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Forex cards are prepaid cards, which can be used to make payments or withdraw cash in a foreign currency. You can use this card just like your debit card without linking it directly to your bank account. Forex cards also charge either zero or minimal transaction fees.
As per RBI regulations, cash payment is permitted only if the total sale amount is below ₹50,000 for a single journey. If the amount equals or exceeds ₹50,000 (whether in a single drawl or multiple drawls for the same trip), cash is not allowed. In such cases, you must use other approved payment methods such as crossed cheque, electronic funds transfer, banker’s cheque, pay order, demand draft, or eligible debit/credit/prepaid cards under compliance norms.
As per FEMA regulations, Borderless Prepaid Cards and One Currency cards cannot be used in India, Nepal and Bhutan. You cannot use it for online purchases where the website is registered in any of these 3 countries.
Yes, some of the best forex cards offer convenient and secure options for international travel. You don’t have to carry physical foreign currency with a forex card. It can also hold multiple currencies at the same time.
No, forex card is not free of cost. Some best forex cards like Thomas Cook’s multi-currency forex card comes with no issuance or reload fees but with minimum associated fees.
Yes. A valid passport (and often visa and travel ticket) is mandatory to apply for a forex/travel card.
Yes. You can withdraw cash from a forex card in local currency abroad. Insert the card and select “checking/current” and follow the ATM instructions.
A travel card is also called a forex card. It is a prepaid, multi-currency card for international spending and ATM withdrawals. The travel card offers fixed exchange rates, chip-based security, and no dynamic currency conversion.
You can apply via Thomas Cook’s website or app to get your international travel card, submit relevant documents like valid passport, PAN, and travel itinerary. Your forex (travel) card will be issued in no time for loading and use.
You get better exchange rates depending on the prevailing market rates and conditions. Prepaid forex cards let you load the funds in advance, allowing you to lock your conversion rate.
Yes, a prepaid forex card has a validity period. Thomas Cook’s Borderless Prepaid Travel Card is valid for 5 years.
There are no annual maintenance charges for Thomas Cook’s prepaid cards.
You can use the same prepaid card depending on your currency needs. For instance, if your 2nd trip entails using dollars in the foreign country then you can reuse your One Currency Card. However, if you need to carry any other currency, you may have to purchase Borderless Prepaid Card, in case you don’t have it already.
You can either visit any Thomas Cook branch or place an order online. Just select ‘Buy Forex Online’, choose your desired currency and amount. Enter all your details and choose delivery options. Make the payment and you are good to go!
You will require the following documents to buy Forex cards from Thomas Cook Valid Passport Airline Ticket or Visa Basic Travel Quota Form (BTQF) Residence Permit LERMS letter in case of business travel
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Traveling Abroad? A Multicurrency Forex Card Is a Smart Way to Carry Money
But here’s the truth - zero markup doesn’t always mean ZERO extra cost. Dynamic currency conversion is actually more like a hidden cost!
Before you pack your bags, there’s one decision that could make or break your travel budget: Forex Card vs Credit Card
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