web analytics

Indians Traveling Abroad Could Benefit Using An Online FX Card

India has over 1.3 billion people and a growing number of Indians continue to travel overseas on a regular basis. Countries from around the world have relaxed visa norms to welcome Indians who are known for travelling in groups of 2 or more.

The most common methods that Indians use to obtain foreign currency for their overseas travels is by going to a local money changer or relying on one of the banks to convert their rupees into the foreign currency they are required to carry.

The problem with this traditional forex transaction is that money changers end up charging customers around 3.5 percent in currency conversion charges while banks tend to take a lower charge of 2.5 percent. So if an Indian decided to exchange 65,000 rupees (USD:INR – $1:65) to purchase the USD, they would end up paying the money change or bank a charge of anywhere between 2,275 to 1,625 rupees.

This is quite a hefty sum in transaction fees but Indians have been forced to follow this method as there have not been other reliable alternatives. The only other option was for Indians to try and use their debit/credit cards overseas but they often faced problems over their fact that their card transactions were declined as they failed to inform the bank of their overseas travel.


Online Forex Cards Are A Better Alternative

The better option is for Indians to purchase an online forex card that allows them to top up their forex card. There are a number of reliable online forex card websites out there such as bookmyforex.com, buyforexonline.com and fkkart.com which allows Indians to select the foreign currency that you are going to purchase and then make the top up in INR.

Banks also issue a forex card but the difference is that their charges are a lot higher. Buying a forex card from a bank will require issuance charges of INR 200 to 600, top-up charges of INR 100 to 200 and transaction fee charges between INR 200 to 400. Online forex card websites waive all of these charges and the only service charge levied is GST – which is mandatory.

These forex cards can be ordered online and they will be directly delivered to your doorstep. Some online forex websites deliver these forex cards for free while others take a minimum charge of INR 100.

Related Articles

The Euro Declines As ECB Triggers Stimulus Speculation

After hitting a high of 1.1375 in the second week of February, 2016, the Euro continues to weaken against the

Goldman Sachs Defends Its Purchase Of Venezuelan Bonds

Goldman Sachs has strongly defended its decision to buy bonds issued by Venezuela’s state oil company in 2014 after being

Deutsche Bank Shifts Half Of Its Euro Clearing To Frankfurt

With Brexit on the horizon, the many banking firms that require direct access to the European Union are moving from