A forex card is a debit card used in foreign travel.
If you are planning to travel abroad, it is smart to carry a debit or credit card with you instead of only cash. Some credit and debit cards can not be used internationally. The main purpose of a forex card is for international travel.
Function
The forex card is a pre-paid debit card designed for foreign travelers and is a secure way to carry currency around wherever you go. You can load any amount of money onto the Forex card. It is accepted wherever Visa and Master are accepted worldwide, and it is reloadable at any time.
Features
With a forex card you can use a card add-on, which allows the money to be transferred to another card in case of loss or theft. You can also bank online. When you purchase your card, you pay the exchange rate in advance so you are not affected by currency exchange fluctuations.
Considerations
When first loading your forex card, you have to provide a copy of your passport, a check for the amount that you wish to be activated onto your card, an A2 form and a PAN card or Form 60. Before leaving for your trip, you should sign a form with your bank stating you are allowing one chosen person to reload your card if needed. This will help when you are traveling and cannot reach a bank. There is a fee for checking your balance at ATMs but you can check online for free.
