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BookMyForex does not charge anything other than a bank fee of Rs. 225 + GST. Every now and then, the platform rolls out promotional offers and waives off the transfer fees. Foreign banks may apply additional charges to receive the remittance in the beneficiary account.
These charges are generally charged by Intermediary & beneficiary banks and are referred to as Intermediary charges or NOSTRO Charges. The quantum of these charges cannot be determined at the time of sending the remittance and may also vary based on the transaction size. Please do contact our support center for additional details.
Remittances have specific utilization restrictions. You can book your remittances/DD under the following categories:
1. Cash(same-day utilization)
2. TOM (To be utilized next working day from the date of booking)
3. SPOT(To be utilized on 3rd working day from the date of booking)
If a deal is booked under any of the above categories, you need to complete all formalities within this period & preferably before the utilization date. Please note that the utilization date can't be changed once remittance/DD is booked. Any change requested may lead to cancellation.
In general, as a reliable and recognized forex service provider, BookMyForex strives to facilitate a prompt and efficient transfer, which can take time up to 12 to 48 hours.
The following documents are required:
1. Relationship proof with the beneficiary.
2. Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID
3. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
The following documents are required:
1. Only self-declaration is needed if the amount is restricted to USD 5000.
2. Beyond that amount, an LRS application-cum-Declaration Form, Govt. issued valid ID along with photo & address proof may be required. Eg: Passport, Driving License, Voter ID
3. Other Related documents Bank statements for one year / IT returns etc
4. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
5. Banks may also seek other 'mandatory' information
The following documents are required:
1. Related documents and self-declaration for investment in real estate/stock
2. LRS application-cum-Declaration Form
3. Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID
4. Related documents Bank statement for one year / IT returns etc as mentioned above
5. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
6. Banks may also seek other 'mandatory' information
Residents Indians are allowed to remit up to USD 2,50,000 per annum. If an individual remits any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.
Yes, Under the Liberalized Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April to March) for any permissible current or capital account transaction or a combination of both that includes investment in overseas stocks, shares, and property.
Under the Scheme, resident individuals can acquire and hold immovable property or shares, debt instruments, or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain, and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the Scheme.
However, the following items are prohibited under the Scheme:
i) Remittance for any purpose specifically prohibited under Schedule I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counter-party
iii) Remittances for the purchase of FCCBs issued by Indian companies in the overseas secondary market
iv) Remittance for trading in foreign exchange abroad
v) Remittance by a resident individual for setting up a company abroad
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as non-co-operative countries and territories, from time to time
viii) Remittances directly or indirectly to those individuals and entities identified as posing a significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
Rates of certain products such as currency notes are heavily dependent on demand and supply in the local market. Other products such as forex cards, wire transfers, and demand drafts do not have a physical footprint and therefore they are not dependent on demand and supply in the local market.
The demand for foreign currency in India generally exceeds the supply and as a result, foreign currency notes are often available at much worse rates than alternatives such as forex cards. At times these products are not available at all. Apart from this, the rates of different products vary since our channel partners provide us with different rates for different products.
As stipulated by the Government of India, any conversion from one currency to another - sale, encashment & remittance will be charged a GST/SGST on the gross amount of currency exchanged as per the following slabs:
- 0.18% of the gross amount of currency exchanged for an amount up to Rs 100,000, subject to the minimum amount of Rs 45
- Rs 180 and 0.09% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 100,000 and up to Rs 10,00,000
- Rs 990 and 0.018 % of the gross amount of currency exchanged for an amount of rupees exceeding Rs 10,00,000, subject to a maximum of Rs.10,800/-
Orders on www.bookmyforex.com require an advance deposit of 2% of the total order value to freeze the rate for 3 working days. On the last step of order placement, you will be required to make this payment through our secured payment gateway using credit/debit cards or net banking.
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.
Yes, a resident Indian can hold foreign exchange saved from his/her previous trip and use it for subsequent travel. According to the Reserve Bank of India, individuals can hold foreign currency notes or traveler's cheques up to USD 2,000 or equivalent indefinitely for future use. If they possess more foreign exchange beyond this limit, they are required to deposit the unused forex within 180 days after returning to India.
Foreign travel on account of any of the following will be treated as business travel:
1. International business travel sponsored by firms/companies/organizations in India.
2. Participation in International conferences/seminars that are of a scientific, technical, or educational nature.
3. Specialized training/study tours sponsored by institutions or undertaken by professionals like Doctors.
Leisure Travel/ Personal Visit
This scheme covers travel for vacation, meeting family/ friends, etc.
Business Travel
This scheme allows you to buy forex for:
* International business travel sponsored by firms/companies/organizations in India.
* Participation in International conferences/ seminars that are of a scientific, technical, or educational nature.
* Specialized training/study tours sponsored by institutions or undertaken by professionals like Doctors.
Emigration
This scheme allows you to buy/ remit forex for permanent relocation overseas
Education
This scheme allows you to buy/ remit forex for tuition fees, boarding, maintenance expenses, books, etc.
Medical Procedure/ Medical Expenses
This scheme allows you to buy/ remit forex for:
* Resident Indian going abroad for Medical Treatment/Check Up.
* Resident Indian fell sick after proceeding abroad
* Attendant accompanying patient
Maintenance of a Close Relative Abroad
This scheme allows you to buy/ remit forex to support a close relative staying abroad.
Purchase of Real Estate Abroad
This scheme allows you to buy/ remit forex to purchase property abroad
Investment in stocks/ Other foreign investments
This scheme allows you to buy/ remit forex to open a brokerage/ bank account abroad to invest in foreign equities or other financial instruments traded abroad
Send a Gift or Donation
This scheme allows you to buy/ remit forex to send a gift abroad or make a donation to an organization abroad
Personal Transfer to own bank account abroad
This scheme allows you to transfer money from your Indian bank account to a foreign bank account that is in your name
Forex orders, where neither the full payment nor the refundable rate guarantee deposit has been paid, can be canceled without any charge. In case a refundable rate guarantee deposit has been received against a forex order to hold the forex rates, canceling the order would result in the forfeiture of the refundable rate guarantee deposit. In case a Forex order is canceled after the full payment against the same is received, BookMyForex would refund the total amount paid after the cancellation fee amounting to 2% of the order total.
For Travelers proceeding to Iraq or Libya exchange in the form of currency notes may be released up to a limit not exceeding US$ 5,000 or its equivalent per resident individual in a financial year (total USD 2,50,000).
For Travelers proceeding to the Islamic Republic of Iran, the Russian Federation, and other Republics of the Commonwealth of Independent States, the entire exchange (USD 2,50,000) can be released in the form of currency notes.
Travelers proceeding to Pakistan, Bangladesh, or Myanmar by land route are eligible for up to a limit of US$ 2,50,000 or its equivalent per resident individual in a calendar year. For Airline staff, open tickets may be accepted. Proof of Airline staff will be required by the bank
The following are considered to be close relatives:
" An Indian Resident" is defined in Section 2(v) of FEMA, 1999 as:
A person residing in India for more than one hundred and eighty-two days during the preceding financial year but does not include:
1. A person who has gone out of India or who stays outside India, in either case -
* For taking up employment outside India
*For carrying on outside India a business or vocation
*For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
2. A person who has come to or stays in India, in either case, except:
* For taking up employment in India
* For carrying on in India a business or vocation in India
* For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
* Any person or body corporate registered or incorporated in India
* An office, branch, or agency in India owned or controlled by a person resident outside India
* An office, branch, or agency outside India owned or controlled by a person resident in India
"No obligation" means you don't have to pay a single rupee to book the order. However, note that you are also exposing yourself to market fluctuations because, in the case of no-obligation orders, live rates are applied if the rates move more than 0.1% at the time/day of order execution.
BookMyForex offers the option to lock in the live rates you see on the site for up to three working days and place an order at a fixed rate. This feature allows you to secure your order when you believe the rates are favorable.
To fix the rates, you will need to either make a full payment while booking the order itself or provide a Rate Guarantee Deposit of 2% of the order value. The deposit will be refunded to the source account once the order is completed. If the order doesn't get completed due to any reason specified in the Cancellation Policy, the cancellation charges will be deducted from the deposit or the full amount paid, whichever is the minimum value of 2% of the order total. You can place a fixed-rate order 24x7.
