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Forex Cards: Another reason to travel more

Forex cards can supplement cash and credit cards on your foreign travel. Here are some of the advantages and disadvantages of forex cards.

Are you a travel bug? Do you love travelling to different countries and experience different culture and cuisines? Or do you want to try adventure sports of the different countries? If the answer to all the questions is a yes then you would love to know about a product that will take your overseas related money issues to rest

What is forex card?

Forex card is a necessity if you love travelling to different countries. Forex card is a foreign exchange prepaid card where you can load the card with various foreign currencies. When travelling overseas, just having cash may not be sufficient and hence it is important to diversify your wallet between cash, credit cards and forex cards.

Forex cards
Forex cards

Benefits of Forex cards

There are many benefits of forex cards.
Loading currencies on forex cards give you better exchange rates than buying foreign currency as forex card is a cheaper alternative than currency.
With a forex card, you can be relatively immune to the fluctuation of currency value in the forex market. E.g. If you have loaded $1000 in your forex card, the value will remain same irrespective of the market fluctuations.
It is a prepaid card and hence it is one of the safest options when travelling to a different country. It is better than carrying stacks of different currencies. With a forex card, you can withdraw local currencies from the ATM. You can pay for the various expenses on your foreign trip such as rail tickets, taxis, restaurants bills and shopping etc. Additionally, there is less risk of losing your money through theft or if you misplace your wallet.

Forex cards also score over credit cards. Although it is okay to use a credit card when travelling abroad but it can turn out to very expensive. Credit cards come with conversion charges when used overseas and there are additional fees if you withdraw from an ATM. Forex cards have less charges than credit cards.

There are different types of forex cards as well meant for different customers. There are cards meant for frequent travellers, students and you can load a single currency or multiple currencies in one forex card. Or else, you can use a single currency forex card.

With a forex card, you can track your spending and transactions. You can also encash the remaining leftover foreign currency to your home currency and hence your remaining balance will not be wasted.

How to get forex cards?

You can get a forex card easily from a bank or an authorised forex dealer. You can also buy a forex card online through the various bank websites and other dealers. All you have to do is fill up the application form with personal details, amount of foreign currency etc, and submit a self attested photocopy of one’s passport. A few banks and dealers may also ask for a copy of the visa as well for confirmation.

Not so good points of Forex cards

Forex cards also come with additional fees such as activation charges, ATM use abroad charges, inactivity fees, redeeming funds fee etc. Hence, it is important to research about the different charges that are applicable on the different forex cards and select the forex card accordingly.

Prepaid travel cards may not be accepted by all merchants. Many shops in the developed countries prefer payment by cash. Also, hotels too may not accept forex cards as they prefer a credit card as it is seen as a safer means of payment.

Forex cards may not be immediately available as it can take up to 3 days for the funds to be used.

Conclusion: Forex card is a necessity if you love travelling to the different countries. Whether you are a student residing in a different country, business person with multiple foreign trips or a travel bug, there is a travel card for everyone. However, you should select the best forex card only after you had researched about the different forex cards in India. So, choose your pick accordingly.


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