Yes Bank Forex Card: Benefits, Documents, Eligibility & More

Yes Bank Forex Card
Home » International Money Transfer » Yes Bank Forex Card: Benefits, Documents, Eligibility & More

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.

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:

CategoryFees (INR)
Issuance Fee / Replacement card Fee (in India)125
Replacement card fee (outside India)2,500
Reload Fee100
Refund Fee75
Cross Currency Fee (Mark-up Fee)2.75% of transaction value
Cash Advance / Cash@POS fee/ Cash Disbursement Fee2% of transaction value
Wallet-to-wallet (Currency to currency) transfer1% 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

How can I get a Yes Bank forex card?

You can visit the nearest branch of Yes Bank and submit the Forex card application form. You will get a card kit instantly subject to terms and conditions and the required eligibility criteria. 

How many currencies can be loaded onto a Yes Bank forex card?

You can transact in as many as 16 currencies with your Yes Bank Forex card.

What are the documents required for a Yes Bank Credit Card?

You have to present self-attested copy of your passport, visa or flight ticket, PAN card, photos etc.

What are the charges for withdrawing cash through Forex Card?

Yes Bank may charge up to 2% of the total transaction value for withdrawing cash from the ATM. However, this may differ as charges keep fluctuating.

What if I lost my Forex Card?

In case of loss or theft of Fore card, contact the bank immediately and get the card blocked. The bank will issue a duplicate card for which you need to pay INR 2500.

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 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 Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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