Frequently Aksed Question (FAQs) on Forex Card (2024)

FAQs

What are the disadvantages of forex card? ›

Explore the drawbacks of using forex cards, including hidden fees, limited acceptance, exchange rate fluctuations, and potential loss or theft risks, to make informed decisions for your international travels. Forex cards, a popular choice among international travellers, are lauded for their convenience and security.

Yes, you can reload your Forex Card via Axis Mobile. Or you may leave a signed copy of the reload form and authorization with your family. Your family member can approach Axis Bank Branch with the Reload form. On submission of the documents and receipt of the payment, the card would be reloaded.

You can use the Forex Card to withdraw cash from any VISA/VISA Plus / Mastercard ATMs overseas. Just insert the card, select Checking/Current Account on the screen, and follow the instructions. Enter your PIN and indicate the amount you want to withdraw in the local currency.

Cross Currency Charges:

For transactions where the transaction currency is different than the currency available on ForexPlus Chip card bank will charge cross currency markup of 3% on such transactions. Exchange rate used will be the VISA/MasterCard wholesale exchange rate prevailing at the time of the transaction.

One of the best features of a Forex Card is the ease with which you can transfer money from your Forex Card to a bank account. Forex Cards usually have a validity of three to five years. You can simply retain leftover funds for your next trip or easily transfer it back to your bank account.

For refund of the residual or unutilised balances you can approach any of the branch of the Bank irrespective of where the card was issued. You need to complete the refund form and submit a copy of your passport along with the form.

Forex cards can be used to pay balances, but there are often issues when payments are attempted. If it is branded with a Visa, Mastercard, Discover, or American Express logo it should be able to be used.

Cash Advance/Cash@POS transactions fee: 0.5% of transaction amount. It is a facility through which ICICI Bank Forex Prepaid Cardholders can withdraw cash by swiping their Card at merchant outlets. Fee for uncapped ATM withdrawals: 1% of withdrawal amount.

How do I unload money from my forex card? ›

A single currency card has limited use, and you will incur higher cross-currency charges if you use it in another currency. A multicurrency card like the HDFC Bank Multicurrency ForexPlus Card for example, can travel with you wherever you go. You can load it with up to 23 currencies and use it across the world.

Forex Cards also offer enhanced security as PIN-protected, significantly reducing the theft risk. Moreover, these cards can be swiftly blocked to prevent unauthorised use in case of loss or theft. Most Forex Card transactions come without transaction fees, making them a cost-effective choice for international spending.

The HDFC Bank Multicurrency ForexPlus card is valid for 5 years from the date of card indenting.

A Forex Card supports a number of popular currencies such as USD, GBP, CAD, EUR, AUD, SGD and more. Eliminates the need to carry a lot of cash when travelling abroad. Can be used at every location where card payments are accepted. Can also be used for withdrawing local currency from foreign ATMs.

Forex Cards also offer enhanced security as PIN-protected, significantly reducing the theft risk. Moreover, these cards can be swiftly blocked to prevent unauthorised use in case of loss or theft. Most Forex Card transactions come without transaction fees, making them a cost-effective choice for international spending.

You typically end up paying a markup fee between 2.5% and 3.5% on transactions executed abroad when using your Debit or Credit Card. However, there is no such fee levied on your Forex Card. Hence, this is a cost-effective financial tool for foreign trips, or even a longer stay such as studying abroad.

Cash Advance/Cash@POS transactions fee: 0.5% of transaction amount. It is a facility through which ICICI Bank Forex Prepaid Cardholders can withdraw cash by swiping their Card at merchant outlets.