Solution to Your Foreign Exchange Woes
Travelling abroad for business or pleasure has become very common nowadays. With lower international airfares and increase in standard of living, more and more Indians are travelling abroad regularly.
However, one cannot always estimate the accurate budget for their travel needs. Also, it is very cumbersome and impractical to carry a huge amount of cash while travelling abroad. Usually, Indian travellers used to carry their money in the form of travellers’ cheques, debit and credit cards or plain cash. Hence, in the case of any unforeseen expense like a medical emergency or some other reason, your finances will go haywire and your trip will suffer. The best way to avert such a situation is to acquire a Forex Card prior to your travel plans.
Features of a Forex Card
In such times, when the currency is highly volatile, it makes sense to use an International Forex Card while travelling abroad. A Forex Card for Travellers, allows you to load it with the currency of your choice and use it to swipe when you travel overseas. The main advantage is that the card’s exchange rate is locked on the day of purchase.
RBI regulations on foreign exchange
For private visits abroad, other than to Nepal and Bhutan, any resident of India can obtain foreign exchange up to an aggregate amount of US$ 10,000, from an authorised dealer, in any one financial year, on self-declaration basis, irrespective of the number of visits undertaken during the year. An authorised dealer is normally a bank specifically authorised by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities.
Here, availing an International Forex Card negates the need to take a bulk sum of money along with while travelling. The traveller can access the card account online and load the card whenever he desires and the need arises. In addition, it also saves the additional hassle of searching for suitable agents who can encash your travellers’ cheque if you are carrying any.
Forex Card providers in India
India has a number of providers such as banks, foreign exchange firms and even retail agencies who provide Forex Card for Travellers. One of the most prominent among them is Matrix Cellular who provide great deals to people travelling abroad in the form of currencies from nine different countries.
However, one cannot always estimate the accurate budget for their travel needs. Also, it is very cumbersome and impractical to carry a huge amount of cash while travelling abroad. Usually, Indian travellers used to carry their money in the form of travellers’ cheques, debit and credit cards or plain cash. Hence, in the case of any unforeseen expense like a medical emergency or some other reason, your finances will go haywire and your trip will suffer. The best way to avert such a situation is to acquire a Forex Card prior to your travel plans.
Features of a Forex Card
- A Forex Card is like a backup plan for travellers which allows them to load funds in foreign currency in advance, to make payments when they are abroad.
- The transaction amount is debited from the balance in the card without any transaction charges.
- The card can be used to withdraw local currency from ATMs across the world.
- The card can be reloaded as the money is spent. Any unutilised balance can be reused for subsequent travel or refunded in Indian rupees.
- These cards are security encrypted with a code to secure all vital information. Also upon losing this card, one have to simply call the customer service helpline and request for a new card and it shall be promptly delivered after blocking the previously lost card.
In such times, when the currency is highly volatile, it makes sense to use an International Forex Card while travelling abroad. A Forex Card for Travellers, allows you to load it with the currency of your choice and use it to swipe when you travel overseas. The main advantage is that the card’s exchange rate is locked on the day of purchase.
RBI regulations on foreign exchange
For private visits abroad, other than to Nepal and Bhutan, any resident of India can obtain foreign exchange up to an aggregate amount of US$ 10,000, from an authorised dealer, in any one financial year, on self-declaration basis, irrespective of the number of visits undertaken during the year. An authorised dealer is normally a bank specifically authorised by the Reserve Bank under Section 10(1) of FEMA, 1999, to deal in foreign exchange or foreign securities.
Here, availing an International Forex Card negates the need to take a bulk sum of money along with while travelling. The traveller can access the card account online and load the card whenever he desires and the need arises. In addition, it also saves the additional hassle of searching for suitable agents who can encash your travellers’ cheque if you are carrying any.
Forex Card providers in India
India has a number of providers such as banks, foreign exchange firms and even retail agencies who provide Forex Card for Travellers. One of the most prominent among them is Matrix Cellular who provide great deals to people travelling abroad in the form of currencies from nine different countries.
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