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Forex card: Who is eligible, what paperwork is necessary, and what fees are associated with it

Forex card: Who is eligible, what paperwork is necessary, and what fees are associated with it

Forex card: Who is eligible, what paperwork is necessary, and what fees are associated with it
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By Sanhita Baruah  Nov 23, 2022 12:30:21 PM IST (Published)

Even though a forex card may be used for up to five years after its issuance, any currency added to the card must be used for its intended purpose within 60 days

When going overseas, you'll need foreign currency. Acquiring a forex card is a convenient and risk-free option for achieving this. Because of the funds already on the card, it may be used as a debit card in other countries. The card may be used for purchases and cash withdrawals in foreign currency when abroad.

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For whom are foreign exchange cards available for purchase?
A forex card may only be purchased by a resident of India who complies with Know Your Customer regulations. This does not apply to those who are only visiting India. For applicants less than 18 years old, a parent or legal guardian signature is required to obtain a card.
Needed paperwork
The candidate must complete a foreign currency card application (either online or physically). The following materials must be supplied in addition to the form:
Submission of a photocopy of the applicant's passport with their own signature.
Copies of a visa and the airline ticket, both self-attested, may be required by the granting body.
Fees: Before deciding on a card issuer, it's important to research the fees that will be applied to various card-related acts, such as receiving a new card, adding funds to an existing card, using an ATM, checking a balance, and using the card for other conveniences.
Use of foreign exchange
Even though a forex card may be used for up to five years after its issuance, any currency added to the card must be used for its intended purpose within 60 days. If the funds were not used during the trip abroad, they must be remitted to the bank no later than 180 days after the traveller's return to India.
Essentials to remember
  • One forex card may hold many different currencies.
  • In most cases, the issuing bank or card issuer will also provide travel insurance in addition to the currency card.
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