For orders valued up to Rs. 50,000 per traveler, you have the option to pay using the below payment methods as well as cash. If the Order total exceeds Rs. 50,000, you are allowed to use one of the following payment methods only:
1. Online Net-banking, UPI, Debit or Credit card (Subject to availability of respective bank, and any additional charges applicable will be displayed while making order payment)
2. NEFT/RTGS/IMPS from own savings account in India (subject to clearance; rates may change in this case)
"Pay on Delivery" means you don't have to make any payments until you have received your Forex products. You can choose the "no-obligation order" option on the BookMyForex.com website to opt for pay-on-delivery.
Your online transaction on BookMyForex.com is processed over a secure HTTPS connection and secured with the highest levels of encryption available. All credit card and debit card payments on BookMyForex.com are processed through a secure and trusted payment gateway and your credit card/ debit card/ net-banking info is never stored on our servers.
Yes, most certainly. Unlike TDS, Tax Collected at Source (TCS) can be adjusted while filing tax returns. Any TCS collected by the service provider will be reflected in Form 26AS. You can view your Form 26AS after logging into the Income Tax portal using your login credentials.
Yes, if you are an individual taxpayer, you can claim TCS and have it adjusted as an advance tax payment. You can also adjust it against your total income tax liability while filing returns. BookMyForex will share an automated TCS certificate with the customers on their registered email ID, so salaried individuals may be able to adjust the Tax Collected at Source (TCS) from TDS deductions. This is however subject to the employer’s perception of genuine TCS paid and if the same can be verified on the income tax portal.
As per RBI guidelines, you are allowed to purchase forex only 60 days before your travel date. You need to provide your trip details to certify that forex is being purchased within 60 days of your travel date.
Upon placing an order on bookmyforex.com or on any of our referral partners, such as tripmoney.com or makemytrip.com, you will receive a confirmation email from BookMyForex on the email address you provided during order placement, informing you that your order is confirmed.
In this email, you will be provided with a "Unique Order Reference Number" along with your order details including the documents you’ll need to submit to complete the order. You can also reach out to our customer support team to get answers to any queries you may have concerning your order.
Here are the applicable charge details for new card orders and purchase/ selling of currency notes
Orders received before 1 p.m. may be delivered on the same business day. For orders received after 1 p.m., we schedule delivery on the next business day in such a scenario.
A forex card, also known as a travel card, is a secure and convenient way to carry foreign currency when traveling abroad. It is a Visa/MasterCard-powered prepaid card that lets you to load one or more foreign currencies and make payments or cash withdrawals in the local currency of your destination at millions of stores and ATMs globally that accept Visa or MasterCard. The card allows you to load foreign currencies at locked-in exchange rates, ensuring the rate is fixed when you load it, unlike credit or debit cards where the exchange rate is calculated on the fly for each transaction.
BookMyForex forex cards also come with zero markup on foreign exchange rates, making it the most cost-effective option for international travelers and students paying overseas.
You can use a forex card at the same places where you can use an international credit or debit card overseas. It is accepted at any location abroad that accepts Visa or Mastercard, including stores, restaurants, hotels, ATMs, and e-commerce websites. So, whether you’re shopping, eating out, or shopping online, your forex card makes it super easy to pay for everything. You can also use it to withdraw cash from ATMs in the local currency of your destination country.
BookMyForex charges nothing (Rs. 0) for issuing new forex cards or for reloading/ unloading a forex card.
Advantages
Disadvantages
Yes, your Multi-Currency Forex Card can be used directly for payments at merchant establishments that accept Visa-enabled cards. Following are the steps for using your Forex Card on a POS terminal:
Yes, your Forex Card is designed to support online/e-commerce transactions. Once your card is loaded and activated with the required amount, you can easily make online purchases using it. When making a payment online, simply select the "Credit card" option as your preferred mode of payment. If prompted for a second-factor authentication, enter your ATM PIN to complete the transaction securely.
All ATMs overseas displaying the Visa symbol will accept your Multi-Currency Forex Card.
Your BookMyForex Forex Card can be loaded with the world’s top 14 major currencies;
The BookMyForex Yes Bank multi-currency forex card also allows you to convert any of the above foreign currencies into Indian Rupees (INR), after which you can also use the card in India!
Download the BookMyForex mobile app and create an account. Place an order online to buy a Forex Card from the app. Fill in the required details, including the foreign currency and the amount you need. Make sure to complete all the necessary steps, including the final payment. After successfully placing your order, your Forex Card will be delivered to the address you provided. For more details, Read our step by step guide to get a forex card
BookMyForex Card is typically delivered the same day for orders placed with full payment and required documents before 1 PM on a working day. For orders placed with full payment and required documents after 1 PM, the card is usually delivered the next working day. The turnaround times mentioned here can vary in case of exceptional circumstances such as bad weather, local holidays, riots, and other disturbances, etc.
As per the Liberalized Remittance Scheme (LRS) guidelines, the maximum amount that you can load on a forex card is USD 2,50,000 (or its equivalent) per financial year. Please note that this limit is the cumulative cap for all forms of foreign exchange transactions that you may make within a financial year. The sum total of all your forex transactions (including foreign currency note purchases, foreign remittances, international credit/ debit card payments and forex card payments) may not exceed USD 2,50,000 per year.
BookMyForex can courier forex cards within 2 days across India. We can also door deliver forex cards on the same working day to 20+ cities across India, including major cities like Delhi, Mumbai, Gurgaon, Bangalore, Chennai, and other locations like Chandigarh, Ahmedabad, Pune, Noida and many more.
To activate your forex card, ensure all required documents are completed and submitted. Once delivered, BookMyForex will load the card with funds and activate it within 6 working hours. You will be notified via email & SMS as soon as your card is loaded.
No action is needed from your side. Just ensure that your documents are in order to ensure a smooth and quick activation process.
With its hassle-free usage and global acceptance, the BookMyForex Forex Card ensures smooth transactions wherever you go. Whether it's for leisure, holidays, personal visits, medical visits, business, or studying abroad, this versatile card simplifies your payments abroad.
Getting a BookMyForex Forex Card is fairly straightforward. The primary eligibility criteria is that you must be an Indian resident. There's no account opening required; you can apply online 24/7, and the process requires minimal documentation upload.
The essential documents needed to purchase foreign currency are as follows:
No additional documentation is necessary for those traveling for leisure or medical purposes. However, for other travel purposes, extra documents are needed:
In some situations, further documentation might be necessary. To view the complete list of required documents, please initiate an order on BookMyForex and answer all relevant questions to determine if additional documentation is needed.
The following documents are required:
In the case of private Ltd. or Ltd. Companies:
In the case of partnership firms:
In the case of proprietorship firms:
TRAVEL SPECIFIC DOCUMENTS:-
At the time of new travel:
At the time of the same travel (valid for card reloads only):
LERMS letter printed on letterhead signed by Authorized Signatory but not by the traveler (format would be provided by channel partner at the time of transaction)
Funds must be received only from the company's account. In the absence of company details, evidence such as a bank statement may be required.
In the case of the BookMyForex co-branded card:
The card issuing bank (Yes Bank) will conduct Site Verification reporting (SVR) while onboarding any corporate customer and issuing the first card, which may take 3-4 working days after receipt of the above one-time KYC
SVR will be exempted for:
*These are standard documents required for business travel. Additional documents may be required as per updates in RBI circulars/Channel partner's compliance.
You can easily load your forex card online by making a payment via net banking or UPI.
A zero markup forex card is a prepaid travel card that doesn’t charge any extra markup on currency conversion. While forex cards from banks include a 2-3% markup on the interbank rate, a zero markup card, like the one from BookMyForex, provides the actual exchange rate, as seen on Google, without any additional markup added on the base foreign exchange rate
All zero markup debit and credit cards use the Visa/ MasterCard exchange rates to convert money. These Visa/ MasterCard rates, however, contain a small markup as well. As a result the conversion doesn’t happen at the exact interbank rates. True zero markup forex cards, however, allow you to exchange currency at the exact interbank rates without any card network (Visa/ Mastercard markups).
BookMyForex waives off most charges that are typically added by banks and money changers on forex cards. We charge no card issuance, loading, reloading or annual maintenance charges.
Depending on which card variant you opt for, certain additional usage based charges such as ATM withdrawal fees, cash disbursement fees and cross currency fees may apply. If you hold a single currency card issued by BookMyForex, none of the above charges would apply regardless in any scenario. However, if you own a BookMyForex-Yes bank co-branded multi currency forex card, the above charges would apply. Read more about our co-branded multi currency forex card charges here: BookMyForex Forex Card - Charges and Applicable Limits
You can reload your forex card seamlessly from the BookMyForex android or iOS mobile app.
