FOREX CARDS

• To create an awareness about the pre-paid forex cards.

• To realise its effectiveness while travelling abroad

Objectives

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.

• 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

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.

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.

• 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

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.

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.

THANK YOU