What is a multi-currency forex card?

A forex card is a prepaid credit card that can be pre-loaded with foreign currency. These come typically handy when you’re travelling abroad for work or leisure as it does away with the need to carry physical money. You can swipe these cards or use them at ATMs to withdraw cash at your destination.

Do you know that you can load a multi-currency forex card with different currencies? So, suppose you plan to hop from one country to another or use them to transact for work at various destinations. In that case, a multi-currency forex card removes the hassle of getting money exchanged in other countries or carrying multiple single-currency cards. You can load a multi-currency forex card with up to 16 foreign currencies.

What are some of the features and benefits of a multi-currency forex card?

• Forex cards are prepaid cards which are issued on the same platform as in Credit/Debit cards and hence carry the same safety and security feature as a normal credit/debit card.
• Almost every country recognises and accepts these cards, so they’re easier to fund travel requirements on the go rather than carry a lot of cash or keep scouting for ATMs to withdraw money in a foreign land.
• Carry these cards instead of physical money. It also gives you peace of mind as you need not be hyper-vigilant of your surroundings at all times.
• If you’re on a budget, these cards are your best bet as you can pre-load them with a set amount and stick to that throughout your trip.
• These cards are independent of currency value fluctuations. Once loaded, it follows the exchange rate of the day it was loaded on, and therefore, any sudden dip or spike will not affect the card value.
• While credit and debit cards of your homeland bank account may also serve the same purpose, a multi-currency forex card is a much cheaper alternative. These don’t elicit a currency conversion charge or a cross-currency markup, as they are called, for each transaction. These markups can range anywhere between 2-5%. Some institutions may further allow discounts and deals on forex cards, making it a much more economical option than traditional cards.
• The unused balance can be encashed post return to India depending on the day’s exchange rate.

How to apply for a multi-currency forex card?

The procedure for applying for a forex card is the same as that of a standard card. You may contact the financial institution via which you want to issue the card, but be sure to check out the different features and benefits offered by various providers. You will also have to submit the following documents to avail of the card:

1. The basic application form
2. A copy of your valid passport
3. A copy of all your visas (since the trip includes multiple foreign destinations)
4. A copy of your ticket
5. PAN card

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