Multi-currency forex card: Benefits, eligibility criteria, and documents required

Getting a multi-currency forex card is the best way to manage your money on your travels abroad. You can load it with the foreign currencies of your choice and make all kinds of bookings and payments without worrying about currency conversion charges. Besides that, you can travel to multiple countries without incurring cross-currency charges or getting a new card every time you visit a new country.

The best part about a multi-currency forex card is that you can avail yourself of affordable forex exchange rates while loading it. It offers a safe, easy, and cost-effective way to carry foreign currency abroad. It is accepted widely and protects you against foreign exchange rate fluctuations.

Here are the top benefits of a multi-currency forex card:

• Unbeatable foreign exchange rates

A multi-currency forex card enables you to avail yourself of the best exchange rates while loading it with the foreign currencies of your choice. The foreign exchange rates are determined based on live market data, ensuring attractive forex exchange rates.

• Locked-in forex exchange rates

The forex exchange rates are locked in while loading your forex card with the foreign currencies of your choice. It means the value of the currency remains unchanged throughout your journey. It offers immunity to the fluctuation of foreign currency value in the market. For instance, loading your forex card with 1000 USD, is similar to having USD 1000 in your pocket which is unaffected by exchange rate fluctuations.

• Safety and security

A multi-currency forex card is safer than carrying cash. It comes with a chip and PIN technology that ensures the protection of your transaction abroad. Also, if you lose your forex card, you can easily block your card by informing your bank.

• Carry multiple foreign currencies

Another benefit of a multi-currency forex card is that you can load it with multiple foreign currencies at once, allowing you to travel the world without worrying about cross-currency or currency conversion charges.

• Obscene additional charges

The best part about a multi-currency forex card is that there are no additional charges involved when swiping it at PoS terminals. Unlike your credit card, you can use your forex card to make all kinds of purchase transactions without paying foreign transaction fees or currency conversion charges.

• Forex cards are accepted widely

You can use your forex card to pay for almost anything on your travels abroad. For instance, you can make international bookings and payments for hotels, restaurants, clubs, cinemas, stores, airlines, etc. at very little charge. You can also use it to withdraw cash from any visa-enabled ATM at a flat withdrawal fee.

Documents to get a multi-currency forex card

To buy a multi-currency forex card, you will need to submit the following documents:

• A copy of your passport
• A copy of your visa
• A copy of your air ticket
• A copy of your PAN Card or form 16 if you are loading more than Rs. 50,000/-
• A copy of your Aadhaar Card is needed if your address is different from the one mentioned in your passport.

Eligibility criteria to get a multi-currency forex card

• You must be an Indian citizen traveling abroad, or
• You must be an employee of a corporate traveling abroad for business purposes, or
• You must be a parent or sponsor of a student traveling abroad for higher studies, or
• You must be an ex-pat residing in India.

All ex-pats and corporate employees are subject to KYC norms. Also, parents or sponsors accompanying students can get a multi-currency card in the name of the student.

Your multi-currency forex card comes with embedded chip technology which is more secure than magnetic strip technology. It stores your sensitive information in an encrypted format, eliminating any chances of security lapse.