1. What is a Forex travel card?
The Forex prepaid travel card made available through Myforexeye, is a pre-paid foreign currency card that makes your International travel hassle-free and convenient. You can load this pre-paid card with foreign currency in India, and use it to withdraw cash in local currency from networked ATMs, or swipe it at merchant establishments that accept network cards, while abroad. The card also comes equipped with never before offered features such as travel insurance, emergency assistance & advanced account management. Instead of spending time encashing traveler’s cheques or converting currency through traditional Money Changers, a Forex Travel Card ensures that you have 24/7, instant access to your funds. With a pre-paid card, it is now so much easier to plan your budget and expenses. What’s more, you save big on time, effort and money by getting the most competitive and transparent foreign exchange rates available.
2.How does a Prepaid Card Work?
Your Pre-paid Travel card* is loaded with funds at the time of purchase. You can use the card for cash withdrawal at ATMs or for shopping at merchant outlets. With each transaction, the balance on your card decreases, and this balance can be reloaded with fresh funds at any point in time, based on your requirement. *This card cannot be used in India, Nepal & Bhutan.
3. Why should I buy a Prepaid Forex Card Vs. a Credit/Debit card?
A Forex card offers negligible or no transaction fee versus high Credit/Debit card transaction rates which can go up to 8.5%!
4.  What is Myforexeye ?
Myforexeye is a first-of-its kind platform to simplify the process of acquiring foreign exchange for your personal travel (Including students travelling for higher studies). It aims to insulate you from rate volatility, physical visits to money changer/bank, outdated currency, hassles of arranging hard copies of travel documents, and subsequent re-visits for reloading card and encasement.
5 . Why should I use Myforexeye ?
Myforexeye offers Prepaid Foreign currency travel cards which can be used globally to withdraw cash from ATMs and for making payments at merchant establishments. While we encourage our clients to carry prepaid forex cards as opposed to cash, as a convenient and safe alternative, we do understand the need for having spending cash in hand. To ensure the best of both, we also deliver USD 300 in cash, which takes care of all your immediate spending needs. In case you experience any technical difficulties in withdrawing money, we have made arrangements to deliver money to you at any point, anywhere in the world – a service offered by no other.

6. How can I make a purchase from Myforexeye ?

We have a simple and easy to use interface which simplifies your forex buying experience. Just register, view rates, enter travel details, choose currency, make payment, upload documents and viola..! Your card is delivered right to your doorstep. No more cumbersome DD’s or cheques which take forever to be cleared. Pay online by your preferred means via Debit, Credit or Net Banking.
7. Which currencies are Pre-paid Forex cards available in?
You may buy these cards from Myforexeye in eleven different currencies – US Dollar, Euro, Pound Sterling ,Swiss Franc, Australian Dollar, Canadian Dollar, Singapore Dollar ,Japanese Yen, Arab Emirate Dirham, Swedish Krona, Danish kroners , Honk Kong doller,new zealand dollar,Saudi riyal,Thai Baht though your card is loaded with a base currency, it can be used to withdraw local currency in a different country, after the application of a small conversion fee, giving you multi-currency flexibility
8. I see some rates displayed on your website. How often are these rates updated?
Rate are in sync with market updation and it can change without prior notice
9.  How early can I order my foreign exchange on Myforexeye?
You can order forex as early as 60 days before date of travel. Also the latest you can order your forex is 2 days before your scheduled date of travel - For instance, if your date of travel is the 10th, please ensure that you order your forex by the 7th.
10.  What are the documents required to get my foreign exchange Myforexeye ?
You will need to upload the following documents to avail your foreign exchange. Passport Copy (Kindly upload first and last pages – namely, Personal details page and the Address page). Visa (Not applicable if VISA is on arrival). E-Ticket. Delivery Address Proof. (For primary traveler) Admission confirmation letter. (If traveling on student visa) Please note: Per regulatory norms it is mandatory to show original documents for verification at the time of delivery. So, please keep them handy.
11.What documents can I use as delivery address proof?