If you have a BookMyForex-Yes bank co-branded multi-currency card, you must link your card with the app before reloading the card. After your card is linked with the app, follow these steps:
If you have a single currency forex card, you can reload the card from the BookMyForex app:
If you have a BookMyForex-Yes bank co-branded multi-currency card, you must link your card with the app before unloading the card. After your card is linked with the app, follow these steps:
If you have a single currency forex card, you can unload the card from the BookMyForex app in the following way:
BookMyForex offers two forex card variants to suit different travel needs:
Perfect for international travelers traveling to common international destinations, this card allows you to load up to 14 currencies with zero markup on exchange rates. It comes with no annual maintenance charges and no loading, reloading or unloading fees. Easily manage your card and unlock features such as instant reloads, instant refunds to INR wallet, disposable virtual cards and much more by linking your multi-currency card to the BookMyForex mobile app.
The Single Currency Forex Card, loaded in USD, is ideal for international students, travellers travelling to exotic destinations and frequent ATM users. It offers zero fees on ATM withdrawals, cross-currency transactions, and university fee payments at POS terminals. Spend in 180+ currencies with zero cross-currency charges, making it perfect for those needing to spend in currencies beyond the 14 available on the multi-currency card.
The BookMyForex Forex Card is one of the best forex cards in India. It stands out with zero markup on interbank rates, offering the actual interbank exchange rate without any extra markup. The card offers instant reloading, app-based card management and no annual charges or fees for loading, reloading, and unloading. See the comparison of the BookMyForex Forex card with the competition here: Best Forex Cards in India for International Travel
The BookMyForex single currency card/ student forex card is the best forex card for Indian students studying abroad. It stands out in comparison to other forex cards due to its exclusive benefits, such as zero markup rates, free ATM withdrawals, zero cash disbursal fees on university tuition fee payments via card, zero cross-currency charges, and much more. Check out the comparison here: Best Forex Cards For Indian Students Studying Abroad
Forex cards are a safer and a more convenient option compared to carrying foreign cash. Unlike cash, forex cards offer plenty of protection if lost, stolen or misplaced. They also offer better exchange rates, especially with BookMyForex, which provides zero markup on interbank rates. Depending on the destination you’re traveling to, forex cards can save you up to 10% as compared to cash. If you still need cash for emergency situations, you can buy some before you leave from BookMyForex or just use your forex card overseas to withdraw cash from an ATM with zero/minimal ATM withdrawal fees. Read More: Forex Card vs. Cash vs. Debit Card – Which is the Best Option for Traveling?
Forex cards are prepaid cards that can be issued instantly without any bank account opening formalities and delivered very quickly (BookMyForex cards are delivered on the same day the order is placed). Forex cards can be loaded with one or more foreign currency at locked-in exchange rates, providing transparency into costs and protection from forex rate fluctuations. BookMyForex forex cards are loaded with several other benefits such as zero markup rates, zero annual fees, zero issuance/ reloading/ unloading fees and even zero ATM withdrawal charges and zero cross currency charges for some cards. These benefits are the reason forex cards are the most popular and best choice for taking care of overseas expenses.
On the other hand, debit cards and credit cards are an INR-based cards. These cards are linked to your bank account or credit limit and they are subject to fluctuating exchange rates. As a result you have no visibility into the amount that you will be charged at the time when you’re making the payment. The charges are applied post the completion of the transaction. Debit/credit cards typically charge high cross currency fees, high annual charges and high ATM withdrawal fees, making the overall proposition less cost-effective than a forex card for international travel. Read More: Forex Card vs. Cash vs. Debit Card – Which is the Best Option for Traveling?
ATM withdrawal charges are fees incurred when you withdraw cash from an ATM using your card. These charges can include a fixed fee per withdrawal or a percentage-based fee on the amount withdrawn, depending on the card issuer. To avoid these charges, choose a forex card that offers zero ATM withdrawal fees such as a single currency forex card offered by BookMyForex.
A zero markup forex card offers zero markup on interbank rates, meaning you get the actual exchange rate available on Google. On the other hand, a zero markup credit card offers zero markup on card network rates (Visa/ mastercard rates), which usually carry a premium over Google rates.. These network markups may be up to 1% higher than the interbank/Google rate. As a result, a zero markup credit card does not usually offer true zero markup rates.
The BookMyForex forex card has a validity of 5 years. The validity of the card is printed on both the card kit and the physical card. Disposable virtual cards issued via the BookMyForex mobile app are valid for a maximum of 10 days.
Forex cards protect you from exchange rate fluctuations by allowing you to "lock in" the exchange rate at the time when you load the card with foreign currency. This means that the rate at which you convert your home currency (INR) into foreign currency is fixed at the time of loading. Once the card is loaded, any future changes in the rate during your trip will not affect the value of the money already on your card. This feature is absent in debit or credit cards, which are subject to fluctuating exchange rates and may result in higher costs during your travels.
The exchange rates for loading and unloading forex cards will be the prevailing rates at the time you place your order. This means that the rate applicable at the exact moment you load (add money to) or unload (withdraw money from) your forex card will be used. To get the most accurate and up-to-date rates, you can check live exchange rates on our platform. Check the forex rates here: Live Currency Exchange Rates
You can encash the unused balance on your card once you return to India. However, the last transaction done on the card should be more than 10 days before the date of encashment.
The card unloading process is typically completed within 5 working days from the date you have submitted the unloading request with complete and accurate details. The turnaround times mentioned here may change in exceptional circumstances. If you have a BookMyForex multi-currency forex card, we recommend you convert the balance back to INR wallet instantly instead of transferring it to your bank account.
Cards are funded and reloaded within 6 working hours after receipt of payment and all required documentation. The turnaround times mentioned here may change in exceptional circumstances.
There are no delivery charges for delivering the forex card. Please refer to the schedule of charges page, (https://www.bookmyforex.com/forex-card/charges/) for all other fees and charges applicable.
We provide co-branded multi-currency forex card issued in partnership with Yes Bank. We also provide a single currency card issued by Nium forex. Additionally, in some rare cases we provide an ICICI multi-currency forex card. Our forex cards are powered by VISA. Not all cards are available at all locations and at all times.
Once your card is activated, you will receive an email & SMS notification on your registered email and phone number.
When you use your forex card for transactions or withdrawals, the exchange rate applied is the one that was locked in at the time you initially loaded the card with foreign currency. This ensures that you are not impacted by unfavorable changes in exchange rates while traveling.
Yes, you can hold multiple forex cards at the same time. However, a more practical and convenient option is to use a multi-currency forex card. This type of card allows you to load and use multiple currencies on a single card, eliminating the need to carry separate cards for different currencies. You can seamlessly convert currencies based on the country you are in, making it a hassle-free solution for international travel.
Please note that you may hold a maximum of one active BookMyForex-Yes bank physical card at one point of time. You may, however, opt for a single currency card or a card from another provider additionally.
Card networks such as Visa/ Mastercard set their own exchange rates which are used whenever a cross currency transaction happens on any card. These exchange rates are typically higher than the base interbank rates. Cards which are not loaded/ denominated in the local currency in which the transaction is happening, always use the card network exchange rates to determine the equivalent amount that needs to be debited from the customer’s card. As a result, card network markups always apply when making international transactions using debit or credit cards. Even if a debit or credit card claims to provide zero margin, card network rates will still be applied. Most debit and credit cards add a cross currency charge which applies over and above the card network markup.
In contrast, forex cards are loaded using rates which are based on the interbank rates, which are the base rate at which banks deal with each other and the same rates that you see on Google and other online platforms. These rates contain no added markups and therefore, a zero markup forex card is always going to provide better value than a zero markup debit or credit card.
Cross-currency charges are fees incurred when you make a transaction in a currency that is not loaded on your card or a currency that your card is not denominated in. For example, if your card is loaded with USD but you use it to make a payment in EUR, the transaction will involve currency conversion, and a cross-currency charge may apply. Similarly, if your card is denominated in INR but you use it to make a payment in AED, it will again be considered a cross currency transaction which will be subject to card network markups and cross currency fees.
Cash Disbursal or Cash@POS charges are fees applied when you use your forex card to withdraw cash at a Point of Sale (POS) terminal. This service is offered by some banks and retailers. Payments to foreign universities (such as tuition fee payments) often also qualify as Cash@POS transactions and therefore are subject to Cash@POS charges. Most cards come with Cash@POS fees that vary from 0.5% - 3% of the total charge.
The single currency forex card offered by BookMyForex is a unique offering that comes with zero cash disbursal fees.
