It Is Simple
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.
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