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Travelling Abroad? Here’s the best way to manage your expenses

Travel. Just reading the word (or typing it, for us) can fill you with euphoria and longing. It is such a magical word, beckoning you to let go of yourself and be entranced by the enchanting world out there. Travel and vacation are synonyms for most of us  now and let’s be honest, what’s a vacation if all you plan on doing is staying cooped in your room, re-watching episodes of Friends over and over again. It is fun, don’t get us wrong but isn’t that what you do on other days also? Vacations are meant to be days where you’re no longer bound by the mundane, everyday routines. Vacations are meant for adventure. And adventure means travel.

You read this paragraph and start prepping for your vacation. You read blogs and speak to friends regarding travel and look for tips to prep for your vacation. You find blogs with checklists about what you should  pack  and things that you’re likely to forget. There are blogs that’ll advice you on how to save money for said vacation.

However, while prepping for this vacation did you give thought to how exactly you could or should manage your  expenses while on the holiday or while travelling? How do you plan on financing the expenses that will come your way on the course of your journey?  Is cash your only option? If it is, then you might have to rethink your travel plan because cash isn’t the most safe option.

There are other financial products and options that will help you  with your finances while also being  a safe alternative to cash. Further on in this article we’ll guide you  through one of the best  alternatives to cash for managing expenses while travelling and provide you a holistic view about these products.     

Forex cards

Forex cards are slowly becoming the norm instead of the exception when individuals travel abroad nowadays. A Forex card is a foreign exchange prepaid card that can be used overseas and can also be loaded with multiple currencies. It can also be considered the next generation of travel currency cards that let you preload the card with a single foreign currency. Forex cards are prepaid credit cards which can be loaded with currencies of one or more countries thus offer travellers the convenience to use the card just like a debit or credit card.

Advantages of Forex card

  • Helps you travel cashless

Whether you visit a foreign location once in a while or quite frequently, carrying cash is one of the important aspects. As one country’s currency is not valid in another country, we cannot carry cash in Indian currency. Similarly, not all the debit cards or credit cards are allowed for use in other countries. We can neither pre-book each nor every aspect of our travel. Hence, we certainly need a way to carry money to foreign locations which is where a Forex card comes in. There is a constant fear and risk of losing your wallet or being robbed when you go for a vacation. Cash is a  risk to carry while travelling and there is no guarantee that you can get back. Most often than not, individuals that have lost cash do not get it back. A Forex card eliminates the need to carry cash on your travels abroad. Karan Anand from Cox and Kings Ltd., a tour  and travel company, said that they have noticed that most people carry about 90% of their forex requirements on forex cards and about 10% in cash, which he says is a good strategy since, in the scenario that your card gets lost, the thief will be unable to use it as it requires a PIN while the loss of cash is most often than not unrecoverable.

  • Multiple currencies

A Forex card can be loaded with single as well as multiple currencies. In the case, that you’re visiting multiple countries with different currencies, it’s always easier to have those varied currencies loaded onto you card rather than having to constantly look for currency exchangers and keep exchanging your currency. Furthermore, using a Forex card with multiple currencies loaded in it makes it easier for travellers rather than using two or more cards loaded with different currencies each.

  • Low risk

A Forex card is much safer than other forms of money owing to its nature of being a purely financial product. Often when people use cards abroad, there is a very high risk of frauds and card cloning. As a result of this risk, banks when they suspect fraud try to connect with you for confirmation. Banks are highly alert about a possible suspect transaction and they make sure that no such thing is happening to their loyal and valuable customer. In case of doubts, they will block the card. The benefit of Forex card is that simplifies this issue by eliminating the need credit cards in the first place. Imagine if your card gets blocked on grounds of suspicion and you are left penniless in a foreign country. A Forex card is made to save yourself from situations like these as it isn’t linked to your bank account, thereby, helping eliminate risk  of any kind.

  • Ease of possessing a duplicate card

As above mentioned, one of the risks of carrying cash is that once stolen or lost, you cannot reclaim it or get it back, it’s gone forever (quite a dismal thought, we agree). You’d think the same applies for a Forex card that once it is lost, it is lost. However, one of the benefits of the Forex card is that you can get yourself multiple copies of the same card for yourself. In  the instance of the loss of the card or theft, you can simply call the customer care, inform them and then get your duplicate Forex card activated within the next twenty-four hours, thereby, ensuring that the remaining money is safe with you.

  • Automatic currency detection

Forex cards provide you with the opportunity or rather facility of changing to the country’s currency, the country to which you are travelling. In the case of an individual that’s planning on travelling for a longer time, a Forex card is convenient and saves these individuals from the hassle of changing currencies from one country’s foreign exchange to another. Moreover, since all these countries have different exchange rates, individuals can lose money while exchanging it. This risk is eliminated while using Forex cards. A Forex card also saves you from waiting in long lines and queues at currency exchange offices. 

  • Ease of recharging

With a Forex card, those individuals that travel constantly for long  periods of time can simply reload currency on their Forex cards. When travelling to foreign, exotic locations, Forex cards save you from the risk of having to withdraw cash from unreliable ATMs.

  • Better exchange rates

Most people tend to exchange currency for foreign travel in the summers. While doing so, it so happens that the amount of  floating currency is  lesser, which automatically increases the cost of exchange because of the increase inn demand. With a Forex card, that problem does not come into account as it is through the card and cash is not needed. This results in a scenario where individuals get more foreign currency while using Forex as opposed to going to a currency exchanger, especially those  at airports.  

  • No withdrawal fees

Unless you possess a premier credit or debit car with additional features that do not charge you for withdrawals from foreign ATMs and eliminate the withdrawal fee, you will have to pay a certain fee for these withdrawals, which although seem tiny and probably negligible for one transaction, add up to huge amounts later. Forex cards help eliminate this issue of a chargeable transaction fee.

  • Prevents overspending

It is a norm that international credit cards generally have an overdraft facility. This simply means that even if you have surpassed your transaction limits, you can continue spending more money. With Forex cards, however, there is a limit on the amount of cash that can be recharged as the individual desires, without the worry of overspending. Thus, Forex cards also help you manage your money and finances wisely.

  • Cashback offers

Most Forex card issuers also offer Forex card holders certain cashbacks. Forex card issuers generally have ties with retailers across the globe which enable them to offer exciting cashback offers to card holders when they shop with those retailers.

  • Cash withdrawal from any ATM

Forex card holders can use their Forex card to withdraw money from ATMs wherever they are. The Forex card will automatically detect their location and dispense money in the currency of that location. Card holders, however, will be charged a base withdrawal fee per transaction at the ATM.

Forex cards, clearly, are the to-go while travelling and vacationing. Do not hesitate to get yourself a Forex card for your travels and get some of the best offers on a Forex card here.

And happy travelling!


 

Related articles:

Here’s how bank deposits can help you to plan for your next trip

Forex Cards: Another reason to travel more

4 best forex cards for your next international travel

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