to be dependent upon a single medium.
[BONUS] Smart and Easy Ways to Live on Budget While Studying Abroad?
You can start using the card once it is activated. The card activation takes one business day to verify all the provided documents.
Ans. You can check your balance through Internet Banking, Issuer’s Toll-free numbers etc. Specific details may be mentioned on the Bank Websites.
To create an account with Leverage Finance, you need to share your email address and phone numbers.
No, you do not need to open a new bank account to make an international money transfer transaction via Leverage Finance. You can simply register at Leverage Finance and send money abroad using your existing bank account.
Want to study abroad? Then call Leverage Edu experts on 1800 572 000 and start on your application process for upcoming intakes!