Each one of us who has ever had an opportunity to travel abroad for any purpose can vouch for this – forex cards are much better companions than regular old-school debit or credit cards and cash. There are plenty of benefits associated with getting a forex card for your travel abroad. If you are traveling for a business purpose, it is mandatory to know the forex exchange rates so that you can get the best card at the best rate for yourself. Still, the most peculiar benefit is the ease of transactions and other perks that come along with it. In this article today, we will cover some of the best ways in which you can get a forex card for yourself. We will also cover the terms and conditions that come with a forex card and what are the prerequisites of a forex card. Let’s go.

Prerequisites of a forex card

The biggest challenge facing international students and international travelers is how to transport money safely and easily. Foreign exchange cards are one of the ways that allow travelers to send across multi-currency funds safely. It is a prepaid travel card encrypted with PIN and chip technology. It’s easy to use, and you can make daily payments at a wallet-friendly price. For those who are thinking of studying abroad and want to apply for this card, here is a list of required documents for a foreign exchange card.

  • Passport (Self-attested copy)
  • Visa(s) if the trip involves more than one country 
  • Airline Ticket (Self-attested copy)
  • PAN Card
  • Application Form
  • Insurance (not mandatory)

Some other debatable questions that come to mind are – who can apply for a forex card? Is it necessary to travel abroad to get a forex card? Is it necessary to have a bank account with a partner bank to get a forex card? 

The answer to all these questions will be given in the further sections of the article. 

How to apply for a forex card without a bank account? 

Earlier, when there were limited banking options and the technology wasn’t as advanced as it is today, forex cards were items of great loyalty and privilege. It was available only to privileged customers of the bank who managed and ran the heavy transactions in the bank’s ledger book. 

But now, as people and their income options have expanded and as people have become more technologically advanced, forex cards are not a reserved privilege anymore. 

There are many banks and other fintech services that offer premium forex cards to all customers and non-customers. You do not need to necessarily have a banking relationship with the bank in order to avail yourself of a banking card. 

Moreover, the forex exchange cards have a newer version – International travel cards. With the advent of these travel cards, forex cards and their availability has become easier. 

Anyone can avail of a forex card. You only need to have the correct and legitimate set of documents, as mentioned above. 

An airline ticket and PAN cards are required to support the additional documentation. After this, you just need to fill up an application form, and you are done! 

That’s how simple it is to apply for a forex card. You do not need to wait in queues and have a huge banking relationship with a bank. Instead, you can apply for an instant forex exchange card and get it delivered to your doorstep.

Having said that, the next question that you might think of is whether you are eligible to apply for a forex card. The eligibility criteria are as follows:

  1. Indian citizens traveling abroad and foreigners residing in India can apply for a foreign exchange card.
  2. Non-residents are not eligible to receive foreign exchange cards. 

However, once you are eligible to apply for a forex exchange card, you can easily load cash in that card anytime in the future to use it again. Most forex cards do not expire and can be used over and over again.

How to apply for a forex card?

  • The application must be submitted along with the required documents listed above.
  • After submitting the form, you will have to pay the amount in INR. The amount must match the amount requested in foreign currency.
  • After you have paid the desired amount, you will be required to pay the submission fee.
  • Once the transaction process is complete, your forex card will be activated.

Depending on the card issuer and the type of FX card you are applying for, you may be required to present other documents. This depends on the amount charged to the card and changes in regulations.

Applying for Forex Cards Without a Bank Account

  • International travel cards are like a modified version of the same old forex exchange cards. For this reason, many fintech companies and leading banks have now started offering their customers these travel cards. 
  • With lesser charges and more cash loading and unloading facilities, international travel cards are now ruling the financial sector. 
  • The most premium advantage of an international travel card is that they do not require you to open any bank account of the customer. You can simply link your existing account and load the cash into the digital forex account. 
  • However, one must keep in mind that even the documents are required only once to verify the identity and profession of the person applying for a forex card. Unlike a debit/credit card, this can be issued to anyone for any reason with lesser formalities. 
  • To avail of a forex card, you need to have all the aforementioned documents. One such international travel card is the Niyo Global travel card. Even these cards do not require any banking business or relationship from you. If you are a newcomer to the bank, it’s not a problem!

We already know that it is possible to get a forex card without opening a bank account with a partner bank. But how to make this possible? Here’s what to do – 

  1. Facilitate 100% digital onboarding with the help of a reliable company like Niyo Global. These companies will help you in completing the whole forex card application process online just using a mobile app. 
  2. Download the app and register yourself. Once you are registered with the bank or the fintech services, you can go to the next step.
  3. Complete the KYC procedure using your PAN, Aadhaar, and passport number.
  4. Your account is ready. Virtual cards can be used for online transactions.
  5. Charge max. Up to ₹5,000 to order a physical card.
  6. Physical cards are delivered to your doorstep in a week’s time.

Thus, these are the best methods to apply for a forex card without having to open a bank account. 

The best forex cards 

There are many banks and other financial services that offer travel cards or forex cards. But Niyo Global is one of the best companies that provide international travel cards with simple steps. You do not need to open a bank account with them to apply for a forex card. However, the money that you load into your forex card account will be taken from the savings account that will automatically be created when you apply for a forex card to help you load and unload cash as per your needs. 

Conclusion

Thus, forex cards are the best travel companions for you, and with such easy and simple steps, anyone can easily afford to get a forex exchange card. You can apply for a forex card or an international travel card with any leading banking services or another fintech solution without even opening a bank account with them. So, next time you travel abroad, ensure you have chosen a forex card. 

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