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Enjoy Hassle-free Foreign Trip With Forex Card

Pankaj Das Photo By Pankaj Das on February 03, 2014

The days are gone when people carried cumbersome travellers' cheques when travelling abroad and run after money changers. With the latest advancements in technology, one can benefit from plastic money even while travelling overseas.

Foreign exchange (Forex) solutions have been popular for several years now. These prepaid foreign currency cards make your foreign trip totally hassle-free and convenient. You can load this pre-paid card in India and use it to withdraw money abroad from VISA/ Master / American Express ATMs. Irrespective of the currency, the cash will be in the currency of the country. Further, one can also use these at merchant establishments.

Forex cards over Travellers cheques

With Travellers Cheques, the entire amount on each cheque needs to be encashed in full each time you needed money abroad. Travel Currency Cards on the other hand give you the flexibility to spend as much as you need. Apart from time and effort, you would also save money by getting the most competitive foreign exchange rates.

Major advantages offered by Forex card

  1. Widely acceptable: Forex cards are not just accepted in luxury restaurants or shopping malls, even taxis and local shops accept these
  2. Safe and secure: Forex cards are quite secure as they come with a chip and pin feature to safeguard travellers against any fraud
  3. Reloadable: These are reloadable at anytime and anywhere. People can reload as many times they want within the validity period
  4. Online transactions: The Forex Travel Card can be used for making online purchases and various transactions such as bill payments, booking air tickets, etc.

Amount of exchange available on Forex Card

The amount of load should be done as per the Foreign Exchange Management Act, 1999 and prevailing Reserve Bank of India (RBI) regulations. The Forex prepaid card can be loaded with any amount up to US$ 10, 000 or equivalent in Euros in a year. Further, corporate travellers can load up to US$ 25, 000 for a business trip to any country other than Nepal and Bhutan.

Withdrawing cash from an ATM using Forex card

  1. Check for VISA/ Master / American Express logos at the ATM
  2. Insert the card in the ATM
  3. Enter your Forex card PIN
  4. Select 'Credit Card' option for the type of account
  5. Enter the amount of cash required
  6. Confirm the amount and collect cash

Steps to take to prevent unauthorised usage if the card is stolen

The card comes with zero lost card liability after its loss has being reported. Report the loss of the card immediately by calling up the issuer's customer care centre. The company would block your Forex card from any further usage. Further, travellers are provided with an additional back up/replacement card along with the welcome kit. In case people lose their primary card, they have the option of using the replacement already provided. On request, the replacement can be activated and the balance gets transferred to it.

Retaining the Forex Card after returning to India

According to the RBI regulations, one can retain the Forex prepaid card only if the balance remaining on the card is less than US$ 2000. Else, the amount needs to be refunded within 90 days from the date of arrival.

Buying a Forex card

There are a number of foreign exchange service providers in India, which offer reliable services in a cost-effective manner. Matrix cellular is the leading provider of international Forex cards offering great foreign exchange deals to Indians travelling to a foreign country.

Pankaj Das Photo Pankaj is an Indian who covers the world internet related topics. He writes columns and articles for various websites and internet journals in the domain of International SIM Cards .

Original article published on SooperArticles.com

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