Forex Card- Apply Forex Travel Card Online in India at Bajaj Markets

With travel abroad becoming a lot easier, it is important that you have the right financial tools to transact while overseas. While you can always use your credit card or certain debit cards, a better approach would be to use a Forex card.

These special instruments offered by certain issuers work much like a regular prepaid card. Here, your issuer lets you get a card and load it up with the currency you need. The process is quick, simple and helps avoid unnecessary charges when transacting overseas.

Read on to know more about Forex cards.

Types of Forex Cards

Forex cards are a financial tool that makes it easier to carry the currency you need when visiting a new country. Rather than carrying physical cash, using a Forex card can make your travel hassle-free.

There are many types of cards with features and facilities to suit a wide range of needs. Some common types include:

Single currency Forex cards
Multi-currency Forex cards

If you find the need to load only a single currency, you can opt for a single currency Forex card. Here, you can reload the card with the same currency as and when needed. Alternatively, a multi-currency Forex card lets you reload your Forex card with multiple currencies based on the chosen card.

You can choose various currencies you wish to reload on the card, and it is ideal for travels that take you across several countries.

Features and Benefits of Forex Cards

The easiest and cheapest way to carry foreign currencies

Instant access to foreign funds

Access to affordable conversion rates offered by issuers

Access to a range of card types depending on your requirements

Enjoy deals, discounts and offers from financial institutions

The cards are embedded with PIN and chip technologies, enhancing their security features

The remaining balance on your card can be encashed at current exchange rates

Easy application processes, allowing you to avail one from a financial institution even if you are not an existing customer

Enjoy shopping at foreign destinations using Forex cards similar to your credit or debit cards

The cards have a long validity period

How Do Forex Cards Work?

As mentioned, these cards work like your debit or credit cards. Before applying for a Forex card, you need to compare the offerings of various financial institutions. You can choose either a single or multi-currency card based on your travel requirements.

You are provided with a PIN when the issuer provides a Forex card. You can change the PIN at the nearest ATM or via net banking. Then, simply swipe your card overseas at merchant establishments or use it at ATMs.

Upon completion of a successful transaction, the same is reflected on your total card balance. You can monitor your transactions and balance through SMS alerts from your card issuer.

While getting a Forex card is hassle-free, you may have to pay certain charges to the issuer. A few types of charges include:

Reloading fee
Initial fee
Encashment charges
Add-on card fee

Note that these fees and charges vary across issuers. Even when you withdraw cash from foreign ATMs, you have to pay a certain fee, which differs from one financial institution to another.

Compare Forex Card Offerings Across Issuers

Here is a table of various Forex card issuers that can help you understand the type of currencies these institutions deal with.

Name of the Issuer	Currencies
YES Bank	USD, EUR, GBP, AED, AUD, CAD, SGD, JPY, SAR, THB, CHF, ZAR, NZD, and HKD
HDFC Bank	AUD, AED, EUR, USD, HKD, CAD, JPY, SGD, CHF, NZD, SEK, GBP, OMR, THB, SAR, DKK, NOK, SAR, KRW, BHD, QAR, and KWD.
IndusInd Bank	EUR, GBP, USD, CAD, AUD, NZD, HKD, SGD, SAR, AED, JPY, CHF, THB, and ZAR.
ICICI Bank	USD, GBP, EUR, CAD, AUD, SGD, AED, CHF, JPY, SEK, ZAR, SAR, THB, NZD, and HKD.
Axis Bank	USD, EUR, GBP, SGD, AUD, CAD, SEK, JPY, CHF, AED, SAR, THB, HKD, NZD, ZAR, and DKK.

Disclaimer: Currency-related specifics are subject to change as per the issuer’s policies.

FAQs About Forex Cards

Forex cards are a safe instrument, but you should choose a leading issuer to get the best service. Leading issuers may have better rates and can provide you with more features and safety facilities.

Each card has its own benefits. A Forex card is ideal when you travel abroad, and having this card helps you save on conversion charges.

If you have any left over balance, you can visit the issuer and encash the remainder. Do note that charges are applicable for availing this service.

Yes, you can cancel it by reaching out to your issuer and submitting a written request for cancelling the card.