How to Apply for a Forex Card?

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Find out How You Can Get a Forex Card as a Student

Forex cards are the safest way to carry money abroad. It is a prepaid travel card that is extremely popular amongst people who are planning to study abroad. It allows travellers to carry multiple currencies at a time and is valid for 3-5 years. A multi-currency card with attractive exchange rates is safer and more profitable than carrying money. These are secured with PIN technology and can easily be cancelled in case of loss.  If you want to make hassle-free payments every day in multiple currencies then here’s how you can apply for a forex card?

Must Read: How to Get an Education Loan for Studying Abroad?

What is a Forex Card?

how to get a forex card
Source: Dribbble

A Forex Card is a prepaid travel card that allows you to carry any foreign currency of your choice. It is used as a debit or credit card to pay expenses by withdrawing local cash from an ATM when abroad.

Benefits of a Forex Card

  1. A Forex Card is one of the most reliable options to carry money safely while traveling overseas.
  2. Offers better and affordable currency exchange rates.
  3. Protects you from fluctuations in foreign currency prices.
  4. Is a more secure option than carrying cash while traveling abroad because it has chip and pin technology which ensures the safety of money the card is carrying. If unfortunately your card gets stolen, it can be blocked immediately and the money balance is frozen.
  5. It allows you to carry multiple currencies in a single card.
  6. You can make online payments, purchases and transactions when abroad without giving any additional charges.
  7. A Forex Card is accepted worldwide. If you are taking a taxi abroad, you can make the payment through a forex card. It can even be used for ordering items or food online through e-commerce platforms.
  8. Now 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.

Read more about the list of benefits of using a forex card and how it helps you manage money better!

Things to Bear in Mind before Applying

There are certain things to keep in mind before applying for a Forex Card. Below mentioned are a few things you must consider before getting a forex card:

  1. Set a Daily Limit: When applying for a forex card, you must check the daily limit of your card usage because it comes with a specific limit. So at the time of getting a forex card you should ask the issuer about the charges to ensure that you do not end up spending more than the set limit.
  2. Activation of the Card: You should ask the issuer about the activation of the card, how to activate the card and in case you forget it, ask the issuer for the Helpline Number.
  3. Secure your PIN: You should also be aware of the PIN generating method in case you forget it.
  4. Abide by the set Value: According to the RBI guidelines, the balance amount held in the forex card should not exceed the equivalent of $2,000 dollars. So you should get your balance on the card encashed as holding large amounts of foreign currency is prohibited.
  5. Insurance: Ask the issuer about the Insurance policies. Some cards come with protection against any kind of card misuse.

Also Read: Best International Money Transfer Apps in 2022

Eligibility Criteria to Apply

  1. A Forex Card is available to Indian nationals traveling abroad and Foreign nationals residing in India
  2. You can get a prepaid forex card from a bank or an authorized forex dealer
  3. You don’t even need an account relationship with the bank to purchase the card

How to Apply?

  1. Submit an application/declaration form along with the copy of your ticket, passport and visa.
  2. Pay the amount in Indian Rupees (Amount equivalent to the amount you want in the foreign currency)
  3. Submit the fee for issuing the Forex Card
  4. After the transaction is done, your card will get activated

Documents Required

  1. Passport Copy (Self attested)
  2. Application Form
  3. Visa(s) if the trip involves multiple countries
  4. Airline Ticket (Self attested)
  5. PAN Card

Must Read: Best Apps to Manage Your Finances in a Foreign Country

Top 5 Forex Cards in India

Card Annual Fee No. of Currencies
YES Bank Multi-Currency Travel Card INR 125 15
Axis Bank Multi-Currency Forex Card INR 300 (Plus GST) 16
MakeMyTrip HDFC Bank ForexPlus Card INR 500 (Plus GST) 22
ICICI Bank Travel Card INR 150 15
HDFC Regalia ForexPlus Card INR 1000 1

*Reloading fees may vary for different cards.

Also Read: List of Best Forex Cards for International Students and Travellers

Laser-Fast International Tranfers with Leverage Finance

how to get a forex card

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

  1. 24*7 and completely online process
  2. 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.
  3. Transparent payment structure and ZERO hidden charges
  4. Quickest and safest mode to payment abroad for university fee / living expenses.

[BONUS] How to Live on a Budget while Studying Abroad?

Want to study abroad but worried about your expenses? Then call our Leverage Edu experts and get end-to-end assistance for planning your foreign education!

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