No, there is no transaction fee incurred for using your card for payments at merchant establishments. If you happen to be in a country where the local currency is not available on your Forex Card, the card will automatically process the transaction in the currency that is available. In such cases, a cross-currency conversion fee will be applied. Please check the Schedule of charges (https://www.bookmyforex.com/forex-card/charges/) to see the exact amount charged as a cross-currency conversion fee.
A replacement card is a new forex card issued to you if your original card is lost, stolen, or damaged. This ensures that you can continue to access your funds and use the card for transactions without any disruption. For BookMyForex Multi-Currency Forex Card, the replacement card fee is ₹250 if you're in India and ₹3000 if you're outside India. Alternatively, you can take the replacement card along with you in the form of an add-on forex card, ensuring you’re covered if your primary card is lost or stolen.
Pro tip: Use the BookMyForex mobile app to generate and access your funds via disposable virtual cards for online transactions until your replacement card arrives.
Yes, you can transact in currencies that are not loaded on your forex card. In such cases, the card network will automatically convert the transaction amount from the local currency to one of the currencies loaded on your card. However, a cross-currency fee will apply for this conversion. This fee is typically a percentage of the transaction amount.
The single currency forex card offered by BookMyForex is a unique offering that charges zero cross currency fees, regardless of the currency that you’re transacting in.
The spending limits on a forex card depend on the card type and the currency loaded. For example, for US Dollars, the spending limits for the BookMyForex multi-currency forex card are set as follows: for POS (Point of Sale), e-commerce transactions, and cash advances, the limit is USD 7500 per day. The ATM limits for USD 1000 per day. Click here to see detailed currency wise limits for the BookMyForex multi-currency forex card.
Note: The limits mentioned above are the max possible daily limits that can be set on your forex cards. You may, however, choose to reduce your daily limits via the BookMyForex mobile app.
Yes, for the issuance of a BookMyForex Multi-Currency Forex Card, it is mandatory to have a valid PAN card that is linked to your Aadhar.
Yes, a passport is a mandatory document for obtaining a forex card.
No, a foreigner or an NRI cannot avail a Forex card via BookMyForex.
No, Forex cards can only be issued in case you’re traveling abroad. Prior to issuing the card, necessary documents confirming your international travel will be verified.
As per RBI guidelines, you are allowed to purchase currency only 60 days before your travel date. You need to provide your trip details to certify that forex is being purchased within 60 days of your travel date.
The BookMyForex-Yes Bank forex card can be linked and managed via the BookMyForex mobile app once the card is activated. The BookMyForex app is available on the Play Store as well as the App Store.
You can use the BookMyForex Mobile App to check your card balance, transactions and other details in real time.
Simply link your card to the BookMyForex app and navigate to the home screen. You will be able to see your current balance along with transaction history and other relevant information.
You can use the BookMyForex App to view your transaction history, and other details in real time.
You can view your card statement/ transaction details for your forex card by using the BookMyForex App. Simply log in to the app, navigate to the home screen and click on the “Transaction” button to view your transaction history.
To link your forex card to the BookMyForex app, follow these steps:
Linking your multi-currency forex card to the BookMyForex mobile app offers a range of benefits. You can track your balance and transaction history and get you complete control over your spending. You can also instantly reload your card and refund unused foreign currency balance back to the INR wallet instantly. The app also allows you to generate disposable virtual cards for secure online transactions, convert currency balance instantly and much more.
Read More: BookMyForex App: The App for All Your Forex Needs
If you your card is lost/ stolen or misplaced you should lock your card right away to avoid fraudulent transactions.
You can use the BookMyForex app to temporarily lock/ unlock your forex card. Go to the ‘Cards’ section and simply use the slider to lock or unlock your card. You will have to enter your app pin as part of the process
You can easily change the card spending limits on your multi-currency forex card through the BookMyForex mobile app. Go to the “Cards” section and navigate to the Card Security option, then select the option to configure spending limits. Since this is a multi-currency card, you will need to select the currency first and then set separate limits for each currency that can be loaded in your card. After selecting the currency, you will see the default limits against each channel. You can then modify the limits for whatever channels that you wish to change.
A disposable virtual forex card is a digital card generated in the BookMyForex app that you can use for secure online transactions. Unlike a physical card, virtual cards are valid for a maximum of 10 days and can only be used for online/ e-commerce transactions. Virtual cards can access the same funds that are there on your physical card. You can only generate one virtual card at a time. The best part is that generating virtual cards is completely free of cost.
Unlike Indian merchants, international merchants have the ability to charge your card without doing 3DS/ OTP based authentication of the transaction. This means your card details if exposed, could lead to fraudulent transactions. We highly recommend using disposable virtual cards when making payments online to avoid frauds. Simply generate a disposable virtual card from the app, enter the virtual card details on the international e-commerce store during checkout and then dispose your card from the app once the transaction has gone through successfully.
While virtual cards also have a unique card number, expiry date, and CVV number, these details are different from the one associated with your physical forex card. This ensures that your physical card details are not exposed and you remain protected from potential fraud or unauthorized use.
You can generate a virtual forex card anytime through the BookMyForex iOS & android mobile app. After logging in, navigate to the “Cards” section and then swipe the card shown on the top until you see the “Add New Card” option is visible. Select the “Add virtual card” option and enter the OTP sent to your registered mobile number to generate a new virtual card. Please note that you can only have one active virtual card at a time. Once the card is disposed of, you can generate a new one as needed.
The virtual forex card can only be used for e-commerce and online transactions. It is not designed for in-store POS or ATM charges.
Virtual forex cards are only a proxy to your physical forex card and they allow you to access the same balance that is loaded on your physical forex card. These cards cannot be reloaded directly. As long as your physical forex card is active, you will be able to reload your card. Refunds from your card are possible at all times. You will need to use your physical card for unloads.
You can use the in-app wallet-to-wallet exchange feature in the BookMyForex App to instantly convert your funds from one currency to another for any of the 14 currencies supported by the card. After you activate the INR wallet via the app, you can additionally convert any foreign currency into INR and use your card in physical/ online stores in India.
To convert currencies, simply select the “Exchange” option on the “Cards” screen. On the “Exchange” screen, select the currency that you want to convert from and the currency that you want to convert your balance to and enter the conversion amount. Your funds will be converted within a few seconds after you confirm the request. You will receive a push notification as soon as the conversion is completed and the updated balance will reflect on the app as well.
INR wallet is a unique feature, available only on the BookMyForex multi-currency forex card. This feature allows you to instantly convert the foreign currency balance on your card back to INR, after which you can use your forex card domestically within India to make payments! Your forex card will be accepted at all physical and online stores where Visa is accepted.
Traditional forex card unloads with credits to a bank account can take 4 to 5 working days. However, thanks to INR wallets, you can access your funds in India within seconds after completing the conversion on the app.
To activate your INR wallet, log on to the BookMyForex mobile app and navigate to the “Cards” section and select the “Activate INR wallet” option or simply start a refund order, during which you will be asked to activate your INR wallet. You will need to provide your Aadhar number and answer a few simple questions after which your INR wallet will be enabled.
You can then easily convert your funds from any foreign currency to INR via the “Exchange” or the “Refund Money” options available on the BookMyForex mobile app.
Please note that at this point of time it is not possible to transfer funds back from an INR wallet to a foreign currency wallet. It is also not possible to withdraw the funds in your INR wallet from an ATM located in India.
You can place an order to unload your card via the BookMyForex android & iOS mobile apps.
When placing a reload order, you will need to provide the currency(ies) and the amount that you want to unload. You will also need to provide the bank account details in which you want to receive your funds. Your funds will be deposited into your bank account within 4 - 5 working days after your order is complete
Pro-tip: If you have a BookMyForex Yes Bank multi-currency forex card, activate your INR wallet and instantly convert the remaining balance in your card to INR and spend seamlessly in India with your forex card.
For ongoing international trips, The BookMyForex multi-currency forex card can be reloaded instantly through the BookMyForex app. Simply top up your card and the funds will be available for use in real-time, ensuring seamless access to money during your trip.
For new trips and in some special cases, multi-currency forex card reloads can take up to 6 working hours to process.
Single currency forex card reloads, whether for new or existing trips usually take around 6 working hours to complete.
Read more about: How to Reload/Unload a Forex Card? A Step-by-Step Guide
Instant Reload is a feature that allows you to instantly reload your BookMyForex multi-currency forex card through the app, ensuring the funds are available for use immediately after the payment is processed.
Eligibility Criteria:
For a current trip, the reload happens instantly after payment, provided there are no exceptional circumstances.