The following documents are accepted:
  • Aadhar Card.
  • Permanent Driving license (Not Expired). (Except driving license issued by the Govt of Maharashtra)
  • Landline telephone bill/Electricity bill of Public and approved Private operators in the State (Not older than 3 months).
  • Ration card -Election card / Voters ID [if it has address].
  • Latest Property tax or water tax bill / Property tax paid Receipt.
  • Senior citizens card issued by the State /Central Govt. of India (if it has address)
  • Mobile postpaid bill (Not older than 3 months)
  • Photo ID card with photograph (issued by J&K & Goa State Govt.)
  • Photo Social Security Card issued by the Central/ State govt. /Union territories.
  • Pension payment card issued by State/Central Govt. of India with photograph of the applicant
  • IRIS scanned household Card with photograph (issued by Andhra Pradesh govt.)
  • Credit card statement where customer is primary card holder. This needs to be supported by photocopy of credit card. Credit card should not be expired. Credit card statement date should not be older than 2 months.
  • Government issued Photo ID card containing address: PAN (Permanent Account Number ) intimation letter addressed to the customer intimating the PAN.
12. Can I collect Forex on behalf of other travelers during delivery?
Unfortunately, No. As Per regulatory Know Your Customer (KYC) norms, persons availing forex should sign in-person at the time of delivery. Copies of uploaded documents will be provided to you, which need to be duly signed. To experience a smooth and speedy delivery process, please choose a delivery time that is convenient to you and ensure that all persons availing forex are present during the time of delivery at the address provided
13. How soon will my card be delivered?
For orders place by making complete payment online, immediately after your uploaded documents are verified, you will receive a call for scheduling a convenient delivery time. If customer chooses to pay by cheque then forex will be delivered after clear funds are received in service partner's bank account.
14. Is there a minimum amount to be loaded on the card?
The minimum loading amount allowed on your prepaid card is 200 units of a given currency (for JPY it is 20000 units.)
15.  How much Forex can I carry on a Leisure/Private trip?
For tourism or leisure trip, (other than to Nepal and Bhutan) any Indian resident can obtain foreign exchange up to an aggregate amount of USD 10,000 equivalent- in a financial year, on self-declaration basis, irrespective of the number of visits undertaken during the year. For Instance, assuming the exchange rate is on a particular day is 1 USD – 60 INR, a person can buy foreign exchange up to 6,00,000 INR, considering that there was no foreign exchange purchase made by this individual in the current year. Likewise, if the rate for 1 GBP = 85 INR, the buyer is entitled to purchase a maximum of GBP 7058 (6,00,000/85). The permissible limit for other currencies can be calculated in a similar way, that is by using 10,000 as a benchmark.
16. I am travelling on a business trip. Can I avail foreign exchange for personal expenses from Myforexeye ?
Yes you can. This limit of USD 10,000 can be used for personal expenses on overseas travel
17. Is there any insurance provided with the card?
Yes, your forex prepaid card bought from Myforexeye comes with an insurance cover including one for lost card liability, counterfeit card liability etc. Detailed information is available in your card instructions booklet. Call us on +91-120-6500741-42 if you need to know more on insurance options.
18.  Can I use my Forex card on Internet?
Yes! Cards made available to you through Myforexeye can be used for online transactions, but certain regulatory norms have to be followed. – You first need to login to your card account, activate the card for internet transactions, generate an online window which remains active for a certain period and then proceed to make a transaction. This process ensures that your transaction is safe, secure and free from phishing attacks that are usually known to plague conventional credit cards.
19.Can I track my transactions while I am travelling abroad?
Yes, your Prepaid Forex travel card bought from Myforexeye comes equipped with an internet login which allows you to monitor your spend. You can also choose to receive SMS alerts by updating the mobile number available on your travels abroad.
20. Are there any additional charges applicable for the usage of the card?
We recommend the card to be used at POS with the base currency loaded to avoid any other applicable charges. Schedule of charges is available in our general terms and conditions page, and is subject to change by card issuing bank. For any specific assistance get in touch with us @ 91-120-6500741-42
21.What is a 'Pre-Auth transaction' that is done during hotel check-in and car rental, etc.?
