Do you know you should remember these things before buying a Forex card in 2022

Carrying money or cash is the primary concern while planning a trip. Since liquid money might be stolen at any time, carrying or taking it is never a good idea. Having a lot of money with you, especially when travelling, cannot be safe. So, most people now use cards like debit or credit cards while travelling. You receive numerous discounts and reward points with these cards. It increases the amount of money you save. Additionally, these cards give you confidence and some peace of mind. 

Unimoni Financial Service Ltd. eases your trip by providing you with the best Travel or Forex card. It allows you to load multiple currencies at a time and use them like any debit card.

What is a prepaid travel card?

A prepaid Forex card or Prepaid Travel Card is a form of plastic money wherein you can load money, allowing you to access money in a foreign currency. It will enable you to carry cards rather than cash. Depending on your needs, add the desired currency or currencies to your single-currency or multi-currency card. An integrated microchip gives you the maximum level of security and the desired level of peace of mind.

A Prepaid Forex Card is loaded with money at the moment of purchase. The card can be loaded with various currencies, including USD, AED, AUD, CAD, CHF, EUR, GBP, JPY, and SGD. When making payments and withdrawals abroad, you can use this card just like any other debit card protected by a pin at any access point. You can effortlessly swipe your card at POS hubs to make purchases in foreign nations, and money will be deducted from your account.

Where to get the Forex Card?

You can get a Forex or travel card from any bank or foreign exchange dealer. You can buy the card without having an account with the bank. Simple requirements include completing the application form with personal information, the quantity of foreign cash, etc., and submitting a self-attested passport photocopy. Confirm the required documents since some may also want a visa copy.

Unimoni Financial Service Ltd. gives the provision of a travel Card. You can load about 9 different currencies on your card. It is simple to arrange for the Forex Card to be reloaded or loaded with currencies. The balance amount can be reloaded anytime online or by an account transfer. 

Things to remember while purchasing forex cards

At times, it isn’t easy to pick the right Forex Card. You have to be aware of many things while buying a Forex Card. First of all, understand the basic requirements of you and your family. Below mentioned are some things to consider before purchasing a travel card:

• The limit: Know your limit of withdrawing. The limit may be daily, which will amount to $ 200- 300.
• The procedure of card activation: Learn how to generate a PIN and the process for activating a card. Recognize how to regenerate the PIN if you forget.
• Customer support: Get the support and customer care number in case you need it. Most operators give a 24 hours customer support.

Remember these things while taking a Forex Card

• Safety: International fraud is a fact. Make sure the card is swiped in front of you. Cloning is the most common threat happening in the case of a Forex card.
• Swiping:Always consider swiping your card at a location where the transaction’s value is in Indian rupees because the card has foreign money. This will incur conversion charges as your card is loaded with foreign currency.
• ATM: You should always select the option credit card as there is no option named Forex or Travel card on the ATM counters. 
• After returning: After returning from your trip, encash it as holding a large amount of foreign currency on the card is prohibited. The card should not exceed $2000 set by RBI.

Insurance cover for the Forex Card

On these currency cards, various insurance options could be available. Please verify with the card’s issuer whether it offers protection against card misuse or fraud, personal accident insurance, and checked baggage loss coverage. Some cards offer a range of hospital costs, violence, and ATM robberies.  

Essential Tips for Using a Forex Card While Travelling:

A forex card is a quick and secure means of carrying currency while travelling. There are a few things that applicants should be aware of when using a forex card, even though they are safe to use and provide several advantages.

• Don’t forget to check the balance on the foreign currency card after each payment. You must keep track of all card transactions so that there is no confusion over the amount taken out for your costs. 
• If your primary forex card is compromised, lost, or stolen, carry a backup card. In most cases, a new card is always provided in the welcome kit, but in the event the forex.
• Always change your PIN before leaving for a trip from any ATM.
• Check the expiry date of the card before going for a trip.
• Never use a Forex card for reserving a space or paying deposits.
• Always pay with the currency loaded on the card, as sometimes this may not be successful when you pay it in another currency. If it is successful, you may be charged extra.
• Avoid paying at the toll booths with the Forex card while travelling.

Charges to remember while taking a Forex Card

You must be mindful of the numerous fees while using a prepaid forex card, just like with anything else. You are no longer concerned about conversion fees after the card has been loaded with foreign currency. Although there is no price for using the card to swipe at a merchant location, there are fees associated with transactions like balance inquiries. 

Here are a few charges on Forex Card: 

• Cash Withdrawal Charges: Cost at any ATM counter when you swipe the card to withdraw cash.
• Balance Check: Checking or enquiring about balance will be charged
• SMS alert: International SMS alert is another thing you will be charged for.
• Replacement: The card replacement will be charged if stolen or misplaced.
• Cross currency charges: You may be charged cross currency charges if you have loaded a country’s currency and withdrawn it in another currency.

Even while using a Forex card abroad might appear simple, many hidden fees are significant to consider. The costs associated with using Forex cards are not often obvious to the user, and when they add up throughout an international trip, they may be very surprising.

Lost or Damaged card

• You need not worry about the stolen or misplaced card. Without panic, contact your service provider when you have lost your card. Customer service will block your card immediately. The balance amount in the card will be freezed. A nominal charge will be levied for these cases.
• Usually, a replacement card will be provided by the company at the time of purchase in case you lose the card. You can unlock this card and use it when your original card is missing or stolen. 
• Check the balance to see if the funds are secure in the card. 

Epilogue

Travel Card has become an essential part of one’s life. Travelling with liquid cash is, at times, dangerous. People may even lose their life’s when robbed and attacked. Here comes the Travel Card or Forex card, wherein you can load enough money and use it like a debit card.

As the Indian rupee is not commonly used outside India, you should be cautious when carrying foreign currencies. For instance, exercise caution when using your credit card because you will also be assessed a conversion cost in addition to the processing fee. An ATM withdrawal abroad or a money changer in India will cost you much less than changing money at the airport.  

Regardless of your decision, costs may arise, but doing your homework in advance will help keep them in check and prevent your trip from being ruined.