Foreign exchange is significant while going overseas and a forex card is one way to acquire the same. For the uninitiated, it happens to be a card that is topped up with cash and serves the purpose of a debit card while you are in a foreign country. You can easily make transactions as well as withdraw money (foreign currency) as per your need.
The Eligibility To Obtain Forex Card
As far as Indians are concerned, it can be bought only by a KYC-compliant individual. Non-resident Indians cannot apply for this. This card is also given to minors above 12 years of age, provided parents/guardians have signed the application form.
The applicant has to file a forex card application form (either online or offline). And then the following documents must be furnished along with the form :
- Self-attested passport copy
- Self-attested copies of the visa and confirmed ticket
How To Use Forex Card?
The forex card that travellers carry generally has a validity of five years from the date of its issuance. The forex integrated on the card must be used for the objective that it was acquired within 60 days of topping up the card. In case of money remain unutilised during international sojourns, it has to be returned to the bank within 180 days from the date of entering India.
Other Important Things Regarding Forex Card
- Numerous currencies can be integrated into one forex card.
- Card-issuing entities/banks also provide travel insurance coverage
Prior to getting a forex card from a company or bank, you should ask about the charges involved in transactions made on the card, issuance of the card, integrating currency, ATM withdrawals etc. After all, It is always better to be safe than sorry.