Contact Us Remove Your Site. Arevalos Created at: Questioner General. Answer By: Unknown. In case you need Once you return to India, you can reload the Forex card before your next Each number of the associated.
Prepaid travel card with no charges vs forex card
This can be especially helpful for those travelling across several currency jurisdictions," he said. However, a foreign exchange service provider who also markets forex cards, said, on the condition of anonymity, that there are some compliance concerns regarding the NiYo Card. Bagri said they take a copy of the passport in order to be able to report to the regulators when required. Moreover, the transactions done abroad via the NiYO card will be reported to the government against your PAN permanent account number , a process followed for debit and credit cards as well, Bagri said.
DCB Bank did not respond to a request for comment.
If there are compliance issues, it would be for the bank and not the customer. We are still not sure if it is a better value proposition, but it is certainly better in terms of convenience," the forex service provider cited above said. As far as convenience is concerned, the card scores over existing forex cards. The feature of monitoring your spends real time through an app as well as instant lock and unlock feature through the app is an important addition for the customer.
MouthShut Score
However, not having a pre-determined exchange rate like in a forex card is a dampener. Since it comes at no extra cost, you can try carrying it while travelling abroad, along with a forex card.
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Product Details
How is it different? Debit card, credit card auto-payment: RBI new rule on recurring payment from April. Know details 2 min read. The prepaid card allows globetrotters to travel cash-light and pay digitally at over 30 million merchant locations across the world, including at grocery stores, retail shops, restaurants, malls and hotels. These transactions can be made in eight different currencies.
Forex travel card - Mumbai Forum
The card will be linked with Matrix Traveler Companion App, enabling customers to enjoy app features such as shopping discounts and travel attractions overseas. Travelers can reload their cards and check their balances on the app. It also provides an INR wallet so that travelers can utilize the card for domestic transactions. To further limit risks, the prepaid card is not attached to any bank account. In case of any emergency, travelers can also withdraw local currency from over 2 million ATMs across destinations.
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As the outbound travel base from India increases year-after-year, we see a huge potential to serve this segment with our innovative products and services. I am certain that the Matrix-Federal Forex card will find an instant affinity among our customers.
The launch of the Matrix-Federal Forex card is a step towards addressing this aspiration.