Forex card for international travel: Who can apply, documents required, charges

Foreign exchange is required while travelling abroad. One of the safest and easiest way of doing this is by obtaining a forex card.

This is a preloaded card and can be used like a debit card while travelling abroad. A traveller can make payments using this card or can withdraw cash (foreign currency), if required.

Who can buy a forex card

Only a KYC-compliant Indian national can purchase a forex card. Non-resident Indians cannot apply for one. A card can be issued to minors above 12 years of age after a parent/guardian has signed the application form.

Documents required

The applicant needs to fill up a forex card application form (either online or physical form). Along with the form, the following documents need to be submitted:

Self-attested copy of applicant’s passport.

The issuing authority may also ask for self-attested copies of the visa and confirmed ticket.

Charges

Before finalising a card issuing company or bank, one should check the charges levied on transactions made on the card regarding issuance of card, loading or topping up currency, withdrawal from ATM, balance enquiries, convenience charges, etc.

Utilisation of forex

While a forex card usually has a validity of fi ve years from the date of issue, the forex loaded on the card has to be utilised for the purpose it was obtained within 60 days of adding to the card. If the money has not been utilised during the foreign visit, it needs to be returned to the bank within 180 days from the date of arrival in India.

Points to note

Multiple currencies can be loaded on a single forex card.

Card issuing company/bank usually offers travel insurance coverage along with the forex card.