Published on: June 10, 2023
RuPay forex cards
Why in news? The Reserve Bank of India (RBI) will soon allow banks to issue RuPay Prepaid Forex cards for use at ATMs, PoS machines and online merchants abroad.
- The launch is aligned with the vision to expand the reach and acceptance of RuPay cards globally.
- RuPay Debit, Credit, and Prepaid Cards will be enabled for issuance in foreign jurisdictions, can be used internationally, including in India.
How forex cards work?
- When prepaid forex card is opted, it need to loaded with one or multiple foreign currencies and use them interchangeably in different countries.
What are the benefits of loading ?
- Preloading a forex card locks in exchange rates and is one of the safest options to use abroad, they are protected from rate volatility and fluctuations.
- These cards also do not incur additional foreign exchange mark-up fees if it is used within the same currency jurisdiction for which it have loaded.
- This card helps in payment options for Indians travelling abroad have further expanded