2. • To create an awareness about the pre-paid forex
cards.
• To realise its effectiveness while travelling
abroad
Objectives
3. What is a FOREX Card?
• If you are planning to travel abroad,
it is smart to carry a debit or credit
card with you instead of only cash.
4. • The forex card is a pre-paid debit/credit card
designed for foreign travellers and is a secure way
to carry currency around wherever you go. You can
load any amount of money onto the Forex card.
• It is accepted wherever Visa and Master are
accepted worldwide, and it is reloadable at any
time.
Functions
5. Features
• With a forex card you can use a card add-on,
which allows the money to be transferred to
another card in case of loss or theft.
• You can also bank online.
• When you purchase your card, you pay the
exchange rate in advance so you are not affected
by currency exchange fluctuations.
6. Considerations
• Provide a copy of your passport, a check for the
amount that you wish to be activated onto your
card, an A2 form and a PAN card or Form 60.
• Before leaving for your trip, you should sign a
form with your bank stating you are allowing one
chosen person to reload your card if needed.
• There is a fee for checking your balance at
ATMs but you can check online for free.
7. • Standby card is available at the time of sign up.
Even if you lose your primary card you have the
option of using your secondary card already
provided
• E-commerce transactions
• Avoid foreign exchange fluctuation
• Safe and secure
• Reloadable anytime, anywhere
• Online access to your card account
The Benefits Of Forex Prepaid Cards
8. How does it protect you against
the falling rupee?
The mechanism is quite simple to understand. If you
swipe your general credit card, you are charged at the
exchange rate as is the value on the date of purchase,
but if you utilize your prepaid card, the interest rate will
be charged as on the date you loaded your card.
Thereby giving you the benefit of a low exchange rate
on the currency you are buying in.
9. The card allows you to withdraw cash in foreign
currency, check your balance and shop. Banks such
as ICICI Bank, HDFC Bank, State Bank of
India, Standard Chartered and Axis Bank
offer prepaid forex cards.
