While travelling abroad can be exciting, the thought of managing foreign currency can at once cause some anxiety. Luckily, there is a solution – a forex card. A forex card allows you to enjoy your overseas trips hassle-free by offering a convenient and secure solution for carrying money overseas. With features like easy online loading and reloading, multi-currency options, and access through user-friendly mobile apps, forex cards are designed to make your international travels smoother.
The following guide will shed light on how to apply for a forex card online and walk you through the simple steps of loading money onto your forex card.
What is a Forex Card?
A Forex card is a pre-loaded travel card that allows you to carry international currency (single currency or multiple currencies) on a single card. It is safer than carrying cash and more economical than using credit or debit cards, which charge a conversion fee for every international transaction.
There are two types of forex cards:
Single currency forex cards: These are loaded with one specific currency, and are useful if you are travelling to just one country.
Multi-Currency Forex Cards are pre-loaded with multiple currencies and are a good option when you are travelling to various countries.
The benefits of using a forex card are as follows:
Ease and Convenience: No hassle of exchanging or converting currencies abroad; use it to make payments at hotels, stores, and restaurants abroad, and withdraw cash from ATMs.
Locked-In Exchange Rates: Protection from fluctuating exchange rates.
Safety and Security: Can be immediately hot-listed in case of theft or loss.
Cost-Efficiency: Cheaper than using credit or debit cards due to no currency conversion charges.
Loading Money onto Your Forex Card
Before you can load money onto your Forex card, you need to apply for a Forex card online through your bank’s website. Once approved, your card will be delivered to your address.
Loading money onto your forex card for the first time is a straightforward process. Follow these steps to get started:
1. Online Account Setup
Access the portal provided by your card issuer.
Navigate to ‘Manage Your Card’ and click on ‘First Time Login.’
Validate Card Details- Enter your card number and expiry date.
Create Credentials- Enter the OTP sent to your registered mobile number, then create a new username and password.
2. Fund Loading Process
Use your newly created username and password to log in.
Choose the type of currency and the amount you want to load.
Enter your Forex Card number and expiry date.
3. Verification
Enter the OTP sent to your registered mobile number.
Provide your travel information as required.
4. Payment
Make the payment for the funds to be transferred to your card at the current exchange rate.
Alternative Method: Branch Visit
Visit the nearest Forex-Enabled Branch of your card issuer, and provide a cheque specifying the amount you wish to load, along with the application form and required documents. Once your card is activated and the funds are loaded, you may begin using it.
Reloading the Forex Card
Replenishing your Forex card balance while abroad is just as easy. Modern banks like IndusInd Bank allow you to reload your card through the IndusInd Bank internet banking portal or the FX Card app. Downloading the FX Card app on your phone allows you to reload your card, check your balance, and view transaction statements – a very useful feature particularly if you do not have access to SMS services in a new country.
Conclusion
A Multi-currency forex card is a reliable and efficient solution for managing your money while travelling abroad. Its ease of use, security features, and cost-efficiency make it an ideal choice for travellers today.
To experience hassle-free international travel, apply for a forex card online now.