When you’re planning to travel to an overseas place, a Forex card will help you with issues like currency modification and the risk of carrying cash in a foreign nation. Although there are many ways to convert your currency to a different currency, using these Forex cards will be highly beneficial for you. Using the multi currency Forex card will reduce the burden of exchanging currency at the airports and stop you from dealing with suspicious currency exchange services. Besides that, it will provide cardholders with lower exchange rates. But the primary question here is, “What are these multi-currency cards?” “How do they function?” Let’s find all these answers in detail in this content.
Multi-Currency Forex Cards: A Brief Explanation
Multi-currency Forex Cards are prepaid cards that allow individuals to hold and load numerous international currencies. The function of these cards is similar to that of a credit/debit card, but they are created only for overseas usage.
These cards are provided by financial institutions and you can use them for making transactions in the following areas:
- Online platforms across various nations
- Point of Sale (POS) terminals
- ATMs in different nations
These cards are ideal for business owners, working professionals, holiday goers, and students who are studying in foreign nations. These cards are made to meet all your requirements and will deliver an issue-free experience when it comes to handling finance in foreign lands.
How Does Multi-Currency Forex Cards Function?
During your international travel, you can use Forex cards in many ways. Here are the critical features that make multi-currency Forex cards the best travel cards to carry while travelling abroad:
- Converting the Currency: With Forex Cards you can easily convert currency. However, when the Forex card does not have enough funds in the local currency to complete the transaction, it will convert the required amount automatically from the available balance in another currency on the card. To complete this process, you have to pay a small fee.
- Loading the Forex Card: Cardholders can load these prepaid cards to the amount of international currency they need from the online portal of their respective banks. They can also do the same by visiting the bank’s branch or using the mobile application. It’s also possible to load several foreign currencies at once depending on the currencies supported by your bank.
- Managing and Reloading the Forex Card: Cardholders can reload these prepaid cards whenever they want and manage their accounts via the mobile applications like the iMobile Pay app of leading banks such as ICICI Bank. Some of the things they can do are reposition funds between diverse currencies, inspect the transaction record, and even get to check out the balances.
- Refunding and Expiry of the Forex Card: Just like the credit/debit cards, the Forex cards also have expiration dates. All the unused funds will be refunded to your bank account after a small fee is subtracted.
- Using the Forex Card: Once the Forex card gets loaded, you can begin using it like a standard credit/debit card. It will also let you make direct purchases in the local currency. The card can choose the currency automatically according to the transaction’s location.
Advantages of Using Multi-Currency Forex Card
Using the Forex Cards will provide you with countless benefits that you will not come across with normal debit/credit cards. These are:
- Locked-In Rates Fluctuation: When taking international currency in the form of cash, the rates might fluctuate. However, for all the Forex cards, the foreign currency will have the same rate once the funds get loaded into these cards.
- Provides Emergency Assistance: Forex Cards provide services for emergency assistance, which includes providing cash if there is a theft or loss and replacing the Forex card. The presence of these services make international travel hassle-free.
- Extremely Easy to Use: When you have a Forex card with you, there is no need to learn about the currency of a different nation. Besides that, carrying a Forex card will also prevent you from conducting constant calculations while travelling internationally.
- Security: The Forex cards come with 24×7 customer support, PIN and chip protection, and have the power to block the card immediately if it gets stolen or lost. This is a secure and outstanding way to manage the funds when you travel abroad.
- Highly Cost-Efficient: Multi-currency Forex cards will provide you with excellent Foreign exchange rates compared to traveller’s cheques. It will also offer other advantages such as lower transaction rates than credit/debit cards, zero cross currency cash outs, and free withdrawals from ATMs.
- Helps Control the Budget: With these international card, you can travel on your budget. These cards are not connected to your bank account, so there is no risk of incurring debt or overspending.
- Unlimited Shopping Experience: You can use these prepaid cards at numerous merchant outlets across the globe. It will also let you shop from multiple international websites, just like you do with a normal debit/credit card. No charges are involved in all online and POS transactions.
Getting a Multi-Currency Forex Card: How to Apply?
If you’re planning to get a Forex card, you can apply for one at any banking institution or a reliable bank. ICICI Bank offers Forex cards to their customers through their mobile application iMobile Pay app too. Just follow these steps:
Apply at Branch
- Step 1: Walk into the nearest ICICI Bank Forex Branch.
- Step 2: Fill in the Forex Prepaid Card application form.
- Step 3: Submit the requisite documents and present the original documents for verification.
- Step 4: The Forex Prepaid Card kit will be provided immediately, and the card will be loaded within one working day.
Using ICICI Bank Net Banking
- Step 1: Log in to ICICI Bank Net Banking.
- Step 2: Click on “Forex & Prepaid Cards” under “Cards & Loans”.
- Step 3: Click “Apply for Forex Prepaid Cards”.
- Step 4: Choose the variant, enter requisite details, and click ‘Generate Card’.
- Step 5: Your Forex Prepaid Card will be activated, linked, and delivered within 5 working days.
Using iMobile Pay App
- Step 1: Log in to the iMobile app.
- Step 2: Click on “Forex Prepaid Card” under “Cards & Forex”.
- Step 3: Select ‘Apply Now’.
- Step 4: Choose the variant, enter the requisite details, and click ‘Generate Card’.
- Step 5: Your Forex Prepaid Card will be activated, linked, and delivered within 5 working days.
Documents You Submit for Multi-Currency Forex Cards
The documents required for these prepaid cards will differ greatly based on the Forex card provider. However, below listed are some of the basic documentation that you must provide:
- PAN Card
- Application Form
- Copy of the Airline Ticket
- Copy of the Visa (When your trip involves several nations)
- Copy of the Passport
Based on the type of Multi-currency Forex card and the card provider, you might have to submit several other documents. This will rely on regulatory changes and the amount loaded on the Forex card.
Wrapping Up
Forex cards have made things a lot more manageable for people who trek to foreign lands for schooling, business, or holidays. It will let you make payments, withdraw funds from ATMs, and even shop on websites and dealer outlets across the globe. Loyal and trusted banks, such as ICICI Bank, offer these cards to all their consumers. These cards are cost-effective and protected, enable cardholders to make informed judgments, and improve their foreign travel venture.
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