It Is Sim­ple

Consumer Voice - - Bfsi -

The pre­paid card comes in many avatars: forex card, global cur­rency card, travel card, for­eign travel card, world travel card, travel eazy card, and in­ter­na­tional travel card. To put it sim­ply, it is a pre­de­nom­i­nated for­eign-cur­rency pre­paid card (used just like an ATM card or a credit card) to be used out­side In­dia, Nepal and Bhutan (pro­hib­ited by For­eign Ex­change Man­age­ment Act, or FEMA), by those who travel/stay abroad and need to use them for pur­poses of us­ing cash, buy­ing goods and ser­vices, or for ho­tel/travel book­ings. The pay­ment is made in In­dian ru­pee while pur­chas­ing it in In­dia, just be­fore in­tend­ing to travel.

Add-on Ben­e­fits

Some banks of­fer an add-on card (fee payable) to fa­cil­i­tate its use by your spouse/ rel­a­tive/friend – some­one who may be trav­el­ling with you. Many banks of­fer card li­a­bil­ity in­sur­ance (li­a­bil­ity cover) limits to safe­guard against fraud­u­lent us­age of your card.

If you have pur­chased this card with VISA logo, then you can use it in those ATMs where VISA cards are ac­cepted. Same is the case with a Master Card. Use it for on­line trans­ac­tions Air tick­et­ing Ho­tel ac­com­mo­da­tion Car rentals E-com­merce Use it for mer­chant es­tab­lish­ments (point-of-sale out­lets) Res­tau­rant bills Ho­tel bills Shop bills Duty-free shop­ping The pre­paid forex card works par­tic­u­larly well for the fol­low­ing cat­e­gories of in­di­vid­u­als: Se­nior cit­i­zens who have re­tired from pub­lic life (so banks don’t is­sue a credit card to them) but still need to travel ei­ther for plea­sure or for call­ing on rel­a­tives abroad Stu­dents who need to travel over­seas and stay there for their stud­ies abroad (they also are not el­i­gi­ble for a credit card) Those in the young age bracket – their credit score is less than the pre­scribed norms (due to neg­a­tive credit score) and so their credit-card is­sue is on hold

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