Pre-authorization transaction involves the blocking of a certain amount by the service provider for safe-guarding their payments due. We recommend that the prepaid forex card should not be used for this purpose. While checking-in at the hotel or booking a cab please make the advance payment of the required amount, instead of allowing the service provider to block the required amount. Further, when the service is completed, the balance amount can be paid by re-swiping the card. In case you have you have already used your card for such transactions please follow the following guidelines. At the time of checking out of the hotel/settling the bill, you should: Ask the executive to settle the final bill against the pre-auth that was taken. Ask the executive to cancel the pre-auth (credit back the amount) that was taken and settle the bill by taking an authorization for the actual bill amount. Ask the executive to provide you with the cancelled or VOID transaction slip for the same transaction and present the same to your bank for reversal of the unsettled transaction. In the event of the Merchant neither reversing the amount nor providing you with the VOID transaction slip for submission to your bank, card issuing bank would credit the amount back to your account after 30 days.
22. What should I do if the merchant says that my forex card doesn't work?
Please ask the merchant to ensure that he is swiping your card through a credit card terminal and not a debit card terminal. He also needs to ensure that the machine is online and connected. In case both these scenarios don’t work, please report it to us immediately.
23.  How do I block my card if it is lost or stolen?
You can block your card by logging into your account online, or by calling the card-issuing bank’s helpline directly. You may simultaneously get your additional/secondary card activated and start using it.
24. Can I load multiple currencies in one card?
Yes, We offer multi currency card, so that you can use the same card even if you are traveling to various countries in same or different visits
25. Can I use this card in any country irrespective of the currency loaded?
Yes, once your card is active and loaded with the requested amount it can be used anywhere around the globe. Minimal cross currency conversion rate will be applicable if used in a non-base currency location. For instance, if you choose These cards cannot be used in India, Nepal and Bhutan.
26. Can I buy multiple Forex cards?
Yes, you can purchase multiple cards based on requirement, but we suggest that you maintain only one card per currency to help you keep better track of transactional details.
27. Can I retain foreign currency balance on my card after returning to India?
Yes, you can retain the card if the leftover balance on card is less than USD 2000 or its equivalent. In case the balance exceeds this limits, per regulatory norms, you are required to surrender it in not more than 180 days of your return.
28. How do I know that my card is funded?
You will receive an SMS alert on your registered mobile number every time you load/reload. Alernatively, you can log in to your account and check your card balance. You can also check fund status at a card issuing bank’s ATM (please note: balance will reflect in equivalent rupee). Or you can just pick up the phone and call us for fund status anytime!
29.How can I draw cash from an ATM while abroad?
You can withdraw cash from any networked ATMs by paying a nominal charge. Kindly ensure that you select the type of Account as "Checking / Current" or "Credit”. The Savings option will not work for prepaid Forex Travel Card.
30.Can I check the balance of my card in an ATM?
Yes you can check the balance in most ATMs abroad, and you’re the figures will be reflected in local currency. Please note that this might incur a nominal fee. However, You can check your balance on your online account free of cost.
31.Can I withdraw any amount using my card?

31. Can I withdraw any amount using my card?
You may withdraw any amount using your travel card if sufficient balance is available on the card. Cash withdrawal is confined to certain amount per transaction to enhance the security feature of your card. The table below gives an approximate applicable limit for daily withdrawal. Please note these limits may vary based on the ATM operator and hence should be used for reference only.

USD Card USD 2000
Swiss Franc Card CHF 2000
Canadian Dollar Card CAD 2000
Australian Dollar Card AUD 2000
Euro Card EURO 1500
British Pound Card GBP 1000
Singapore Dollar SGD 2500
Japanese Yen JPY 2,00,000
Arab Emirate Dirham AED 7500
32. Is my card protected from unauthorized use?
Cards purchased from Myforexeye are highly secure from unauthorized usage. For any ATM transaction you are required to input your secured ATM pin. Upon four unsuccessful attempts to input this pin, your card will be blocked immediately. At any POS, your merchant has to match your signature on the card with the one on your charge slip. To aid this, please ensure you sign on the signature panel immediately after receiving your card.
