Paytm Forex now live...

Paytm Forex now live...

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Paytm Forex now live…

Q – What are the various products that are offered?
A – Our partners offer two products – Forex Card and Forex Cash

Forex Card – Forex Cards are prepaid cards that you can use for making payments abroad. You can load multiple currencies in the card and also top it up if required. You can use the card to withdraw Foreign Currency notes, swipe at a POS machine to pay for your purchase.
Forex Cash – Forex Cash are foreign currency notes, of which you can carry up to US Dollar 3000 or equivalent. The remainder amount can be carried in a safer form such as a Forex Card.
Q – What are prepaid Forex Cards?
A – Prepaid forex cards are Visa/Mastercard cards and are accepted globally at most ATMs and stores. Prepaid cards are the most recommended and the safest way of carrying currency.

Q – Can I check the balance of my ATM card?
A – Yes you can check your balance either online or in most ATMs abroad. However, the ATM checking might incur a nominal fee.

PLACING AN ORDER
Q – How do I buy Forex(Cards or Currency) on Paytm?
A – You may place an order on our website.

Choose your product (Card or Cash) or select from one of our popular products. After selecting the product, choose the currency and enter the amount you want to purchase. You may add multiple products by clicking “Add another product”. Eg: If you want $1000 in Card and $500 in Cash,
Select Card as your product
Select USD as your currency
Enter 1000 as value
Click on ‘Add another product’
Select Cash as your product
Select USD as your currency
Enter 500 as value
Make a small partial payment to lock in the current rates – Provide the information required to book your Forex and proceed to make the partial payment.
Q – What happens after I place an order
A – Once order is confirmed, you will receive a service call from the Forex Service Provider within 4 hours. In the call, your order details will be confirmed and you’ll be asked to send documents as well as be given the bank a/c details to make the remaining payment. Once you have sent the documents and paid the remaining amount, your Forex will be dispatched from the nearest branch office to your home address.

DOCUMENTATION
Q – What are the documents I need if my purpose of travel is Personal Visit?
A – The documents needed for Personal Visit are:

Passport
PAN Card
Air Ticket
Visa if applicable
You may be asked for other declarations by your service provider as applicable.
Q – What are the documents I need if my purpose of travel is Business Visit?
A – The documents needed for Business Visit are:

Passport
PAN Card
Air Ticket
Visa if applicable
KYC documents of the business -
Memorandum of Association
PAN Card of the company
Shareholding pattern of the company if listed
List of directors
Authorization letter on company letterhead
You may be asked for other declarations by your service provider as applicable.
Q – What are the documents I need if my purpose of travel is Overseas Medical?
A – The documents needed for Overseas Medical are:

Passport
PAN Card
Air Ticket
Visa if applicable
Estimate from Overseas Hospital or local doctor
You may be asked for other declarations by your service provider as applicable.
LIMITS AND REGULATIONS
Q – How much foreign currency can I take with me?
A – As per regulations, the maximum limit for foreign currency is US Dollar 250,000 or equivalent in a financial year. However, only $3000 of that amount can be carried as currency notes; the remainder has to be in the form of prepaid forex cards. No Forex Products are available for visit to Nepal/Bhutan for any purpose.

Q – How much foreign exchange can be availed for a business trip?
A – For business trips abroad to countries other than to Nepal and Bhutan, a person can avail of foreign exchange up to US Dollar 25,000 per visit.

Q – How much foreign exchange is available for studies abroad?
A – US Dollar 250,000 or equivalent per academic year can be availed. In case the estimate received from institution abroad is higher, the same needs to be supplemented with requisite documents while procuring.

Q – How much foreign exchange can be availed if I am going abroad for employment?
A – A person going abroad for employment can purchase foreign exchange up to US Dollar 250,000.

