How to Buy Forex Online | Forex Card Services & Benefits

Planning a vacation abroad can be exciting, but managing currency exchange can often become a challenging task. However, this process can be hassle-free with the various online Forex services offered by ICICI Bank.

In this blog, let us look at some considerations while buying Forex online, ensuring a stress-free vacation experience.

What Are Online Forex Services

Online Forex Services simplify the process of exchanging currency for international travels, offering a convenient and hassle-free experience. Through these services, travellers can purchase foreign currency online, reload their travel cards abroad and easily refund the remaining money, upon their return. With doorstep delivery options and a wide range of currency variants available, Online Forex Services ensure flexibility and accessibility for travellers worldwide. Additionally, advanced security measures safeguard transactions, providing peace of mind throughout the trip.

How to Buy Forex Online through ICICI Bank?

ICICI Bank offers several convenient ways for customers to purchase foreign exchange (Forex). Whether you prefer online services, or visiting a branch, SMS, ICICI Bank ensures a smooth experience. Here’s a comprehensive guide on how to buy Forex online using these different methods:

1. ICICI Bank Internet Banking

•  Log in to Foreign Currency Delivery
• Enter the required details
•  Choose currency and amount, provide delivery details and confirm

2. Forex Branches

• Visit the ICICI Bank website’s ‘Forex’ section to locate a Branch
•  Enter your city to find the nearest Branch
• Visit with the necessary ID and documents to buy Forex.

Benefits of Purchasing Forex Online through ICICI Bank

ICICI Bank offers an easy and convenient online Forex service to cater to your travel and remittance needs. Here are the key features and benefits of buying Forex online through ICICI Bank:

• Wide Range of Currencies: ICICI Bank Travel Card is available in 15 currencies: USD, EUR, GBP, CAD, AUD, CHF, JPY, SGD, AED, SEK, ZAR, SAR, THB, NZD, and HKD.
• Convenient Online Purchase: You can buy an ICICI Bank Travel Card online without documentation. Apply now and get a personalised Travel Card delivered to your desired mailing address within 4-5 working days.
• Doorstep Delivery Across India: The Travel Card is delivered to your doorstep, ensuring convenience and ease.
• Reload Online: The online reload facility allows you to reload your Travel Card while overseas through Internet Banking or the iMobile app with the desired currency from anywhere, anytime.
• Refund Online: Upon your return, you can refund the unspent Forex on the Travel Card online at the click of a button. The amount will be credited to your Savings Account within one working day.

Essential Considerations

Here are some things to remember when you decide to buy Forex online:

• Purposes and Limit: Understand the purposes and limit associated with your Forex transaction. For instance, there is a limit of USD 2,50,000 or its equivalent per financial year for various purposes such as travel, education, medical treatment, etc. Make sure your transaction complies with the limit and purposes.
• Documentation: Ensure you have all the necessary documentation before initiating a Forex transaction. This may include ID proof, proof of travel, employment, education, etc. Be prepared to provide these documents as per the requirements.
• Regulatory Guidelines: Familiarise yourself with the regulatory guidelines regarding Forex transactions, especially if your remittance exceeds the limit of USD 2,50,000. For detailed information, contact any ICICI Bank Forex Servicing Branch.
• GST: Be aware of the Goods and Services Tax (GST) slab applicable to Forex transactions. Understand the GST implications on your transactions and ensure compliance with the tax regulations.
• Branch Locator: Use the Branch locator tool on the ICICI Bank website or app to locate the nearest Forex Servicing Branch.

ICICI Bank's online Forex services offer travellers a smooth solution for currency exchange, enhancing the vacation experience. With easy online purchasing, doorstep delivery, and convenient reload options, travelers can manage their Forex needs effortlessly. Advanced security measures ensure peace of mind throughout the transaction process. By adhering to these essential considerations, travellers can make informed decisions. With ICICI Bank's user-friendly interface and diverse currency options, travellers can confidently go on a stress-free vacation, knowing that their Forex needs are efficiently handled.