33. What should I do if I forget my ATM PIN?
You can reach out to us and we will get it regenerated. Call us at 91-120-6500741-42.
34.What should I do if I have lost both the cards?
If you have lost both your primary and secondary card, you may call our helpline and request for a replacement card.
35.  When and how will I get my replacement card?
Your replacement card will be sent to you by courier. You will receive the same in 48 hr to 7 working days depending on your location.
36. Do I use the same PIN for my replacement card?
No, your replacement card will be send along with a fresh ATM pin.
37. Is my card safe if couriered?
Your card is inactive when couriered to you. Only after you receive and confirm the receipt by calling our customer care, and after a complete verification process, will your card be activated for use.
38. How can I apply for refund of balance amount on my card?
You can login to your Myforexeye account and apply for a refund of balance amount on card. Refund will be processed in 72 hours. In case of some unsettled transactions please allow between 11 to 30 days for these transactions to be settled, before this refund is credited to your account. You will receive an SMS alert on your registered mobile number after the transaction is completed.
39.What rates will be applied for my refund process?
Your forex card refund will be done per the prevailing buy rates as displayed on our website.
40. What happens if a transaction is cancelled?
We will try our best to ensure that this situation does not arise. However, if the transaction is cancelled due to some unavoidable technical issues or regulatory norms, your order amount will be refunded after deduction of payment gateway charges
41.How can I cancel my order?
You can write in to us with the subject line "Cancellation for Order No:" and request a refund. Please note however that the amount will be refunded after a deduction of payment gateway charges (1.25% for Debit card, 1.75% for Net Banking and 2.25% for Credit cards) and Rs.350 towards Operational charges..
42. Is my travel card enabled for MOTO (Mail Order/Telephone Order) transactions?
Yes, you can use your travel card for transactions over phone or through mail. Please note that prepaid cards are not suitable for pre-auth transactions at hotels/car rentals etc. Always make complete payment rather the blocking the amount.
43.Is the forex card, a chip card or a magnetic strip card?
For enhanced security features, all major currency cards available through Myforexeye are chip based cards. These cards are more secure than conventionally used magnetic strip based cards. Considering that some merchants may not have this advanced facility, these cards are built-in to be used at even swipe-in terminals where only strip cards can be used.
44.  How long will it take to reload my card?
Your card is inactive when couriered to you. Only after you receive and confirm the receipt by calling our customer care, and after a complete verification process, will your card be activated for use.
45. Got more questions for us?
If you have more questions for us, feel free to write in to us at ffmc@myforexeye.com or call us on +91-120-6500741-42.
46.Will I get a spare card for all currencies?
You will be provided a spare card if you order a prepaid card only with the following 11 currencies with -
  • Australia Dollars (AUD)
  • Canada Dollars (CAD)
  • Euro (EUR)
  • Japan Yen (JPY)
  • Singapore Dollars (SGD)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • Switzerland Francs (CHF)
  • United Arab Emirates Dirhams (AED)
  • United Kingdom Pounds (GBP)
  • United States Dollars (USD)
    • For all other currencies only 1 card will be provided without a spare.


1. What is Transaction Process Outsourcing?
Transaction Process Outsourcing (TPO) is a concept devised by Myforexeye to bring Treasury front office services to corporate and HNI clients in India. The service helps corporate limit transaction costs in the forex markets by brining transparency at affordable cost.
2. Who are your competitors providing similar services?
We haven't heard of any company selling similar services in India. We are the pioneer to have launched this revolutionary service.
3. What are the benefits of Transaction Process Outsourcing?
TPO has many benefits -
a) It helps corporate freeze their financial trasaction costs while dealing in foreign exchange markets;
b) It helps corporates engage with forex professionals to keep an eye on their transactions and
c) Reduce the cost of operating their own treasury set-up by outsourcing it to a third party.
