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Forex Card Will Be A Thing Of The Past And Here’s Why | forex card

If you are just starting out in the Forex market as an investor or trader, it would be prudent for you to get yourself a Forex card. A Forex credit card helps you in trading through online banks, currency institutions, brokers and third-party money lending agencies such as credit unions. A Forex card allows you to trade in the Forex market without physical presence at the trading floor.

There are various Forex cards available. These cards are issued by private banks and financial institutions like banks, credit unions and currency trading companies like banks, brokers and third-party money lending agencies. To apply for a private Forex card, you have to submit an Application-cum Declaration form with a copy of proof of income, residence and identity. You must also remit a fixed amount in Indian rupees (approximately equivalent to the amount you wish in foreign exchange) to the issuing bank. Once the transaction has been done, your account is activated.

Private banks usually issue their own customized version of the standard forex card. These cards are linked to specific banks and the users can only use the specific currency at that specific bank. You can use the card for domestic transactions and also for overseas transactions. Some of these cards provide Forex services like direct online trading of currencies. You can use your debit or credit card to make payments.

Preloaded foreign currency debit cards are available from many leading banks and money lending agencies. A prepaid travel card may be loaded with one hundred and twenty-four currencies including major currencies such as the US dollar, the Euro, the Japanese yen and the British pound. The maximum amount allowed in a single transaction is two thousand eight hundred and forty pounds.

Another type of forex card that is widely used is the local currency ATM card. This card allows you to make purchases in local currency at specified retailers in countries such as the UK, Canada, Australia and New Zealand. There is no foreign exchange service charge on these cards. You just need to plug in the card information at the local ATM and make purchases.

These types of cards are useful if you are traveling or going to multiple places. Preloaded cards have less restrictions on transactions. They are widely accepted by most merchants like regular debit cards. The fees for these cards are also very low compared to regular debit cards. Many more cards offer a reload facility to make currency transactions easy. The user may reload the card with new funds by simply presenting the card and presenting the appropriate PIN.

Travelers also get many benefits by using international ATM cards. International ATM cards allow you to withdraw money from ATM machines located abroad. The withdrawal saves a lot of time and money because it does not require you to go to an exchange rate office and wait for your change to appear in your account. Most of these cards are reloadable and have a fixed rate of exchange. If you exchange at the normal rate, then the forex card is equivalent to a domestic debit card.

Card manufacturers have begun to introduce pre-paid cards to provide convenience to travellers. Many travel websites offer these pre-paid cards along with their deals. These pre-paid cards can be used anywhere in the world, as they are compatible with most foreign currencies. Most of the foreign ATMs accept these pre-paid cards, so you don't have to go through any hassle of bringing money or anything. The foreign currency conversion rate at the time of purchase is displayed clearly on the screen.


What is Forex Card, Types of Forex Card and Best Uses – forex card | forex card

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