Forex Cards are your magic wand while you are traveling. Everything will be yours with just a swipe, no need to worry about the high foreign exchange markup fee and any other interest rates to kick in.
Forex card is a type of Prepaid Travel Card that you can load with foreign currency and use while traveling. The best part would be that some cards can store not one but multiple currencies at one go as there are two variants of Forex Card which are single currency cards and multicurrency forex cards. The Forex Card is very efficient while traveling abroad or if you are planning on going to different countries together.
These cards become beneficial in uncertain conditions when you do not have any cash or ATMs nearby. These types of cards will also help you remain secure during all of your transactions. Forex Cards need not be activated like other cards to make international transactions. Forex Credit Cards are just like Debit Cards but with Forex Cards you transact within the local currency rather than that of your home currency. In cards with multiple currencies, you can shuffle the funds from one currency to another whenever you need it.
A Forex Card is also the most convenient and cheapest way of carrying and paying in foreign currency internationally,
How to Transfer Money from Forex Card?
Forex Cards come with a validity of 4 to 5 years just like any Credit or Debit Card. Once you are done with your traveling or are aware that you are not going to use your Forex Cards for a longer time, you can retrieve the funds left. But before transferring the funds, you will have to check the available balance, as it is important to know how much exactly the leftover money is. It will also ensure that you have sufficient balance to complete the transfer. Follow the steps to successfully transfer money from your Forex card to a bank account –
Step 1: Choose a transfer method
There are several ways through which you can transfer the funds from a Forex Card to a Bank account. Every bank provides different ways of doing the same, but you will have to find the one you would like to use. This can be done by logging in to your Forex Card Account or by directly contacting your bank or issuer either by email or by calling customer service. In both cases, you will find out how many ways are there through which you can transfer the money and secondly, you can choose accordingly. Normally there are three ways in which you can complete the transfer which are as follows –
Online Transfer – A few banks providing Forex Cards allow you to transfer your money from your account to another account online. It can be done by logging in to your Forex Card account and following a few instructions provided and successfully transferring the sum to the other account. You may need your credentials such as your banking details, etc at times.
Bank Transfer – You can directly transfer the funds from your Forex Card to your bank account by providing your details to your Forex Card Issuer. This transfer may take up to 3 to 5 business days to complete and you might also be charged a service fee for the same.
Cash Withdrawal – The easiest of all the options is to go to any ATM and withdraw cash using your Forex Card. The withdrawn amount can then be deposited into the recipient’s account. But for larger funds, this transfer is not the most ideal due to ATM withdrawal limits.
Step 2: Provide the necessary information
To confirm the transfer, you might need to provide in all the necessary information. This information would be necessary for online transfers, For Banking transfers, you will need to provide the recipient’s bank details to the Forex Card issuer. in case you are using cash withdrawal, at the time of deposit, you will need the bank details of the recipient’s account.
Step 3: Confirm the transfer
Once all the necessary information is provided, you will need to confirm the transfers. This may also involve entering your security code and password to verify your identity and the recipient’s bank details. After the confirmation, the money will be deducted from your Forex Card and transferred to the recipient’s account.
Retrieving the left funds is very simple. But once you have retrieved the amount to a normal bank account, you will lose the protection against the fluctuations in Foreign Exchange. This means that the next time you need your Forex Card, you will need to load it with the prevailing rates of foreign exchange.
After traveling and having a Forex Card which is of no use but holds some funds, it is a basic instinct to have your money retrieved to a normal account. While transferring your money from a Forex Card to a bank account is very easy and convenient but it also means that you will need to have a few details regarding the same.
Retrieving your money from Forex to a normal account is easy but irreversible. In case you are a frequent traveler, this is not recommended because you can also end up paying more in exchange fees.