Q – What is the foreign exchange (limit) in cases of overseas medical treatment?
A – Up to US Dollar 250,000 or its equivalent for the patient going abroad for medical treatment or checkup. Upto US Dollar 250,000 for accompanying as attendant to a patient going abroad for medical treatment/checkup. Personal Visit entitlement of US Dollar 250,000 per annum can be availed over and above the specified amount under this scheme.

Q – Can I use Forex Card in India?
A – Since this is a Foreign Currency card, usage is limited only to foreign countries excluding India, Nepal and Bhutan as per RBI guidelines.

REFUNDS AND CANCELLATIONS
Q – I want to cancel my order. How do I initiate a cancellation?
A – You can call our customer care number: 99168 99168

Q – What is the amount of refund I get if I cancel my order?
A – The refund depends on the stage and reason for cancellation. In cases where there is a deficiency in service of the Forex Service Provider (like delayed delivery) the money will be refunded in full. In other cases, the partial payment amount will not be refunded.

CHARGES
Q – What are the various charges associated with the use of the cards?
A – The details of various bank’s charges can be found below :

HDFC Bank
ICICI Bank
Axis Bank
WHAT HAPPENS AFTER I RECEIVE THE FOREX CARD
Q – How do I activate my Forex Card?
A – To activate your Forex Card, you need to follow the steps given in the welcome kit that you receive. In case you haven’t received a welcome kit, please contact our customer support for assistance.

PAYMENT METHODS
Q – What is partial payment? Why do I have to pay in advance?
A – Forex rates are subject to change periodically, and we update our rates on a real time basis. Fulfillment can take upto 48 hours, during which the rates will change. To fix the rate that you see in our website, we collect a partial payment on behalf of our Forex Service Provider.

Q – What modes of payment do you accept?
A – Currently, we are accepting credit card, debit card and netbanking as modes of payment. Other payments will be added soon.

Q – How do I make the remaining payment?
A – Once your order is confirmed, you’ll get a call within 4 hours from the Forex Service Provider. In the call, you’ll be given detailed information of documentation as well as the bank details to which you have to transfer the remaining amount. Once the amount is paid, only then will the delivery be dispatched.

MISC
Q – Can I transfer money from my Forex Card to an overseas bank account?
A – No, transfer from Forex Card to bank is not possible.

Q – How do I block my card if it is lost or stolen?
A – You can block your card by logging into your card-issuing bank account online, or by calling the card-issuing bank’s helpline directly.

Q – Can I retain foreign currency balance on my card?
A – 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 limit, per regulatory norms, you are required to surrender it in not more than 180 days of your return.

Q – Are Rates updated on the Paytm Feed?
A – The rates displayed are constantly refreshed on a real time basis.

Q – What currencies can be loaded onto the Forex Card?
A – You can find the list of currencies that we currently offer below :

US Dollar – USD
Thai Baht – THB
Euro – EUR
United Arab Emirates Dirham – AED
Singapore Dollar – SGD
Great Britain Pound – GBP
Australian Dollar – AUD
Canadian Dollar – CAD
Swiss Franc – CHF
Hong Kong Dollar – HKD
Japanese Yen – JPY
Chinese Yuan – CNY
Danish Krone – DKK
Swedish Krona – SEK
New Zealand Dollar – NZD
Saudi Riyal – SAR
Malaysian Ringgit – MYR
South African Rand – ZAR
Norwegian Krone – NOK
Q – How is GST calculated on Forex Products?
A – A GST of 18% will be calculated on taxable value as determined by the following slabs. The slabs are additive in nature:

Slab 1, upto ₹1,00,000: 1% of the transaction value in this slab is the taxable amount, subject to a minimum taxable amount of ₹250.
Slab 2, ₹100,000 to ₹10,00,000: 0.5% of the transaction value in this slab is the taxable amount
Slab 3, more than ₹10,00,000: 0.1% of the transaction value in this slab is the taxable amount
Minimum GST that needs to be paid is ₹45 and is capped at ₹60,000

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This can be used on online websites, right ??

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