How Does a Forex Card Work?

Soon, the wrath of COVID-19 will reduce, and many of us will be able to travel to all international destinations. When we do, carrying funds abroad may be a noteworthy consideration, for which a forex card is the most reliable solution.

Gone are the days when carrying bundles of cash or traveller’s cheques was the norm. Thanks to technology, a forex card is all you need to make payments on an international trip.

What Is a Forex Card?

A forex card allows you to load a specific amount of money in any foreign currency. Once you begin your international travels, this card works like an international debit card. You can swipe it at PoS for shopping, use it to buy things online or withdraw cash from ATM.

Types of Forex Cards

The two most common types of forex cards are:

Multi-Currency – After recharging, you can use this card to make payments in multiple currencies. IndusInd Bank offers Indus Multicurrency Forex Card in 14 currencies- ranging from the usual Great Britain Pound (GBP), United States Dollar (USD) to Thai Baht (THB) and Japanese Yen (JPY).   

Single Currency – If you are travelling to a single country, you can get a forex card that allows you to pay in only one currency. 

How Does a Forex Card Work?

Think of a forex card as nothing more than a debit card crafted purely for international travels. Therefore, it works seamlessly whenever you swipe it at an international destination. It is a globally accepted alternative and is far safer than cash. Even if you lose your card or someone steals it, you can quickly inform your bank, and they can block it and issue a new one domestically.

What’s more, these days, you can apply for a forex card online with banks like IndusInd Bank. They have a user-friendly IndusForex, online retail forex portal where you apply for a forex card instantly. The documentation required to apply for this card is minimal, and you can pay the funds via various means electronically to recharge and activate your card on IndusForex.

Once your application process is complete, the bank can courier you the card, or you can pick it up from a branch of your choice. You will receive your card and the pin along with it. Make sure to change the pin as soon as possible by visiting an ATM. Now, you are all set! Every time you make a payment using your foreign exchange card, you will receive an alert or an SMS notification of the transaction.

Why Use a Forex Card?

There are wealth of benefits associated with using a preloaded forex card, when travelling internationally. These include:

Final Thoughts

If you are looking for a multi or single currency reliable forex card, look no further than IndusInd Bank. Its Indus Multicurrency Forex Card is a convenient, safe and cashless way to carry money on your international travels.

This is a sponsored article and provided by the agency. The Telegraph India editorial team played no role in creating this content.

https://www.telegraphindia.com//business/how-does-a-forex-card-work/cid/1817759

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