RBI on June 8, 2023, has allowed banks to issue RuPay Prepaid Forex cards for use at ATMs, PoS machines, and online merchants abroad.
Additionally, RuPay Debit, Credit, and Prepaid Cards will be allowed to be issued in foreign countries and used globally, including in India.
These actions will increase RuPay cards’ accessibility and acceptance throughout the world.
A Forex Card or Travel Card is one of the easiest ways of carrying foreign currency when you are traveling abroad.
Only a KYC-compliant Indian national can purchase a Forex card. Non-resident Indians cannot apply for one.
A card can be issued to minors above 12 years of age after a parent/guardian has signed the application form.
A prepaid Forex card is typically loaded with funds upfront. You can load money online.
Some firms may charge you a nominal fee, while many offer it free of cost.
However, the exchange rate used to buy forex for the card is typically higher than the IBR as it covers the operating costs.
So, you must check the margin the issuer charges for interbank exchange rates (IBR).