How to get a forex card

Posted by: Girija Gadre on Jul 10, 2017, 06.30 AM IST

A forex card is a safe option to carry while travelling abroad. It also protects against exchange rate fluctuations during the travel period. It is very easy to obtain a forex card and it can be bought from any authorised dealer or bank.

Form
A prescribed form must be filled by the traveller. This can be downloaded from the bank/dealer website or from the nearest branch. Some banks also provide for online application for forex cards.

Type of cards
A multi-currency card allows more than one currency to be loaded. A student card bundles insurance and discounts on educational material. Choose a card according to your requirements.

Information
Personal details of the traveller, dates of travel, passport number, PAN, types of foreign currency to be loaded on the card should be filled in. Amount of forex to be loaded should be mentioned in the form.

Fees
A card issuance fee may be charged by the bank at the rates prescribed from time to time.

Documents
The application needs to be supported by a copy of one's passport. A copy of the air ticket may be required. A cheque or debit instruction for the amount to be loaded with the fees needs to be submitted. It takes about 4 -5 days to process and receive personalised forex cards.

Reloading the card
The card can be reloaded with additional forex by filling up a reload form and submitting a cheque or a debit instruction for the required amount.

Points to note
1. An existing bank account is not required with the bank to obtain a forex card.

2. Banks provide online access to view statements and reload the forex card online.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.) This article appeared in Economic Times dated Jul 10, 2017, 06.30 AM IST