People who frequently travel abroad need to have a smart way to manage their finances. In this context, a Multi Currency Forex Card can make things easier for you. Major banks in India, such as ICICI Bank, offer these cards, allowing you to load up to 15 international currencies onto a single card without any extra charges. What other benefits does it offer? Read the blog below to discover how a Multi Currency Forex Card can be your smart financial companion while travelling abroad.
What is a Multi Currency Forex Card?
Major banks like ICICI Bank offer Multi Currency Forex Cards, which help you to manage your finances easily when traveling overseas. The card offers the feature to load 15 foreign currencies so that you can travel with ease to multiple countries without paying extra charges every time. It also eliminates the need to carry physical cash and eases the process of withdrawing money from ATMs in other countries, making your financial transactions in foreign countries easier.
Manage Your Trip Finances Smartly with a Multicurrency Forex Card
Check these major benefits that you get with a Multi Currency Forex Card:
- Enjoy 15 Currencies in a Single Card
The primary benefit of using this card is that it offers the ease of loading 15 currencies from multiple countries. This eliminates the hassle of carrying and managing different currencies or multiple cards, making it ideal for international travel. You can also be assured to easily swap currencies without worrying about conversion costs.
- Lost Card/Counter Card Liability Coverage
You can travel with peace of mind, thanks to the Forex Card’s ₹ 5,00,000 lost card liability coverage. This coverage safeguards your money from unauthorized transactions if your card is lost or stolen. To continue easily spending your money, ask for a new or a counter card.
- Ease of Usage
With a Multi Currency Forex Card, users get the convenience of carrying multiple currencies on a single card effortlessly while traveling across different continents. You can top up currencies such as USD, EUR, GBP, JPY and others on the card which can be very useful for business professionals and vacationers exploring multiple countries during their journey.
- No Charges for Currency Conversion
When using Multi Currency Forex Cards, it makes sure you stay away from high currency conversion fees that often come with using Credit or Debit Cards. Generally charged during each purchase made overseas, Forex cards do away with these fees since you preload them with foreign currency before starting your journey. This not only assists in cutting costs on every transaction made abroad but also lowers the total expenses incurred during your trip.
- Fixed Exchange Rates
You have the benefit of securing fixed exchange rates at the moment of Multi Forex Card loading to shield yourself from currency fluctuations during periods of economic instability when rates can unexpectedly increase.
- Completely Safe and Secure to Use
When you’re traveling internationally it’s safer to use a Multi Currency Forex Card for carrying cash. Losing cash can be a headache while you are abroad. If your Forex card goes missing, you can quickly block it and request a new one. These cards have security measures like PIN based systems and two factor authentication, making them more secure.
- Global ATM Network
With a Multi-Currency Forex Card, withdraw local currency from ATMs worldwide. Enjoy easy access to cash while traveling without carrying large sums, reducing theft risks. Stay prepared with instant withdrawals anytime, anywhere.
Steps to Apply For a Multi Currency Forex Card
When you are an existing customer
- Through Net Banking
- Log in to your Internet Banking portal using your user ID and password.
- Go to the “Cards and Loans” section and select “Forex and Travel Cards” from the menu.
- Check various Forex Card options, select a card that you find suitable as per your financial needs, and apply online.
- Complete the application by uploading the necessary documents like a passport, a PAN card, and travel details.
- Through the Mobile Banking App
- Log in to your mobile banking account using your credentials
- Go to the “Cards / Forex / Paylater” section
- Select “Forex Prepaid Cards” and click “Apply Now”
- Check the listed Forex Cards and select the card suitable for your requirement
- Enter your details, accept the terms, and authorise the payment.
For New Users
- Visit the ICICI Bank Website: Go to the Multi Currency Forex Card section on the official ICICI Bank website.
- Select Your Card: Browse through the Forex card options and click on the one you prefer.
- Click on Apply Now: Start the application process by clicking the “Apply Now” button.
- Enter the Mobile Number for OTP: Provide your mobile number and verify it using the OTP sent to your phone.
- Fill in Your Details: Complete the application form by entering:
- Personal details (name, PAN Card details, D.O.B, and other contact information)
- Travel purpose and duration
- Passport and PAN card information
- Complete Video KYC: A bank representative will get in touch with you to complete the video KYC process.
Conclusion
Now that you know what a Forex card is, you can easily apply for it from banks and get it quickly when travelling. With this card, you can easily manage your funds when going internationally. It saves you money on currency conversion fees while also providing security and convenience.
You can also simplify spending in multiple locations, whether you are travelling for work or a family holiday. It provides financial peace of mind with features like lost card liability coverage, multi-currency wallets, and frozen exchange rates. Get rid of the worry associated with currency exchanges and Credit Card hidden fees. Apply for a Multi Currency Forex Card and make your travels easier than before.