4. How do we ascertain the benefits our company will accrue from this service?
The Relationship Managers at Myforexeye engages with finance teams to do a short audit on the previous transactions to ascertain the current costs. This current cost forms the basis of the benefits this company will accrue in future. The dealer team at Myforexeye will provide One Trial Transaction to demostrate the difference we make while covering the transaction with the same bank.
5. Do we need to change our bank to avail this services?
We don't advocate client's to change their banks. We believe bank is a partner in their businenss in different form and shape. Currently, we service 310 clients Pan India who bank with 44 banks. We have been able to convince clients and banks to process transactions once client manadate is shared with the bank and us. Mandate is a letter of authority in favour of Dealers at Myforexeye to cover transactions on behalf of clients.

6. We know there are differences in the exchange rates quoted by the bank. We have tried to persuade the bank many times but they don’t listen to us. Why would they listen to you?

That is good news for you. We are happy to note that you have taken congnisance of the fact that bank has charged you over and above what was agreed. The dealers at Myforexeye have been successfully convincing banks on the prevailing inter-bank, Cash/Tom rates. Though in some cases it may take us 2-3 transaction to bring the bank at par to our costs and requirements. Dealers at Myforexeye need a supportive and understading client to quickly normalize the operations.
7. Do you have a RBI approval to undertake this business?
We are a corporate entity which is not governed by Reserve Bank of India (RBI). Nevertheless, RBI guidelines doesn’t restrict any third party intervention in forex dealings. They only want the transaction (cash flow) to be routed through a Authorized Dealer (AD). We have been successfullly concluding transactions for 290 companies since May 2014.
8. In case we outsource this activity to Myforexeye, will it affect our relationship with the bank?
We are extremely sensitive of the fact that Client relationship with the bank is prime. At all times we ensure that all our interactions with the bank are professional, cordial and smooth.We have ensured all interactions with the banks are done on a recorded line to safeguard interests of our clients and dealers. We have zero-tolerance for non-compliance on this front.
9. What is a dealing room? How is Myforexeye dealing room different from that of a bank?
A dealing room is a place where financial transactions are undertaken on real-time. The room is equipped with all systems to assist dealers to undertake transactions in a secure and timely manner. When we say secure, it means, all transactions are audio and video recorded.
10. How securely transactions are handled by Myforexeye dealers?
The dealing room has a restricted entry and only dealers appointed by Myforexeye can enter that premises. The systems are secured and encrypted to protect client information. Further, we don’t seek ask for information which is privy to clients and their businesses. Only information sought is Amount, Currency, Nature of Transaction (Export/Import), Type of Transaction (Cash/Tom/Spot/Forward) and the bank.
11. Can Myforexeye time the market during the day to capture day's high/low for our transactions?
Yes we provide the service of timing the market for a good rate for client transactions. Our dealers are required to cover the transaction as and when a request is received from clients. Yes, we can surely watch for any particular levels which is client wants to transact at. Once those levels are traded in the market dealers at Myforexeye will inform the client.
12. What if my bank doesn't allow us to outsource this service?
It is not in the interest of the bank to allow Corporates to outsource this service. It has a direct bearing on their profitability. A large portion of any banks profitability comes from Treasury operations. The important point to note here is why do they discourage intermediaries? They do have intermediaries for loans, liabilities, retail loans like Home, Personal, Vehicle etc. The simple and obvious answer is this intermediary is working to save client cost. Had Myforexeye approached the bank the other way round we would have received a warm welcome.
13. We would like to avail free trial service to ascertain the benefits? What is the policy on Free Trial?
Myforexeye acknowledge the fact that this is a new concept and most of the prospective clients are hearing about it for the first time. To demostrate the benefits we provide One Free Trial to clients. We also guarantee to show them a difference in the market rates and rates quoted by banks.
14. What is the documentation required to avail this service?
The documentation is very basic and easy. We have a service level agreement to be signed by the client and us which has all the Do's and Don't's of this service.
