If you have reached the US and are swiping this dollar-denominated forex card, there is no charge as it is a dollar to dollar transaction," said Satheesh Krishnamurthy, senior vice-president, affluent business, Axis Bank. Unlike an international credit or debit card, there is no further cross-currency charge that a bank will levy when you swipe a forex card at a merchant or withdraw cash from an ATM. There is a cross-currency charge, however, if you load the card with one currency but use it in another.
How to Login and Check HDFC Forex Card balance? [Step by Step Guide]
For instance, if you have euros in the card but use it for US dollars. Withdrawing cash from an ATM may also be chargeable. Just like credit or debit cards, forex cards offer the convenience of not carrying cash. But the similarity ends there. When swiping a forex card, you know the exact conversion rate, unlike in other cards where this is dynamic.
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Of course, this can work to your advantage, or disadvantage, but just like cash, it can help you stick to your budget. If someone uses a credit or debit card abroad, whether on a PoS point of sale machine or an ATM, the charges are very heavy," said Chawla. It is up to the user to have a single-currency wallet or multiple currency wallets loaded on a single card.
For instance, a person who needs to travel to the US as well as Europe can have US dollars and euros loaded on a single forex card. Similarly, in the US, the dollar wallet will be debited. You can also use a single-currency wallet in a country with a different currency. The higher the number of currency exchange or cross-currency transactions, the higher the cost to the consumer," Krishnamurthy said.
Lack of security layer: While all debit or credit card transactions in India, including those at merchant outlets, use two-factor authentication, you are not asked to enter your PIN each time you swipe your card in many other countries. So you need to be careful about where you are using your forex card.
While there is an established process to deal with disputes and frauds, it may be time consuming.
In such cases, it takes up to 45 days for an investigation to be undertaken by the network service providers," Krishnamurthy said. The resolution could take a considerable amount of time in some cases. Many cases take months to get resolved," said Menon. It gets more complicated in cases of fraud as most banks demand an FIR to be lodged in the country where the fraud has taken place. What usually happens is that by the time you realise that a fraud has happened, you have most likely moved out of that country. Essel Forex international money transfers review: Send money overseas from India at low rates in 15 currencies.
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Debabrata Deb. Updated Oct 30, Learn more about how we fact check. How does HDFC compare to other money transfer services? INR Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees.
Go to site. INR 4, InstaReM offers simple transfers with a flat 0. Zero-margin rates on some currencies. Go to site More Info. Compare up to 4 providers Clear selection. Sudan Syria Zimbabwe.