It Comes Cheap

Consumer Voice - - Bfsi -

One need not be a bank cus­tomer to buy this card. Any bank cus­tomer of any bank (and non-bank cus­tomers) can walk into any bank, get the pre­scribed form filled in, pay the amount in ru­pees/debit to his ac­count, and ob­tain the card in the for­eign cur­rency in which he/she de­sires.

How­ever, while pre­paid forex cards come in mul­ti­c­ur­ren­cies (more than one for­eign cur­rency), banks can is­sue only one card in a given for­eign cur­rency. This means that one sin­gle card can­not con­tain more than one for­eign cur­rency.

For the pur­pose of this re­port, we will re­fer to pre­de­nom­i­nated cards in US$, which also hap­pens to be the most com­monly ac­cepted de­nom­i­na­tion glob­ally.

Rel­a­tively speak­ing, it does. The cost of pur­chas­ing this card is af­ford­able and payable one-time. The cost of is­su­ing the card is not re­lated to the amount loaded on the card. That said, there are costs charged for ser­vices such as is­sue of du­pli­cate PIN (when PIN num­ber is for­got­ten), re­newal of card/re­place­ment of lost/dam­aged card, reload­ing, ATM withdrawal and ATM bal­ance en­quiry.

Forex cards are rel­a­tively cost-ef­fec­tive also be­cause the ex­change rates get locked in on the day of trans­ac­tion. Con­versely, if you are us­ing a credit card, you will be billed at the ex­change rate pre­vail­ing on the date of trans­ac­tion and charged a cur­rency con­ver­sion rate ac­cord­ingly.

It Is Widely Ac­cepted

Use it in the ATM to with­draw cash (the cur­rency loaded in the card)

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.