15. What is a bank margin? How does bank ascertain bank margin for a particular client?
Bank Margin is the commission which the bank charges over inter-bank rates. In most of the sanction, it is not mentioned by the bank. The treasury decides on case to case basis. The bank does an analysis of the relationship to arrive at the margin to be charged from a particular client.
16. Can Myforexeye negotiate a better bank margin fixed by the bank?
No, we don't undertake task to negotiate bank margin with banks on behalf of clients. We provid basic advisory on the range of bank margin basis the turnover and industry.
17. Does RBI has any control over these rates?
No, RBI doesn’t have any control over the rates quoted by banks. The rates in forex markets are quoted Over-the-counter (OTC) and volatility is very high. Also, the marketable lot in the inter-bank market is $250k below which banks covers their position by aggregating. Clients needs to put in place systems to watch the volatility and real-time rates to control cost leakages.
18. How transparent is TPO services from Myforexeye?
All client orders and subsequent cover with banks are taken over recorded lines. The deal confirmation comes with the exact time of the transaction covered with the bank. A client can request for the voice recordings for some of the transactions randomly to keep a check. The IT team at Myforexeye is working on providing complete information on the transaction on our website through a User ID and Password for each client.
19. What if disruptions are caused by bank to let Myforexeye book rates with them on behalf of clients?
The bank covers transactions with people mentioned in the Board Resolution (BR for Companies) and Letter of Authority (Sole Proprietor/Partnership Firms). It is the prerogative of client to assign this responsibility on the person. Most SME Corporates doesnt have the know-how of the forex market operations. In case, they decide to hire treasury professional, the costs are too high. Thus, Myforexeye provides a cost-effective outsourcing model.
20. Does Myforexeye have any references of clients availing these services?
The references are shared subject to client permission. At all times, we keep client transactions private and confidential. A prospective client can ask the Relationship Manager at Myforexeye to provide industry/location based references. Additionally, we keep updating Client Testimonial section of our website to share opinions and feedbacks.

21. We have got a screen provided by bank which flashes online rates. What is the value proposition in such cases for clients?

Yes, technology is the answer for the future. Many MNC and Private sector banks are offering transaction portals and Live screens to their clients to improve efficiency and reduce costs. While we conduct trial transactions for clients having Online rates from banks, we have shown them the difference in the rates. The back-end of all such screens is administered by banks and is prone to tweaking. We have 4 such clients who have shifted from Screen based transaction portals to manual coverage by Myforexeye dealers.
22. What can cause a time delay in covering transactions with the bank and how does it affect clients?
Myforexeye has created additional capacity in the dealing room to conclude transactions in a timely mannner. As soon as we receive a transaction, dealers contact the bank officials for rate covering. It usually takes not more than 3 minutes to cover a particular transactions. Yes we admit that while on boarding a new client, it takes 2-3 transactions to smoothen the operations. It is important to bring bank officials in the know how of the change of operations.
23. How does Myforexeye manage their relationship with the banks with whom they cover client transactions?
Myforexeye works for its clients. Our relationship with the bank is Limited to the extent of covering transactions. We keep an eye on all client transactions to limit any leakages in rate offered by banks.
24. Why should clients trust Myforexeye with their transactions?
TPO is a revolutionary service which can reduce costs upto 2% on each transactions. We have shown maximum difference of Rs.2.50 per Dollar on rates offered by banks. This difference increases in case of forward contracts and cross-currency transactions. A start-up company is on boarding 2 clients per day out of 13 locations with 23 Sales Managers. We are working hard to service 1500 clients by March 2016 covering transactions worth USD 4 billion for our clients.
25. What all client segments does Myforexeye service?
Myforexeye covers the entire spectrum of corporate clients in India. Our smallest client is a garment exporter in Gurgaon with an annual turnover of USD 80,000. We saved Rs.2 per dollar on USD 35000 remittance. On the other extreme, we cover transactions for clients with annual forex volumes of USD 350 mn. Our sales discussions are on with clients with over USD 1 billion wallet size.