Calls to this number are not free of charge. Now, planning any trip, especially by the kind of perfectionist I am, and one involving international travel, calls for foolproof planning. Education Loan EMI Calculator. But in prepajd your family is abroad and there's no one back home to do it for you things could get a bit difficult. Designed and Developed By. Additionally some of these cards also offer free personal accident insurance cover, loss of baggage and passport reconstruction insurance cover, a replacement card for use in case of emergencies - consider those factors too.
P lanning a leisure or business trip abroad and wondering how best you can carry funds? Of course there are international debit and credit cards xard the conventional traveller's cheques but then, of late banks have also launched prepaid forex cards that are not just convenient but more cost effective too. These cards are pre-loaded with funds and can be used fore the globe at merchant outlets enabling the user access to money in the regional currency and are available in US dollar, euro and sterling denominated currencies.
You can pick from ICICI Bank Travel Card, HDFC Bank's ForexPlus Card and SBI's Vishwa Yatra foreign travel card to name a few. Armed with these you would be able to withdraw cash if needed in the currency of that country, check your balance or even go shopping across the globe and not worry about the cross currency charges that you would have otherwise prepaid forex card globe on an international credit card.
A globbe advantage of these cards is that exchange rate fluctuations may not affect you. This advantage steps in a regime where the rupee depreciates to the foreign currency. For instance, suppose the rupee has been depreciating against the dollar. So while in one month, a dollar may cost Rs 44, in the corex, it may cost Rs But whether the rupee depreciates or appreciates you would not be paying more. Of course, the difference of a rupee will count when you are making high value purchases such as electronics.
The flipside, in a regime of appreciating rupee, this card will not prove profitable. In case of an international credit card, you are billed at the rate of exchange prevailing on the date when you made the purchase on your card. However, in the case of a prepaid card, you would be prepaid forex card globe at the rate as on the date fogex loaded your card, which would be much earlier than your journey date. Sachin Khandelwal, head credit cards dorex, ICICI Bank, tells Moneycontrol, "Travellers cheques cannot be encashed after merchant hours and not all outlets accept travellers cheques.
Comparatively, prepaid travel cards are safe and convenient. Hotels usually take a pre-authorisation as a security amount when you check. In case you plan to move out before the stipulated four or five days your cqrd could get blocked. Prelaid an official of State Bank of India, "Since it is a good amount of money that could get blocked releasing them can take time for instance at least 15 to 20 days.
Hence it makes better sense not to use these cards for such purposes. All you need to do is walk into rpepaid of the nearest banks, fill in the application formsubmit form A2 or any other forex documentation as mandated under FEMA with a photocopy of your passport and submit the required funds. Once the funds get cleared the bank will get the card activated for use.
But if you run out of balance while you are still abroad, reloading is a difficult task. You cannot reload from abroad. What you could do, instead, is ask your family members back home to fill up the necessary forms for reload of your card. But in case your family is abroad and there's no one back home to do it for you things could get a bit difficult. In such situations you would need to intimate the bank in advance about prepajd same and leave the necessary documentation with your trusted representatives.
In the age of e-banking, sadly, reloading the card cannot be done online either. This is because FEMA rules state that you would need to submit the necessary documents to the bank before you can get the card reloaded. And if you find yourself left with a balance in your card after your return back to India, it's easy to encash.
Fill up the refund form with the bank and the funds prdpaid be credited to you account. So what are the factors you need to consider in case you plan to go for one? Says an SBI bank official, "Find out the network outlets where it foeex be used, the issuing cost, forex introducer broker wallpaper time taken to issue, the charges on ATM cash withdrawal, balance enquiry, reload charges, other benefits such as whether an additional card is being offered, the cost of the same and the additional benefits that come along before you narrow down on one.
The reload charges in case of SBI, ICICI Bank and HDFC are RsRs 55 and Rs respectively. Additionally some of these cards also hlobe free personal accident insurance cover, loss of baggage and passport reconstruction insurance cover, a replacement card for use in case of emergencies - consider those factors too. Adds Khandelwal, "Its a brilliant product to be used at all times, at all places. A smart thing to do would be to use fore card in the country of origin, i.
In case a passenger is travelling to prepaidd UK, a GBP card could also be purchased. This would save him from the cross currency charges, thus making the card very economical to use. Search: The Web India Abroad Text Email this article Prepaid forex card globe emailed links. Print this article Contact the editors Gorex this cad. What do you think about the story? Prepaid forex card globe of User Comments: 2. Sub: Some reality feedback.
DONOT use,repeat DONOT use in HOTELS for PRE-AUTH deposit prepald u check in. Recommend give CASH advance which you can collect back,if no cash,then use CREDIT Sub: Not that good. I have used it for my travel but the rate you will get is always less than prevaling rate. So it is flrex if you
Simply Travel with I&M Bank MasterCard Multicurrency Prepaid Card
Going abroad? Buy prepaid forex These cards are pre-loaded with funds and can be used across the globe at merchant outlets in the case of a prepaid card. All Forex services offered by our clients InstaForex Benecard card, a prepaid bank account and withdraw funds from it at any spot on the globe. If you are looking for a prepaid card to use when travelling visit us today to compare the rates of many different prepaid cards. MoneySuperMarket.