For a new trip, you need to provide your travel details and relevant documents, and the reload will be completed within 6 hours.
Read more : BookMyForex Launches New App Featuring Instant Reloads for Their True Zero Markup Card
Instant Unload is an exclusive feature with BookMyForex multi-currency forex card that allows you to convert your remaining foreign currency balance on your card into INR (Indian Rupees) instantly. The funds are transferred to your INR wallet on your forex card instead of your bank account. You can then use these funds to pay at physical/ online stores within India!
Your BookMyForex Yes Bank forex card is insured against Lost card liability, counterfeit, skimming, phishing, and internet banking fraud.
If your card is lost or stolen, you should lock the card from the self-service mobile app.
If you are unable to locate your card for an extended period of time, please contact our customer support helpline, at +91-80-45651100 to permanently block/ hotlist your card so that it cannot be used ever again. You can also send an email us at bmfyblcard@bookmyforex.com. to request card hotlisting.
After your card is blocked, you may generate a disposable virtual forex card from the BookMyForex app to use your card for online transactions. Subsequently, you can submit a request to get a replacement card from the mobile app. If you already have a replacement card in your possession, please contact our customer care team (care@bookmyforex.com) to activate your card.
Please note that a lost card report will be taken only after verification of your mother's maiden name, date of birth, passport no, etc. There will be a cost of issuing and couriering of replacement card which is Rs. 200 + GST within India and Rs. 3000 + GST outside India.
Yes, for urgent matters related to your forex card, you may call our 24x7 concierge and support at +91-80-45651100. You can also email us at bmfyblcard@bookmyforex.com.
Please note that our 24x7 support center is limited in capability and can assist you with only urgent forex card security issues.
For all other issues, we suggest your reach out to our regular customer care department
Phone: +91-9212219191
Email: care@bookmyforex.com
Here are some Do's and Don'ts for using your forex card:
Do's:
Don'ts:
In general, Forex cards are designed for international use and cannot be used for transactions in India as the card is not loaded with INR. However, the BookMyForex-Yes Bank co-branded multi-currency forex card comes with the unique feature of an INR wallet. You can activate your INR wallet via the BookMyForex mobile app, following which, you can convert any foreign currency balance that you have into INR. You may then use your forex card for domestic transactions at physical/ online stores within India just like an Indian debit card!
Yes, you can use a forex card at airports abroad. Many shops and restaurants at airports accept forex cards, especially those with Visa or Mastercard networks.
If you have activated your INR wallet on the BookMyForex-Yes Bank co-branded forex card, you may use your forex card at duty-free and other stores within Indian airports.
Your forex card works at physical/ online stores & ATMs across in over 190 countries. Your card will be accepted wherever Visa cards are accepted in most foreign countries
Please note that your card will not work in India, Nepal or Bhutan for making payments in foreign currencies. If you have your INR wallet enabled, you may use your INR balance within India. Additionally, the BookMyForex-Yes Bank card may not work in a few countries which are blacklisted or gray-listed by the financial action task force (FATF). These countries keep changing from time to time. To ensure you get a forex card that will work in your destination country, simply place an order on BookMyForex for a new forex card and we will automatically ensure that you are provided a forex card that will work at your destination country.
The BookMyForex forex card is equipped with multiple security features to ensure your funds are safe. It comes with Chip & PIN protection, which prevents unauthorized access. Additionally, you can manage all security parameters of the card after linking the card with the BookMyForex mobile app. After linking the card, you can instantly lock or unlock your forex card in case of loss, theft, or suspicious activity. You can also reset your card pin and disable specific payment channels (such as contactless or online transactions) or set different limits for each payment channel. For added security, you can generate disposable virtual cards through the BookMyForex app for online transactions so you’re reducing the risk of exposing your physical card details while shopping on e-commerce sites.
If your card is still subject to unauthorized/ fraudulent charges, you can always file a dispute/ chargeback. You can also choose to file a claim based on the insurance cover that is available on your card.
If you notice a fraudulent charge on your forex card, immediately contact our customer support helpline at +91-80-45651100 or send an email to bmfyblcard@bookmyforex.com to request that the card be blocked Use the lock/unlock feature in the BookMyForex app to temporarily disable the card while your card is being blocked
Once connected with our customer care, please also ask for a chargeback/ dispute to be filed for all unauthorized transactions that have been executed.
If you notice a fraudulent charge on your forex card, immediately contact our customer support helpline at +91-80-45651100 or send an email to bmfyblcard@bookmyforex.com. Share all relevant information about the disputed transaction, such as the date and time of the transaction, merchant name or ATM location, transaction amount and reason for disputing the charge.
If your BookMyForex forex card isn't working, follow these steps:
As per bank guidelines, if your card has been blocked because of too many incorrect attempts, you must wait 24 hours before your card can be unblocked. You can contact BookMyForex customer support at +91-80-45651100 who will then guide you through the process of unblocking your card after verifying your identity. Make sure to have your card details and any identification documents ready when you call the customer support team. After your card has been unblocked, please reset your ATM pin via the mobile app.
Yes, you can retain your foreign currency balance in your forex card after returning to India, but there are certain limits and regulations set by the Reserve Bank of India (RBI). According to RBI guidelines, individuals are allowed to retain foreign currency up to USD 2000 (or its equivalent) for future use. If the balance in your forex card exceeds this limit, you are required to convert the excess amount within 180 days of returning to India.
If you have the INR wallet enabled on your BookMyForex-Yes Bank forex card, you may convert your foreign currency balance into INR and store the same on your forex card.
Yes, you can check your forex card balance at an ATM. However, unless you are using a single currency forex card, you maybe charged a Balance Enquiry Fee. Details of these fees can be seen on our BookMyForex Forex Card - Charges and Applicable Limits page.
To avoid unnecessary charges, check your card balance through the BookMyForex app, which is free of cost.
Whether your card will ask for 3DS/OTP authentication or not depends on the country you're traveling to and the policies of the local banks and merchants there. In some countries, you may be prompted for it, while in others, it might not be required, as different countries and merchants may have varying policies regarding 3DS/ OTP authentication.
This is the reason we recommend generating and using a disposable virtual card when transacting online.
Card-not-present (CNP) transactions are transactions where you a merchant may ask you to provide your card details over phone or email or other insecure medium where your card is not present (e-commerce transactions are not considered as CNP transactions).
For your safety, the BookMyForex-Yes Bank forex card has been set to auto decline all kinds of CNP transcations, as these are high risk transactions.
You will be notified of new transactions on your forex card through email alerts, SMS notifications and push notifications for every transaction made. These notifications help you keep track of your spending easily. Additionally, you can view your complete transaction history on the BookMyForex app, which provides a convenient way to monitor and manage your card usage.
A chip card is a payment card embedded with a microchip that securely stores data and transmits payment information to a card reader. These cards are also known as EMV cards or IC cards. The chip provides enhanced security compared to traditional magnetic stripe cards as data is transmitted in a more secure fashion on these cards. Additionally, chip cards must remain present within the POS terminal until the transaction is authorized.
All BookMyForex Forex Card are equipped with an integrated chip, ensuring robust security for ATM and in-store transactions.
The BookMyForex Forex Card offers bank-grade security for safe international spends. It is equipped with a chip and requires a PIN for transactions. Additionally, you can control all aspects of your card security via the BookMyForex mobile app. The app allows you to lock and unlock your card as needed, reset your ATM pin and enable/ disable or change the limits on any payment channel. Real-time transaction alerts keep you informed of any activity on your card, so you can quickly spot and report any suspicious transactions. For online payments, you can generate virtual cards, further reducing the risk of fraud. Furthermore, high risk transactions such as card-not-present (CNP) transactions are blocked by default.
No TCS charges are applicable on forex cards as long as the total amount of forex that you have bought in the current financial year is under Rs. 7 lakhs.
If you have bought forex worth more than Rs. 7 lakhs in the current financial year, then as per the new tax regime, Tax Collected at Source (TCS) of 20% would apply on the amount of forex that you have bought above Rs. 7 lakhs. However, this tax rate reduces to only 5% if you are buying forex for the purpose of foreign education or medical visits. For more details and illustrative examples of how TCS is calculated/ applied, read our detailed guide on TCS: New tax rule (TCS) explained: TCS on Forex transactions under LRS
Please note that TCS is not an additional charge and it can easily be reclaimed in with your income tax return. You may also ask your employer to adjust the TCS amount in your paycheck against your outstanding tax payments.
No, the BookMyForex forex card does not provide free lounge access.
