BEST USAGE PRACTISES OF FOREX CARD
Forex card is one of the trending product a traveler must include in his trip while travelling abroad.
It is also known as Travel card/Multi Currency card/Prepaid Forex card. Forex cards are usually Master or VISA and is accepted globally by millions of merchants.
How to apply for a forex card
A traveler can buy forex card from any of the Authorised Dealers, Authorised Dealer Category II, RBI licenced money changers.
How does forex card works
Forex card works like a debit card.
What is the validity of forex card
Validity of the card is 5 years.
What is the time duration for card activation
Once the card is issued by a money changer, it will take 24-48 hours to activate the card. You will get a notification through SMS/Email from the card issuer.
What are the procedures need to be followed after receiving the forex card
Open the card kit and make sure that it is a fresh card issued to you
Check the validity of the card
Check for the PIN and never share with anybody
Change the PIN either by visiting the nearby ATM or online
Do not write PIN on the card or on the card pouch
Always sign on the back side of the card
Once the card is activated, register yourself in the card issuer's site
Always leave the card kit with your family which contains other infomation about card usage and in emergency you can contact them.
Advantages of forex card
Convenient to use and comfortable to carry
No need to have an account to buy a forex card
Swiping at merchant outlet is free
Cash withdrawal from ATM's is possible
Online transactions can be done
No need to look for change while purchase
Either single currency or multiple currencies can be loaded in a single card
Easy to reload from abroad
Card can be used for future travel
Precautions to be taken:
Never lend card to anybody: Once the forex card is purchased it will be registered in the traveler’s name and it cannot be transferred. Never give your card to others to use in order to avoid mis appropriation of the card.
Pre Authorisation of the card: When you stay at hotel in abroad, never use your card for pre-authorisation. Once the amount is blocked by the vendor, reimbursement will take 30- 40 days to credit back to your card.
Cash over the counter: If you are a student/Immigrant and if you try to swipe the card at banks inorder to transfer funds from forex card to your bank then it is chargeable and that is around 1.75% +GST.
Checking balance in the ATM’s: Always check your card balance online and never check in the ATM’s because it is chargeable.
Always withdraw/swipe the currency loaded in the card: When you swipe/withdraw cash, make sure that the local currency of the destination country and the currency loaded in the card are same or else you will end up in paying cross currency conversion charges around 3.5 to 4%.
Withdraw currency from ATM in emergency: Always use the forex card for swiping and only for emergency withdraw cash from ATM’s as there are charges applicable for withdrawal.
Block the card if it is lost/stolen/damaged: If you lose your card while in trip, block the card immediatley by calling the customer care which will be available in the brochure or card kit to avaoid any freud. Once you are back from the trip you can buy a replacement card and previous card balance will be transferred to the new card.
Card encashment: Once you are returned from your trip and if any balance is remaining in the card, always encash it completely and keep the balance nil or even you can close the card. Charges are applicable from the issuer if there is any balance remaining in the card and if it is not used for more than 6 months.
One should always remember that forex card cannot be used in India for swiping or withdrawal purposes
Advantages and disadvantages are always there in any product. Understanding the product and using smartly and wisely will ease our problems.As the growth of digital payment is increasing day by day it is always better to carry forex card alongwith currency.
Orient Exchange with 24 branches across Pan India is next to you with transparent and excellent rates where one can book online by visiting www.orientexchange.in