Studying abroad is an exciting adventure, but managing finances can be a source of stress. The Bank of India Forex Card should be your go-to choice for smooth international transactions while you focus on your studies. The card is available in USD with preloading of up to USD 250 at competitive exchange rates.
Continue reading this blog to know more about the features and benefits of the Bank of India Forex Card, making a strong case for why it could be the perfect fit for your study abroad journey.
Table of contents
Overview of Bank of India Forex Card
If you are looking for the cheapest Forex Cards in India from Government Banks, the Bank of India is offering you one of them. The BOI International Travel Card was launched with the motive of helping Indian students interested in overseas education. Like other Forex cards, it can be used to withdraw money from ATMs and VISA merchant outlets across the globe except India, Nepal, and Bhutan. Check some of the major features of the BOI Forex Card:
- The Bank of India International Travel Card is an EMV chip-based card.
- The card is available only for one currency i.e. USD.
- The minimum amount to load the card is USD 250.
- BOI Forex card can be reloaded several times during its validity.
- The BOI international travel card has a dedicated helpline around the clock.
- Once loaded, the funds are valid for at least 5 years or till the expiry date.
Some of the best forex cards for Indian students based on country are listed below-
- Best Forex Cards for Indian Students in Ireland
- Best Forex Cards to use in Australia
- Best Forex Cards to use in Germany
- Best Forex Cards for Indian Students in the UK
How to Apply for a Bank of India Forex Card
The procedure to apply for a Bank of India Forex card is hassle-free, quick, and easy. It is up to you whether you want to apply online or offline mode is more convenient for you. Depending upon your choice, if you are more convenient with the offline mode of application, you just need to visit the nearest branch of the bank with complete documentation. If you are planning to apply online, follow the steps mentioned below.
- Gather all the required documents.
- Obtain the application form from the official website.
- Fill up the application form completely.
- Check out the different cards offered and the limit of loading.
- Choose the card wisely.
- Select the card you want to apply for.
- Submit the application after filling up all the required details.
Also Read: Confused between debit and Forex cards? Check out our blog on Forex Cards Vs International Debit Card
Documents Required for Bank of India Forex Card
There are several documents required for a Bank of India Forex card. Below is the checklist of the required documents.
- Application form.
- Copy of passport (self-attested).
- Copy of visa (visas if the trip involves multiple countries).
- Airline ticket copy.
- PAN card.
Bank of India Forex Card Charges
There are various kinds of fees and charges associated with the Bank of India international Forex card. The basic charges levied on the Forex card are under.
- The initial fees are required at the time of application.
- The renewal or reloading fees are required at the time of reloading.
- Encashment charges are charged at the time of encashment from the card.
- The ATM transaction fee is charged at the time of withdrawal from the ATM.
Also, check out the table below for a clear and concise description of the fees and charges associated with the Bank of India international travel card.
| Issuance Fee | 1% of the loading amount |
| Reloading Fee | 2 USD |
| Replacement Fee | 2 USD |
| Cash Withdrawl | 1.5 USD |
| Balance Enquiry | 0.55 USD |
Also Read: Looking for a Forex Card from a private bank? Check out this blog on Yes Bank Forex Card
FAQs
Indeed, Forex cards can be used to withdraw money from ATMs.
The limit of a Forex card actually depends on the issuer and the type of card selected.
The insurance coverage is provided by a few banks. Most of the banks provide insurance coverage with Forex cards.
Forex card is a more convenient and affordable option while studying abroad. There are several banks that offer Forex cards for students at a nominal price.
The transaction fee actually varied as per the bank and its policies.
Hope you liked our blog on the Bank of India Forex card. To know more about forex cards, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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