We all know how useful a forex card can be for any one of us.Forex cards are ultimate companions for any frequent abroad traveller as they can serve a crisis. But more than that, forex cards are also the best means of serving for other purposes. For many other benefits that you can avail of from a forex card, anyone might be interested in buying a forex card.
The flexibility of forex cards is that the user can utilize the loaded money in any country of the world without having to pay any extra charges. As a result, there is a strict process for depositing forex card balances into bank accounts. Let us read this article further to know more about how you can withdraw money from your bank account using your forex cards.
What steps are required to transfer the forex card balance back to my bank account?
Visit the bank branch or financial institution that issued your foreign exchange card.
- Submit your ID, passport, and bank account number.
- If the FX card remains, transfer the balance of the FX card to your bank account.
- Transfer funds through NEFT by depositing and cancelling a check.
- The bank will now verify your identity and issue a cancellation check to transfer the remaining funds to your bank account via NEFT. Please transfer the amount after confirmation.
If you haven’t transferred the money back to the native account, you can withdraw the deposited money in your forex card too.
How can I withdraw money from the forex card?
You can easily withdraw money from your forex card. To withdraw money from your travel card, insert the forex card into an ATM in another country and follow the instructions. It’s as easy as making a withdrawal using a standard bank card.
To withdraw cash from your forex card, you need to know that most debit cards belong to one of two global debit networks:
Visa or Mastercard. Two examples are Cirrus or Maestro (for Mastercard) and Electron (for Visa).
There are many small logos on the back of bank cards. Look for an ATM with a logo that matches one of the logos. The main drawback of using Plus, Cirrus or any other foreign debit network is that there are always additional costs.
These were the guidelines for withdrawing money from your bank account using your forex cards. Now let us learn some unheard unique benefits of using a forex card.
Benefits of using a Forex card –
- Exchange rates – Loading currency on your forex card gives you a higher exchange rate than buying foreign currency with cash. This is the cheapest option offered by various banks. In most cases, the difference in exchange rate markup between buying US dollars with a forex card and buying US dollars with Indian rupees is considerably huge. Foreign currency is placed on the foreign exchange card at a fixed exchange rate. Therefore, it is not affected by currency value fluctuations in the foreign exchange market. In case of forex cards, if you load the card with 1000 USD, the value will remain the same regardless of INR-USD exchange rate fluctuations.
- Universally recognized – Unlike outdated traveller’s checks, foreign exchange cards are widely recognized and accepted. When travelling abroad, you can also use foreign exchange cards to withdraw money from nearby ATMs. On the other hand, cashing traveller’s checks can be a hassle. Because you need to identify banks and companies that accept traveller’s checks. Even taxis in certain countries accept foreign exchange cards as a payment method.In fact, foreign exchange cards can be used to make online purchases in other countries, for example through e-commerce platforms. This is possible because it works with the Visa or MasterCard network just like a regular debit or credit card.
- No additional charges or fee – There is no fee for dynamic currency conversion. There are no dynamic currency conversion (DCC) fees when using your FX card abroad as it is already loaded with the foreign local currency. Unlike debit and credit cards, there are no additional charges for using foreign exchange cards at foreign PoS counters. An additional 5-11% of the total transaction fee will be charged.
However, these benefits are not new to anyone, but we still need to understand the unique uses of a forex card. You can use your foreign exchange card to withdraw cash from all VISA/VISA Plus/Mastercard ATMs abroad. Insert your card, select Checking Account/Checking Account on the screen and follow the instructions. Enter your PIN and specify the amount you want to withdraw in local currency. Any cash requested will be paid in your local currency in your country of residence with a small fee of $2.25 per withdrawal.
All overseas ATMs with VISA or VISA Plus symbols or MasterCard accept foreign exchange cards. There are over 2 million Visa ATMs worldwide. MasterCard and Diner’s Card ATMs are also available, depending on the networks supported by the particular card.
How are Forex cards adding convenience in moving abroad?
When you are travelling abroad, you never know when an emergency situation might come up. In such cases, you need a forex card but you also cannot deny the significance of cash. Thus, you must be able to have a facility which provides you all the major benefits of a forex card or an international travel card as well as be able to withdraw cash as and when needed. There are many premium and leading banks that provide such forex cards which can help you withdraw cash from specific ATMs as well.
Usually, these banks and financial services do not incur any additional charges on such withdrawals because they are quite rare, but in some cases, a nominal fee is charged by the banks when a person withdraws money from an ATM using his forex cards.
As easy it is to extract cash using a forex card, it is similarly easy to extract money using an International travel card also. Mostly, there is no difference between a forex card and an international travel card. However, some minor changes may persist in terms of the charges the banks may incur on these specific card types.
But if you want to have an impeccable travel experience using a new generation forex card, Niyo Global travel cards have proved to be a good choice. With the most amazing feature of providing zero forex exchange markup, these travel cards come with the ease of use and activation. One can simply get their forex card activated without having to go through the long processes of account opening, and they can be used well for withdrawing money from ATMs abroad.
Thus, if you are looking for a reliable travel partner, ensure that you have a forex card in your wallet. An emergency might arise in any form in a foreign land. Thus, you need a reliable banking partner that can provide you with a forex card that can assist all your needs abroad and can provide you round-the-clock virtual assistance. Also, you might fall in dire need of cash abroad, so you need a card that lets you extract cash from any ATM you might find in a foreign country.