Yes Bank Forex card is one of the best prepaid travel cards for international students. Forex cards are one of the most important resources for managing expenses while studying abroad. When it comes to international travel, having a reliable and convenient means of managing foreign exchange is essential. Yes Bank is one of the leading private-sector banks in India. Yes Bank offers a range of Forex cards to meet the needs of international students. In this blog, we’ll discuss Yes Bank Forex cards, their types, eligibility criteria, and the advantages they offer.
Table of contents
Yes Bank Forex Card: Major Features
Yes Bank Forex card comes with a lot of benefits for students. The card has the flexibility to pay in 15 currencies. It is a convenient, smart and secure alternative to foreign currency while travelling abroad. You do not have to carry cash and face the hassle of money transfer when you use a Yes Bank Forex card. There is 24-hour customer assistance provided by the bank for Forex card holders. Check some of the major features of Yes Bank Forex card below:
- Any Indian student going abroad for studies or parents/spouse of students studying abroad can get a Forex card from Yes Bank
- It allows multiple currency wallets and the transfer fee for wallet-to-wallet transfer is just 1% of the net transaction value
- If you want to return the Forex Card after use, the bank will charge only INR 75 as the refund fee
Do you want to use a Forex card issued by the largest public sector bank in India? Here’s the required information. Check all about SBI Forex Cards
Benefits of Yes Bank Forex Card
Yes Bank offers a lot of benefits to students who are studying abroad. The transaction fee is quite affordable and the card is accepted at all places including the ATMs. You can loan multiple currencies on the card and transact freely. Check some of the major benefits of Yes Bank prepaid forex card below:
- Security: Forex cards are safer than carrying cash, and Yes Bank’s cards are protected by chip and PIN technology, reducing the risk of theft and fraud.
- Wide Acceptance: Yes Bank Forex cards are widely accepted at millions of ATMs and merchant establishments worldwide, making them a better choice for travellers. You can use the card at all the places that accept Visa Cards as it has a network of over 36 million merchant establishments and 2.4 million ATMs globally.
- Real-time Exchange Rates: The Forex cards offer competitive exchange rates and allow you to lock in the exchange rate at the time of loading the card, protecting you from exchange rate fluctuations.
- Multiple Currencies: With the Multi-Currency Travel Card, you can load and manage multiple currencies which provides flexibility for international travel. The card supports multiple currencies like USD, EUR, GBP, AED, AUD, CAD, SGD, JPY, SAR, THB, CHF, ZAR, NZD, HKD, INR etc.
- 24/7 Customer Support: Yes Bank provides round-the-clock customer support, so you can get assistance with any card-related queries or issues while abroad.
Yes Bank Forex Card Transaction Fee
It’s very important to check the schedule of charges and fees for a Yes Bank Forex card before taking it. You have to pay charges like reload fees, refund fees, cross-currency transaction fees etc. Check the detail of fees in the table below:
| Category | Fees (INR) |
| Issuance Fee / Replacement card Fee (in India) | 125 |
| Replacement card fee (outside India) | 2,500 |
| Reload Fee | 100 |
| Refund Fee | 75 |
| Cross Currency Fee (Mark-up Fee) | 2.75% of transaction value |
| Cash Advance / Cash@POS fee/ Cash Disbursement Fee | 2% of transaction value |
| Wallet-to-wallet (Currency to currency) transfer | 1% of transaction value |
Are you confused between the uses of a credit card and a Forex card? Check this blog on the difference between a Forex card and a credit card.
How to Buy Yes Bank Forex Card?
Buying and reloading a Yes Bank forex card is very easy. You can simply visit your nearest branch and obtain a Forex card by submitting documents. Check the steps mentioned below:
- Visit your nearest Yes Bank branch
- Fill out and submit the multi-currency Forex card application form
- Submit a copy of necessary travel documents & show originals for verification
- Provide the payment instructions using a Debit to Yes Bank Account. You can also use a cheque or a demand Draft
- You will get your Multi-Currency Travel Card Kit instantly and the Card will be loaded within a business day.
Eligibility Criteria
You need to fulfil all the major eligibility criteria while applying for the card. Check the basic criteria and documents below:
- You must be an Indian citizen
- Parents or sponsors of students going abroad can get the Forex card to use in foreign countries
- Foreign residents living in India for work or studies
Documents Required
At the time of application, you have to carry self-attested photocopies of essential documents along with their original for verification purposes
- Passport
- Visa or Flight Ticket
- PAN Card
- Any other document required as per RBI guidelines (if any)
- Passport size photograph
Important Guidelines and Information
Before getting this forex card you must understand all the terms and conditions and the charges properly. Check some of the major information about the card which you need to know:
- Students who are travelling to a foreign country for the sole purpose of Education by taking an education loan will have to pay 0.5% TCS.
- However, if an education loan is not availed TCS will be charged 5% only
- The foreign exchange charges and other transaction fee may change based on market volatility.
- Always check the exchange rates at the time of application as they change every moment.
FAQs
You can obtain a Yes Bank Forex Card by visiting the nearest Yes Bank branch. Complete and submit the Forex card application form along with the required documents, such as your passport, visa, and PAN card. Once processed, you will receive your Forex card kit instantly, provided you meet the eligibility criteria.
Yes Bank Forex Cards support multiple currencies, allowing transactions in up to 16 currencies. This feature is highly convenient for students and travellers visiting multiple countries.
To apply for a Yes Bank Forex Card, you will need a self-attested copy of your passport, visa or flight ticket, PAN card, and a passport-sized photograph. Additional documents may be required as per RBI guidelines.
Yes Bank charges up to 2% of the total transaction value for ATM cash withdrawals using the Forex Card. This fee is subject to change based on the bank’s policy.
In the event of card loss or theft, contact Yes Bank immediately to have the card blocked. Yes Bank can issue a replacement card for a fee of INR 2,500.
Yes, the Yes Bank Forex Card is widely accepted at Visa-supported ATMs and merchants globally, with over 36 million merchant establishments and 2.4 million ATMs in the network.
Benefits include enhanced security with chip and PIN protection, wide acceptance worldwide, the ability to lock exchange rates, and the convenience of managing multiple currencies. Additionally, Yes Bank offers 24/7 customer support for cardholders.
Yes, there is a reload fee of INR 100 for adding funds to the Yes Bank Forex Card.
The exchange rate is locked in at the time of loading the card, protecting against fluctuations. However, it is always recommended to check the rate before each load as rates change frequently.
Students travelling abroad for education may face different TCS (Tax Collected at Source) rates depending on whether they have taken an education loan. With a loan, TCS is 0.5%, but without it, the rate is 5%.
Yes, you can transfer funds between currency wallets for a fee of 1% of the transaction value. This feature allows flexibility if you need to switch between different currencies.
Balance inquiries can be made at ATMs, via online banking, or by contacting Yes Bank’s customer support, available 24/7 for Forex cardholders.
Yes Bank charges an issuance fee of INR 125 within India and INR 2,500 for issuance outside India.
If you wish to return the Forex Card, a refund fee of INR 75 is applicable, allowing you to retrieve any remaining balance at a minimal charge.
Yes, parents or sponsors of students studying abroad are eligible to apply for a Forex Card on behalf of the student, making it easier to manage educational expenses internationally.
Yes Bank’s Forex cards are a valuable travel companion for students who want to study abroad. With their security features, widespread acceptance, and multiple currency options, they cater to a variety of travel needs. Before applying for a Forex card, ensure you meet the eligibility criteria and consult with Yes Bank for the latest information.
To know more about the forex cards, the best international 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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