How to Reload Your Forex Card in Simple Steps
Posted on Thursday, June 27th, 2019 | By IndusInd Bank
While travelling to a foreign country, the safest and most convenient method of carrying money is a Forex card. Depending on money changers and the constant anxiety of running out of foreign currency is, mercifully, a thing of the past. With a Forex card, you can travel without worrying about insufficient funds. This innovation is secure, cost-effective, and user-friendly. Let’s see how.
How a Forex Card is Useful
A Forex card can be used whenever you visit a foreign destination, and generally, several different currencies can be loaded onto it at the same time. For example, if you are travelling to Europe, you will need access to Pound Sterling in the United Kingdom and Euro in the rest of the bloc. By carrying a Forex card, you can load a budgeted amount of each currency in advance.
How to Obtain a Forex Card
Do you already have a Forex card? If no, you will have to apply for one. The good news is, you can choose any bank, even if you don’t have an account with that bank. You will need to submit to the concerned bank your Forex card application along with the supporting documents. The bank will also ask you to submit a cheque for the amount of Indian currency you want to convert to another currency. Once the cheque is cleared, funds will be available for conversion to a foreign currency and you will be able to use your brand new Forex card immediately.
Applying for a Forex card is even simpler when you have an account at the concerned bank. Since your KYC procedures will have been done, you can bypass a lot of paperwork. In this case, all you need to do is to fill out the application form. Once the Forex card is approved, you can immediately start using it. The funds will be debited from your account and converted to the desired foreign currency, which is loaded onto your Forex card.
How to Reload Your Forex Card
If you want to reload your Forex card before or even during a foreign trip, here’s what you need to do. If your card has been issued by a bank in which you don’t have an account, visit the nearest branch, fill out a reload form, and submit it with a cheque. Make sure you check availability before visiting, since not all branches in a city may offer this service.
If you do have an account at the bank, but don’t have netbanking activated, you will have to physically visit a branch and submit your application. But if you do have this facility, you can directly reload your Forex card online. Simply log in to your account through the netbanking portal and go to the list of prepaid cards you hold. Then, select the Forex card approved and specify the currency type and amount you require. Funds from your account will automatically be converted to the specified foreign currency at the current exchange rate and loaded onto your Forex card.
Handy Tips for You
- For seamless service, apply for a Forex card at the bank where you hold a Savings account. You will avoid a lot of tedious paperwork. Besides, you won’t have to suffer a long waiting time for funds realization every time you want to reload your Forex card
- The issuing bank will charge you an issuing fee plus a loading fee every time you reload your Forex card. However, these terms differ from bank to bank.
- Check whether your issuing bank offers you insurance cover in case of theft or loss of the Forex card. Many banks offer this facility free of cost
- You can also use the Forex card like a credit card – to pay for flights, accommodations, shopping etc. However, these cards can only be used abroad. This implies that India, Nepal, and Bhutan are three countries where you will not be able to use the Forex card since these countries accept Indian currency readily.
Thus, a Forex card takes care of all your foreign currency issues while travelling abroad. With no pecuniary worries at the back of your mind, you can be sure of enjoying a hassle-free, fun-filled trip abroad.