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Forex cards have become a popular way of carrying foreign currency while travelling abroad. These pre-paid cards can be used for making payments at merchant establishments, withdrawing cash from ATMs, and also for online transactions. But can you use forex cards in India? Let’s find out.
What is a forex card?
A forex card is a pre-paid card that is loaded with foreign currency. It is a convenient and secure way of carrying money while travelling abroad. The card can be used just like a debit or credit card.
How does a forex card work?
Before you travel abroad, you can buy a forex card from a bank or a forex dealer. The card is pre-loaded with the currency of the country you are visiting. You can then use the card to make payments at merchant establishments, withdraw cash from ATMs or use it for online transactions. The card can be reloaded anytime as and when you require.
Can you use forex cards in India?
Yes, you can use forex cards in India. However, the card should be loaded with Indian rupees for it to be used in India. Forex cards that are loaded with foreign currency cannot be used in India for making payments or withdrawing cash.
What are the benefits of using a forex card?
Using a forex card has several benefits. Firstly, it is a convenient way of carrying money while travelling abroad. Secondly, it is more secure than carrying cash as the card can be blocked in case of loss or theft. Thirdly, forex cards offer better exchange rates compared to cash or traveller’s cheques.
How to apply for a forex card?
You can apply for a forex card from any bank or forex dealer. You will need to submit your KYC documents along with a passport-size photograph. The card will be issued to you within a few days.
What are the charges for using a forex card?
Forex cards come with several charges such as issuance fee, reload fee, ATM withdrawal fee, inactivity fee, etc. The charges may vary from bank to bank or forex dealer to forex dealer. It is important to read the terms and conditions carefully before applying for a forex card.
Can you get a refund on the remaining balance in your forex card?
Yes, you can get a refund on the remaining balance in your forex card once you return from your trip. You will need to visit the bank or forex dealer from where you had purchased the card and request for a refund.
What is the validity of a forex card?
The validity of a forex card is usually 3-5 years. However, it is important to check the validity period before applying for a card.
Conclusion
Forex cards are a convenient and secure way of carrying money while travelling abroad. You can use forex cards in India, but they should be loaded with Indian rupees. Before applying for a forex card, it is important to read the terms and conditions carefully and understand the charges associated with it.
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