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– Multi Currency ForexPlus Card can be used for transactions online on all major e-commerce platforms. During payment check-out at e-commerce platforms, the transaction will be authenticated either with OTP or Prepaid Card Netbanking password. I recently visited Dubai for the Shopping festival. It was a delight to carry this card. No cash required, pay by card and that’s it. Saved me the hassle of carrying cash and calculating currency conversions every time I would shop. Moreover, I used my Indus Forex card for withdrawing money from a VISA ATM there. Say bon voyage to forex fees! Niyo debit and credit cards offer zero forex markup fee*, always! Maximise your savings by up to 5% on every swipe abroad. No, the card cannot be used in India, Nepal & Bhutan. Balance inquiry is allowed free of charge in ICICI Bank ATM in India (Not available for Multicurrency Forex Prepaid Card). However balance available on the card will be reflected in the INR (Indian rupees) but actual balance will be the same what was available in the loaded currency.
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To sum up, the RBI manages forex reserves, SEBI regulates the brokers, and FEMA sets the overall guidelines for forex transactions. Last updated: 13 06 2024 IG provides an execution-only service. The information in this site does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of or solicitation for transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. So, are unregulated Forex brokers scams? No, but not all unregulated brokers are trustworthy. Because there’s no one watching them closely, traders can be in more danger. Always be careful when dealing with unregulated Forex brokers because it’s risky. If there’s a problem, you’ll only have the company’s word to rely on.