Planning to study abroad and don’t know how to use a Forex card yet? Well, no need to worry anymore. In this blog, we will be taking you through a step-by-step guide to how to use a Forex card.
A Forex card, also known as a travel money card or prepaid Forex card, is a smart choice for handling your money while travelling abroad. It is one of the most convenient ways that allows you to make secure transactions while studying abroad. Here is a step-by-step guide on how to use a Forex card for smooth and secure transactions while studying abroad.
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What is a Forex Card?
A forex card is also known as a travel money card or prepaid forex card which is helpful for students as well as for travellers moving abroad. It is a prepaid card that is loaded with the foreign currency. It is specially designed to make your transactions more smooth and convenient while you are in a foreign country. The best part about these Forex cards is that you can use them just like a debit or credit card at various points of sale, including shops, restaurants, and ATMs. A Forex card can be loaded with several popular currencies such as USD, EUR, CAD, GBP, AED, SGD, and more. Once loaded, the card can then be used just like a Debit Card to pay or withdraw cash.
Why Choose a Forex Card?
Forex cards come with a lot of benefits and conveniences. You should always keep the details about some of the best forex cards for students. If you are planning to travel or study abroad and you don’t have a Forex card yet, you are at the right place. Keep reading further to know why you should have a Forex card while moving abroad.
- A Forex card supports currencies like USD, GBP, CAD, EUR, AUD, SGD and more
- You are not required to carry cash in hand if you have a Forex card.
- If lost or stolen, you can report it and get the balance transferred to a new card.
- You will get competitive exchange rates while using a Forex card.
- A Forex card offers better exchange rates than at airport kiosks or other places.
- Airport currency exchange rates are unfavourable due to higher fees and commissions.
- You can control the amount and can avoid overspending.
- You have full control over the amount you can load in a Forex card.
- It can be used at places where card payments are accepted.
- You can reload the card at your ease.
- You can withdraw foreign currency from local ATMs.
- Make yourself aware of the forex tips for international students.
How to Get a Forex Card?
Now, that you know everything about a Forex card, you must be wondering how to apply or obtain a Forex card. Well, you can get a Forex card from most major banks and financial institutions. Some travel agencies also offer them. You’ll need to provide identification and travel details. You may approach any reputed or renowned bank to obtain a Forex card. Once you have your Forex card, you’ll need to load it with the currency of the country you’re visiting. This can usually be done online or at the bank. For security, you’ll need to set a PIN for your card, which you’ll use for transactions and ATM withdrawals.
Also Read: Do you want to know about the terms associated with the transfer of money in a foreign market? Check this blog on What is Remittance: Types, Modes & Tax Deduction.
How To Use Forex Card: Step-by-Step
Wondering how to use a Forex card? Well, with just a few simple steps you will be able to do transactions at your ease from your Forex card. Here is a stepwise breakdown of how to use a Forex card.
Apply for Your Forex Card
Decide where to get your Forex card from. Most major banks and some travel agencies offer these cards. Visit the bank or travel agency’s website, or go to a branch. Fill out the application form, which will require your details and travel information. You’ll need to provide identification documents, such as a passport and visa. After approval, you’ll receive your Forex card. You will either get it on the spot or it can be delivered to your address depending upon the policies of the provider.
Activate Your Card
Once you receive your Forex card, you need to activate it as soon as possible. Generally, the card provider can activate it and can provide you with the details. But be sure to activate your Forex card before flying.
Set Up Your PIN
When you receive your Forex card, you’ll need to set a Personal Identification Number (PIN). This PIN will be used for transactions and ATM withdrawals. Keep your PIN confidential. Don’t share it with anyone and avoid writing it down where it could be easily found. Also, familiarise yourself with the security features like One Time Password(OTP) for online transactions.
Load Your Card with Currency
The next step in the guide to how to use a Forex card is to load it. Here, you need to plan and decide your budget based on your travel and study plans. You can load your card at the bank, online through your bank’s website or mobile app, or via a branch. The card will be loaded with the currency of the country you are visiting. Also, make yourself aware of the maximum and minimum loading limits and other restrictions. You can load multiple currencies onto the same card if you are travelling to different countries.
Use Your Forex Card for Transactions
Now, you are all set and can use your Forex card for transactions. You may use your Forex card to make payments at shops, restaurants, and other merchants accepting card payments. For online transactions, keep your card details handy and sometimes you may be required to enter OTP as well. At the point of sale (POS) terminal, swipe or insert your card. Enter your PIN when prompted. The amount of your purchase will be deducted from the balance on your card. You can also withdraw cash from a compatible ATM by inserting it into the machine and entering your PIN and withdrawal details.
Monitor Your Forex Card
This is one of the most important steps in using a Forex card. You should be aware of all the details about your Forex card. Keep monitoring your card and also keep track of all the transactions made by the Forex card. This will help you avoid running out of funds and keep track of your spending. Periodically review your transaction history to ensure all charges are correct. Report any discrepancies to your card provider. You can either check your balance online or by contacting the card provider’s customer service.
Reloading Your Card
If you need to reload your card, you can either do so online or through a bank branch, or by contacting your card provider. Check the reload options and procedures provided by your card issuer, including any fees associated with reloading.
How to Use Forex Card: Tips You Should Consider
Here are some important tips you should consider while using your Forex card.
- Note down the customer service contact number for your Forex card issuer.
- In case your card is lost or stolen, report it immediately to protect your funds.
- Be aware of any fees associated with your Forex card.
- Always keep an alternative payment method, such as a credit card.
- Keep receipts from transactions as a record.
- Check the reload options and procedures offered by your card issuer.
Also Read: Studying abroad with an education loan? Check here all about income tax rebate on education loan.
FAQs on How to Use Forex Card
A forex card is a prepaid card loaded with foreign currency. It is designed for use while travelling abroad, allowing you to make purchases and withdraw cash in the local currency of the country you’re visiting.
You can apply for a Forex card through most major banks, financial institutions, or travel agencies. You’ll need to provide personal identification and details of your travel plans. The application can often be completed online or in person.
You can load money onto your Forex card at a bank branch, online via the bank’s website, or through a mobile app.
When you receive your Forex card, you’ll need to set up a Personal Identification Number (PIN) for security. This can usually be done at an ATM or through the card issuer’s online platform.
To use your Forex card abroad, simply swipe or insert it at a point of sale (POS) terminal, like a shop or restaurant. You’ll need to enter your PIN to complete the transaction. You can also use it for online purchases or at ATMs to withdraw cash.
This was all about how to use a Forex card. To know more about education loans, 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.
