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In this post, to help you make an easy decision regarding forex cards, here we analyze the 8 best-prepaid forex cards in India for students and travellers in If you are planning to visit multiple countries for your holiday trip, this card will help you carry different foreign currencies together without needing to carry different forex cards. Simply pay for your shopping by waving your card near PoS machines. This makes it secure against the information theft by skimmers who sometimes steal your card details when swiping at ATMs or PoS machines.
Additional Benefits Check out the 7 benefits of a forex card. It is also called DCC Dynamic currency conversion.
Forex cards| Best forex cards in India| Online Account Open
The World Traveller Forex Card is aimed at Indian travellers who undertake frequent international travel. It is offered by Axis Bank in association with Miles and More. Enjoy free membership to the Miles and More programme. Earn miles which can be redeemed later each time you load and spend currency through the forex card. The Card comes with Chip and PIN technology which is more secure than legacy cards using magnetic strips. Thus transactions are fast and secure. Diners Card Main Feature. For every USD 5 or its equivalent amount in other currency spent using your card at merchant outlets, you can earn 2 points.
The Diners car comes along with chip and PIN technology which is an improvement in security over cards using a magnetic strip. Additionally, you can also avail TripAssist feature of Axis Bank. Specially made for students. The forex card acts as an International Student ID Card ISIC thus enabling you to a wide range of student discounts across countries on books, travel, food and accommodation. At the same time, it can be used for payments across other currencies.
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The card has a validity of 5 years and the best part about the forex card is that you get a backup card absolutely free of cost. This backup card can be activated in case of theft or loss of your main forex card with the funds intact. One Currency Card Main Feature.
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We all know how important lounge access is during international trips. We have you absolutely covered for the same. Read more about the terms and conditions to avail your complimentary access. Read more about the terms and conditions to avail your cashback and rewards points.
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While travelling abroad, forex cards are an effective option as they eliminate the lack of transparency on foreign exchange-related charges on a credit and debit card. As a user of a forex card, you are certain about the conversion rate you are spending at. According to Vinay Bagri, co-founder and chief executive officer of NiYo, the NiYo card makes the transactions further cost-efficient for a consumer. In case of a forex card, you first have to purchase a card, then load the foreign currency on it. There is a mark-up that you are charged. While abroad, you spend some part of the money loaded on the card.
Upon return, you again need to go back to your bank to convert the remaining forex into rupees and will be charged a mark-up again. This double charging of mark-up can be a sizeable chunk of money for most users," he said. Even if you get a card completely online, documentation like submitting your passport, visa and tickets for travelling abroad, is required at the time of buying a card as well as at the time of reloading or unloading it, Bagri said.
The NiYo card is more like a rupee-denominated prepaid debit card that you can use abroad unlike a forex card that is denominated in foreign currency. So you can keep the NiYo card completely locked unless you want to use it.
You can also lock only card-not-present transactions, which means that the card cannot be used for online transactions where a PIN is not required. Also, when you use the card abroad, you will be charged the existing exchange rate at the time of transaction; this is also shown and updated live in the app.
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A regular forex card, on the other hand, is loaded at the conversion rate applicable at the time of loading the card. You will then be required to submit your KYC know-your-customer documents in person to a company representative.
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Under KYC for the card, you will also have to submit the details of your passport. Bagri said that as of now there is no cost for a consumer to get the card. So how does the company make money? So for us, MDR itself is good enough and that is how we make money. The MDR goes to the bank and we get a share out of it," he said.