No, you do not need to open a bank account to buy a forex card. You can easily book a forex card online 24x7 by submitting a few travel documents. Unlike credit or debit cards, which require opening a bank account and lengthy documentation, a forex card can be obtained with minimal documentation and usually on the same day that you place your order!
The BookMyForex-Yes Bank Multi-Currency Forex Card is the best choice when travelling to Dubai. The card offers a range of benefits that make it ideal for both leisure and business trips to Dubai. With zero markup on interbank rates and no fees for issuance, reloading, unloading, or annual charges, it is a cost-effective option. The card is accepted at all Visa powered merchants, ATMs and online platforms in Dubai. You can also link the card to the BookMyForex App for easy card management with features like instant reloads/unloads, balance tracking, and more.
The Single Currency Forex Card offered by BookMyForex is the best choice when traveling to Bali. The card offers a range of benefits that make it ideal for leisure trips to Bali. With zero markup rate, unlimited free ATM withdrawals, zero cross-currency fees, and no fees for issuance, reloading, unloading, or annual charges, it is the most cost-effective option. The card is accepted at almost all merchants, ATMs, and online platforms in Bali.
In case you’d like to change your phone number, please send an email from your registered email address to bookmyforexcard@yesbank.com with the new phone number that you would like to update. If you’d like to change your Email, please call ouror contact the 24x7 bank support number at +91-80-45651100 from your registered phone number.
Yes, your BookMyForex Yes Bank forex card is insured against Lost card liability, counterfeit, skimming, phishing, and internet banking fraud.
Card Liability:
EXTENSIONS FOR COVER UNDER SECTION I: CARD LIABILITY COVER
Coverage of Loss on the card due to Internet-based transactions
It is hereby agreed and declared that notwithstanding anything stated to the contrary, in the printed exclusions of this Policy, this Insurance is extended to cover any loss or damage arising out of Internet-based transactions, using the authorized CVV (Card Verification Value Code) issued to the Cardholder by the Bank named in the Schedule.
Special exclusions apply to this extension. The Company will not make any payment for any claim directly or indirectly arising from, occasioned by, or due to:
Coverage of Loss on the cards due to Unauthorized usage / Skimming / Counterfeit /Duplication/Phishing / Compromised Cards
It is hereby agreed and declared that notwithstanding anything stated to the contrary, in the printed exclusions of this Policy, this Insurance is extended to cover the following:
You need to follow the below process to claim your loss: Contact customer support at +91 80-45651100 and block the card Post blocking your card, please send the below details to us at care@bookmyforex.com:
Basic Details of Customer & the Loss | ||||||||
Particulars | Remarks | |||||||
Forex Card Number | Type of card: e.g. Kisan, Rupay Debit card / Savings bank debit card, etc | Cardholder Name | Cardholder Address | Date of Loss | Nature of loss i.e. Skimming / Lost Card / Counterfeit / Online / Phishing | Date of Card Blocking | Claim Amount |
Along with the above details, we need the following documents with you according to the case:
Lost Card Liability:
Counterfeit / Skimming / Phishing / Online transactions / ATM Losses:
Note: If any additional documents are required for further processing, HDFC ERGO's Claims Department or BookMyForex may/shall accordingly request the additional documents from the Claimant by call or email.
Important instructions:
Your BookMyForex Yes Bank Forex card is insured for up to Rs. 1,50,000. Details are as below:
Section Name |
Sum Insured/Limit of Liability |
Deductible/Excess (If Any) |
Forex Card Cover Liability: - Number of Days Pre-Reporting: 7 Days- Number of Days post-Reporting: 7 Days |
Rs. 1,50,000 |
Nil |
Yes, you can get a backup or add-on card for a charge of ₹200. Please ask our sales executive for an additional card while placing/confirming the order.
You can make the payment for the add-on card online. You are strictly advised to not pay cash for the add-on/supplementary/backup card to any of our agents/executives.
If you have got the add-on or supplementary card from BookMyForex, please send an add-on card activation request to us at bmfyblcard@bookmyforex.com along with the primary card number and the add-on card number. Please note that your primary card will be permanently blocked and will be of no further use once your add-on card is activated. Please make sure you carry both cards with you on your trip abroad.
When the Cardholder performs a payment transaction, the debit would take place on the priority as per the different scenarios provided below:
Scenario 1 - if the customer possesses a local currency wallet with an adequate balance, the transaction will be carried out using the funds available in the local currency wallet.
Scenario 2 – If the local currency is part of the offered multiple currencies on the Card but the customer does not have sufficient balance in the local currency wallet and the customer has sufficient balance (equivalent to local currency) on any other currency wallet then the transaction will be processed using the balance from one (and only one) other currency wallet. The card will look for balances across all the currency wallets in the following order of priority as decided by the bank 1. USD 2. GBP 3. EUR 4. CAD 5. AUD 6. SGD 7. AED 8. JPY 9. SAR, 10. THB. The value of the respective currency will be converted to local currency using a cross-currency conversion rate decided by BookMyForex.
Scenario 3 - If the customer transacts in a currency that is not offered on the Card, the transaction will be processed by debiting the default currency (USD) wallet. Cross-currency conversion would take place as per existing Visa rates as applicable. In case the default currency wallet does not have sufficient balance then funds would be pulled from another wallet (using the authorization order defined above) with sufficient funds and converted to the local currency using the bank’s currency conversion rate. Partial transactions that debit multiple currency wallets are not allowed. If the customer does not have sufficient balance to process the transactions individually in any one currency wallet, the transaction will be declined even if the collective balances on the card across all currencies are sufficient to process the transaction.
If the currency wallet corresponding to the transaction currency does not have enough balance, the payment will be processed by debiting the currency wallet with sufficient balance, if such a wallet exists. Multi-currency cards have an in-built logic that tries to successfully authorization transactions by looking at the balance in multiple wallets.
By default the card will always try to debit the wallet matching the transaction currency. If sufficient balance is found in such wallet, the same will be debited. However, if enough balance is not present in this wallet, the card will try to find a single currency wallet on the card which has sufficient funds to cover the cost of the entire transaction.
For example, let’s say you are trying to complete a USD 100 transaction but your card has 90 USD and 100 GBP. In such a case the transaction would be authorized successfully by debiting your GBP wallet as your USD wallet will not have sufficient funds to cover the transaction. The conversion from GBP-USD would happen using the current Visa exchange rates plus applicable cross currency fees. However, in the same example above, if your GBP wallet balance was less than 100 USD equivalent (after using the conversion rate logic stated above), the transaction would be declined as there won’t be enough funds to cover the costs of the transaction
In cases where the local currency wallet doesn’t have sufficient funds to cover a transaction, the card follows a specific currency wise order of authorization by default, starting with USD, followed by GBP, EUR, CAD, AUD, SGD, AED, JPY, SAR and THB. If enough balance is found for any currency in the order mentioned above, the card would debit that currency’s wallet with the equivalent amount of funds to cover the transaction.
Please note that in case you have activated your INR wallet, your INR balance will still never be used in such cross currency authorization scenarios. In other words, even if your INR wallet balance is greater than the foreign currency transaction amount, the card will not attempt to debit your INR wallet to authorize the foreign currency transaction.
Pre-authorizations have been disabled on your card since they often lead to your funds remaining blocked for several days after the reversal of the authorization. This can cause unnecessary inconvenience to you as you try to access the balance on your card. For this reason, we have disallowed pre-authorizations. These transactions will be auto-declined. We recommend you use your international credit card for such transactions.
Whenever the Forex Cardholder opts for the DCC/MCC option on DCC/MCC enabled POS/ATM terminals, his/her transaction passes through cross-currency transactions twice which attracts double currency conversion fees. Hence it is not advisable to opt for DCC/MCC while using the card for making payments or withdrawing cash from overseas ATMs.
In certain countries, the acquiring banks may choose to activate the feature of "Dynamic Currency Conversion" on their ATMs and POS Machine network. As per this facility, the ATM/POS machine identifies the Multi-Currency Forex Card as a Card issued from a foreign country and prompts the customer to transact in their "home currency”. Please note that as the Forex Card is purchased and loaded with the purpose of using the Card in the respective foreign currency, the customer must avoid selecting any option that prompts a change in usage currency to avoid any adverse exchange rate. The "dynamic currency conversion" feature may appear with differing terminology depending on the overseas bank. BookMyForex is not responsible for any "dynamic currency conversion" related charges and will not be able to refund any such charges in case they are levied on account of wrong usage of the card
Yes, your Forex Card can’t be used for temporary charge blocks/ deposits/ holds or pre-authorization transactions - e.g. paying deposits at hotels, hiring cars, etc. All such payments will be auto-declined. Reversal of these transactions can take several days or weeks and effectively block the usable balance on your card. These transactions are hence disabled in order for you to be able to seamlessly use the entire balance on your card without any hassle.
