A Comprehensive Guide to Bank of India Forex Card

Bank of India Disbursement Process

Planning to Study Abroad? If so, you must be worried about the payment of the expenses while you’re abroad. The Bank of India Forex card is one of the best and preferable choices for international transactions with preloading of up to USD 250. It comes with the advantage of loading it several times during the validity of the Forex card. Choosing one of the best Forex cards for students is quite critical and involves a lot of research. In this blog, we will discuss the Bank of India Forex card which is actually emerging as one of the best Forex cards for students.

Features 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 round the clock.
  • Once loaded, the funds are valid for at least 5 years or till the expiry date.

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.

Fees and Charges Associated

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 Fee1% of the loading amount
Reloading Fee2 USD
Replacement Fee2 USD
Cash Withdrawl1.5 USD
Balance Enquiry0.55 USD

Also Read: Looking for a Forex Card from a private bank? Check out this blog on Yes Bank Forex Card

FAQs

Can I withdraw money from an ATM using a Forex card?

Indeed, Forex cards can be used to withdraw money from ATMs.

What is the limit of a Forex card?

The limit of a Forex card actually depends on the issuer and the type of card selected.

Do banks provide insurance coverage to Forex cards?

The insurance coverage is provided by a few banks. Most of the banks provide insurance coverage with Forex cards.

Which card is better for the transaction purpose, a debit card or a Forex card?

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.

How transaction fee is charged on a Forex card?

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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About Farina Khan

Farina Khan is a journalist by profession and a writer by passion. She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.

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