Your card will auto-decline dynamic currency (DCC) transactions. DCC is enabled by some POS and ATMs abroad. In DCC transactions you are presented with a choice to pay in your "Home currency" or in the local currency. Since your Forex Card is already loaded in a foreign currency, DCC can lead to a double conversion charge if you select the "Home currency" option. For this reason, DCC transactions have been disabled on your Forex Card as well.
According to the regulations set by the Government of India, any currency conversion—including sales, encashments, and remittances—will incur GST/SGST on the total amount exchanged, based on the following tiers:
- For amounts up to Rs 100,000, a charge of 0.18% will be applied, with a minimum fee of Rs 45.
- For amounts over Rs 100,000 and up to Rs 10,00,000, a fee of Rs 180 plus 0.09% of the total exchanged amount will be levied.
- For amounts exceeding Rs 10,00,000, a charge of Rs 990 along with 0.018% of the total exchanged amount will apply, with a cap of Rs 10,800.
Suppose your Card has expired or is hotlisted (due to a certain reason) before all funds have been utilized. In that case, you can place a Forex Card unload order from www.bookmyforex.com to get a refund of the un-utilized balance, or you can contact us to apply for a replacement card to continue to access the remaining funds for payment through the card in the future.
You can also place a request to refund the balance from your card to your bank account. Additionally, if you have enabled the INR wallet on your BookMyForex-Yes Bank multi-currency card, you can instantly convert the balance back to INR for spends within India.
You can find the Emergency customer support number on the back side of your Forex card. You can also find the numbers in the Forex card manual that you have received with your card as well as on the website of the card issuing bank.
The PIN gets blocked for use at ATMs/POS, post 3 times attempts of wrong ATM PIN/Web Password in a day. This is for your own security and to prevent any fraudulent usage of the Card. If you have forgotten your PIN, you may reset your ATM PIN from the Forex Card management portal (https://cards.bookmyforex.com).
You may have to enter your ATM PIN if the POS machine prompts for the same while using the card at any merchant establishment.
No, ATM PIN regeneration is free of cost for you.
The ATM PIN is a part of your card welcome kit. You can also reset your ATM PIN after logging on to the Forex Card management portal (https://cards.bookmyforex.com).
There are no additional charges for the SMS alert facility. The SMS facility on Indian numbers is free of cost. However, please note that BookMyForex will not be responsible for any extra charges imposed by the service providers.
Yes, the SMS and Email alert facility starts immediately after your card is loaded and activated.
US Dollar | 10 USD |
Euro | 10 EUR |
British Pound | 10 GBP |
Australian Dollar | 10 AUD |
Canadian Dollar | 10 CAD |
Singapore Dollar | 10 SGD |
New Zealand Dollar | 10 NZD |
Hongkong Dollar | 80 HKD |
UAR Dirham | 50 AED |
Saudi Riyal | 50 SAD |
Swiss Franc | 10 CHF |
Japanese Yen | 1500 JPY |
Thai Baht | 350 THB |
South African Rand | 200 ZAR |
Certain banks allow transfer of funds from forex cards into local bank accounts. However, these kind of transactions are classified as Cash@POS transactions for which additional charges may be applied. The single currency card comes with Zero Cash@POS charges and is the recommended option in case you want to transfer funds from your card to a bank account.
You can get the BMF card through MakeMyTrip or GoIbibo by following the steps below:
Yes, forex for studies abroad can be taken in the form of pre-paid cards. Pre-paid cards can be re-loaded by students’ parents/guardians at any time (During working hours and working days).
We and our channel partners make all efforts to deliver authentic currency notes in proper condition. In case you receive any outdated, damaged, or torn currency notes, please do not accept the delivery of such currency notes and inform us immediately. Any claim for return of damaged/withdrawn/fake notes received post delivery/pickup from the branch, will not be entertained.
Yes, same-day deliveries are possible for orders that are confirmed before 1:00 PM on a working day. Orders that are confirmed after 1:00 PM will be delivered on the next working day.
The confirmed order must necessarily be accompanied by all required documents and full payment in the forex issuer's account. Any delays due to unforeseen circumstances are regretted.
For Indian Residents selling:
1. Upto USD 200/eqv. - Any Valid Government photo cum ID proof and valid PAN.
2. Above USD 200/eqv. - Valid Passport and valid PAN are mandatory.
3. Currency Declaration form if the amount in cash exceeds USD 5000 and/or when total currency(including other forex products) surrendered exceeds USD 10000.
4. In the case of Foreign Resident/NRI (spent less than 182 days in India):
5. Valid Passport, Indian Visa (irrespective of amount).
The following documents are required:
1. Valid passport and employment Visa
2. One-way confirmed Air Ticket
3. 1-year bank statement
4. PAN copy for all forex transactions
The following documents are required:
1. Valid passport and emigration Visa
2. One-way confirmed Air Ticket
3. I-year bank statement
4. PAN copy for all forex transactions
The following documents are required:
1. Original and valid passport
2. Valid visa for the country of travel (except where VISA on arrival applies)
3. Confirmed ticket-showing travel within 60 days of taking foreign exchange
4. PAN copy for all forex transactions
5. Application/self-declaration
The following documents are required:
1. Confirmed one-way Air ticket
2. Original Passport along with the Student Visa
3. Prospectus/Offer Letter/Admission Letter in original, thereof giving full details of the course of study, tuition fees payable, etc.
4. In case of a person traveling to the USA Form I-20 is required.
5. PAN copy for all forex transactions
6. The above documents are not required for sending application fees, only a copy of the relevant page of the brochure is needed.
The following documents are required:
1. Original and valid passport (both front and back images)
2. Valid visa for the country of travel (except where VISA on arrival applies)
3. Confirmed ticket-showing travel within 60 days of taking foreign exchange
4. PAN
There is no limit on the amount of foreign exchange that can be brought into India. However, currency notes beyond USD 5000 (equivalent) and up to USD 10000 (total) need to be reported to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.
The limit is up to US$ 250,000 per person. If an individual remits any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.
A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per financial year from any Authorized Dealer in India based on self-declaration in Form A2 and ‘Application cum declaration.
This limit has been subsumed under the RBI's Liberalized Remittance Scheme. If an individual remits any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 2,50,000 by the amount so remitted.
Yes, as per FEM (CAT) Amendment Rules, 2015, a resident individual can avail foreign exchange facility up to USD 2,50,000 when traveling abroad to accompany as an attendant to a patient going abroad for medical treatment/ check-up.
For overseas medical treatment, the foreign exchange limit is up to US$ 250,000 or equivalent for the patient going abroad for medical treatment or checkup overseas. In addition to the above, an amount up to USD 250,000 per financial year is allowed for the person accompanying as an attendant to a patient going abroad for medical treatment/check-up.
The limit is up to US$ 2,50,000 per annum (If not consumed any part of it for any other purpose stated under LRS) towards tuition fees, maintenance expenses, books, etc.
The foreign exchange entitlement (limit) for business travel is up to US$ 25,000 per visit, irrespective of the period of stay and the number of times in a financial year. Within the above entitlements up to US$ 3,000 in Currency notes per visit are allowed. The rest must be carried in any other form.
All types of travel and remittances abroad are now under RBI’s guidelines covering the Liberalized Remittance Scheme (except travel under Business Visits). If an individual has already remitted any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for traveling purposes for such an individual would be reduced from USD 250,000 by the amount so remitted/utilized. No release of foreign exchange is admissible for any kind of travel to Nepal and Bhutan.
Yes, the date of travel must not be later than 60 days from the date of purchase of foreign exchange. Exceptions: Airlines staff travel against staff ticket may be exempted from this rule
* Non Resident Indians living in India beyond 180 days are eligible to purchase forex under the said scheme
Foreign nationals who are permanently residing in India are eligible to avail of this quota, provided that they are not using the existing FEMA regulations to remit their salaries and savings abroad.
* Similarly, the foreign-born wife of an Indian national is eligible for it.
Yes, children of all ages are allowed the same entitlements (limits) as adults, however, Minors/children below the age of 14 cannot carry Forex cards/Travelers’ cheques.
Travelers are allowed to purchase foreign currency notes/coins only up to US$ 3000 individually. Balance amount can be taken in the form of a Traveler’s Cheque, banker's draft or Prepaid Travel Cards. Exceptions to this rule are the following:
(a) travelers proceeding to Iraq and Libya can draw foreign exchange in the form of foreign currency notes and coins not exceeding US$ 5000 or its equivalent
(b) travelers proceeding to the Islamic Republic of Iran, the Russian Federation, and other Republics of the Commonwealth of Independent States who can draw entire foreign exchange in the form of foreign currency notes or coins. For travelers proceeding for Haj/ Umrah pilgrimage, the full amount of BTQ entitlement (USD 250, 000) in cash or up to the cash limit as specified by the Haj Committee of India, may be released by the ADs and FFMCs.
Not exceeding US Dollars 2,50,000 (If not consumed any part of it for any other purpose stated as per RBI's guidelines covering LRS) in a financial year; can be utilized in one or more visits abroad for personal/leisure purposes. This scheme used to be called Basic Travel Quota (BTQ)
This limit has been subsumed under the new Liberalized Remittance Scheme (LRS). If an individual has already remitted any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for traveling purposes for such an individual would be reduced from USD 250,000 by the amount so remitted.
Yes, you can add multiple currencies & products you wish to purchase in one order. You just need to add the currency/product to the order cart and proceed.
The rates published on www.BookMyForex.com, www.tripmoney.com, or www.makemytrip.com portal are updated on a real-time basis as they are connected to a live market data feed.
BookMyForex.com has tied up with several Banks & RBI-authorized Money Changers to create a network of over 5000+ locations across 650 cities in India. There is a high likelihood that one of our partners may be located in your neighborhood. To see the entire list of cities that we're present in, check out this link: https://www.bookmyforex.com/currency-exchange
To buy forex, an NRI needs a Valid Passport, OCI card, and Air Ticket showing international travel
An NRI, defined as someone present in India for less than 182 days in the preceding financial year, can sell forex/currency notes via BookMyForex, equivalent to 3000 USD during their visit to India and is entitled to receive an encashment receipt. Later, they can buy forex equivalent to the amount mentioned on the encashment receipt when they return to their country.
Please note that orders to buy forex by NRIs cannot be accepted online through our website. If you are a foreigner with a valid encashment receipt and wish to buy forex, kindly submit an order request to orders@bookmyforex.com.
To sell forex through BookMyForex, a foreigner needs a Valid Passport and a Valid Visa.
To buy forex through BookMyForex, a foreigner needs a Valid Passport, Visa, Air Ticket showing international travel, and an Encashment certificate.
A non-Indian resident or a foreigner can sell forex/currency notes via BookMyForex, equivalent to 3000 USD during their visit to India and is entitled to receive an encashment receipt. Later, they can buy forex equivalent to the amount mentioned on the encashment receipt when they return to their home country.
Please note that orders to buy forex by foreigners cannot be accepted online through our website. If you are a foreigner with a valid encashment receipt and wish to buy forex, kindly submit an order request to orders@bookmyforex.com.
Certainly, you can purchase as many currencies as available on the website, depending on your destination country.
Yes, there is a minimum order value requirement for placing currency notes orders. The order value must be at least INR 15000.
BookMyForex offers a wide range of all major as well as exotic currencies, depending on the customer's location. You can find the complete list of available currencies in our comprehensive rate card.
At BookMyForex, we strive to provide our customers with live and the most transparent rates in the market. You can be assured of getting the best currency conversion rates with zero to wafer-thin markups.
BookMyForex does not charge anything other than a bank fee of Rs. 225 + GST. Every now and then, the platform rolls out promotional offers and waives off the transfer fees. Foreign banks may apply additional charges to receive the remittance in the beneficiary account.
These charges are generally charged by Intermediary & beneficiary banks and are referred to as Intermediary charges or NOSTRO Charges. The quantum of these charges cannot be determined at the time of sending the remittance and may also vary based on the transaction size. Please do contact our support center for additional details.
Remittances have specific utilization restrictions. You can book your remittances/DD under the following categories:
1. Cash(same-day utilization)
2. TOM (To be utilized next working day from the date of booking)
3. SPOT(To be utilized on 3rd working day from the date of booking)
If a deal is booked under any of the above categories, you need to complete all formalities within this period & preferably before the utilization date. Please note that the utilization date can't be changed once remittance/DD is booked. Any change requested may lead to cancellation.
In general, as a reliable and recognized forex service provider, BookMyForex strives to facilitate a prompt and efficient transfer, which can take time up to 12 to 48 hours.
The following documents are required:
1. Relationship proof with the beneficiary.
2. Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID
3. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
The following documents are required:
1. Only self-declaration is needed if the amount is restricted to USD 5000.
2. Beyond that amount, an LRS application-cum-Declaration Form, Govt. issued valid ID along with photo & address proof may be required. Eg: Passport, Driving License, Voter ID
3. Other Related documents Bank statements for one year / IT returns etc
4. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
5. Banks may also seek other 'mandatory' information
The following documents are required:
1. Related documents and self-declaration for investment in real estate/stock
2. LRS application-cum-Declaration Form
3. Identity Proof Govt. issued valid ID with photo & address. Eg: Passport, Driving License, Voters ID
4. Related documents Bank statement for one year / IT returns etc as mentioned above
5. PAN copy for all forex transactions in cases where total amounts exceed INR 25000. Form 60 / 61 in case PAN is not available
6. Banks may also seek other 'mandatory' information
Residents Indians are allowed to remit up to USD 2,50,000 per annum. If an individual remits any amount under the Liberalized Remittance Scheme in a financial year, then the applicable limit for such individual would be reduced from USD 250,000 by the amount so remitted.
Yes, Under the Liberalized Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April to March) for any permissible current or capital account transaction or a combination of both that includes investment in overseas stocks, shares, and property.
Under the Scheme, resident individuals can acquire and hold immovable property or shares, debt instruments, or any other assets outside India, without prior approval of the Reserve Bank. Individuals can also open, maintain, and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the Scheme.
However, the following items are prohibited under the Scheme:
i) Remittance for any purpose specifically prohibited under Schedule I (like purchase of lottery tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000;
ii) Remittance from India for margins or margin calls to overseas exchanges / overseas counter-party
iii) Remittances for the purchase of FCCBs issued by Indian companies in the overseas secondary market
iv) Remittance for trading in foreign exchange abroad
v) Remittance by a resident individual for setting up a company abroad
vi) Remittances directly or indirectly to Bhutan, Nepal, Mauritius and Pakistan
vii) Remittances directly or indirectly to countries identified by the Financial Action Task Force (FATF) as non-co-operative countries and territories, from time to time
viii) Remittances directly or indirectly to those individuals and entities identified as posing a significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks.
You can get a free international SIM card by purchasing a prepaid multi-currency forex card from BookMyForex. The free SIM card is only given along with a new forex card order worth 1 lac INR or above.
The Free International SIM card comes with the initial starter pack, which will allow you to receive unlimited incoming calls and use WhatsApp chats for free for one month post activation.
The free international SIM card works in 31 countries, including several popular destinations such as Europe, the UK, Australia, Singapore, Malaysia, Thailand, and more. Note that free incoming calls are only available in UK/ EU.
The free SIM card is valid for 30 days from the activation date.
Yes, you can upgrade it to plans as per your choice or you may just choose to carry on with our completely free starter pack.
You can easily add an International Voice & Data Pack to suit your needs. Upgrades are available for varying validity periods ranging from 7 to 30 days, depending on your selected recharge plan. The pack includes unlimited incoming calls and SMS, along with competitive rates on outgoing calls and 4G data.
Currently, the free SIM offer is valid for delivery locations in select cities in India, including Delhi, Gurgaon, Noida, Ghaziabad, Faridabad, Chandigarh, Panchkula, Mohali, Ludhiana, Jalandhar, Bangalore, Hyderabad, Mumbai, Pune, Chennai, Kolkata, Jaipur, Lucknow and Kanpur. Please note that SIM delivery is subject to availability.
The SIM card is not valid for use in India and can only be used in the destination country chosen by the user.
The SIM activation date can be chosen by the user as they are free to choose any date within the span of 30 days, with the earliest activation date being the travel date.
The SIM card is valid until the last day of your travel, with these dates being selected upon activation. If you need to keep your number active for future use beyond your travel dates, there is a fee involved.
The free Int’l SIM is from Next Cellular, a well-known international brand in mobile networks. In case of any grievance, customers can reach out to the NextCare WhatsApp line in India at +91 9712101710.