A Forex Card or Foreign Exchange Card can make travelling overseas hassle-free for a person. Gone are the days when a person had to go to the foreign currency exchange center every time he/she landed in a foreign country to get local currency. A Forex Card allows the customer to store and electronically transfer money when he is travelling abroad. A person can also use this card to withdraw currency from an ATM located abroad when currency has been loaded into it. Their wide acceptability is due to the fact that they are registered with either the MasterCard network or the Visa network.
Furthermore, such cards can be both single currency as well as multi-currency cards. Multi-currency cards allow a person to seamlessly travel to multiple countries without worrying about cash crunch.
The various benefits of forex cards are:
• Better exchange rates: Usually, loading currencies in this card offer better exchange rates in comparison to purchasing foreign currency as cash. For example, you will usually get an exchange rate markup difference of 50 paise while using a Forex Card. The difference becomes Rs 2 when you buy US dollars with cash.
• One major benefit of using Forex Cards is that once you have loaded in money in the card, you can stop worrying the fluctuating exchange rates. The money then will become immune to the fluctuations in currency rates and you will be able get full value of the amount that you had put in.
• Needless to say, it is much safer to carry a Forex card that comes with a chip and pin technology than to carry cash. The safeguards that are present in a Forex Card enable you to immediately block it if it is stolen or lost. The balance also becomes frozen and prevents miscreants from getting access to your account. You also have the option of activating a secondary forex card and getting your available balance transferred there.
• Forex cards allow you to carry multiple currencies at once and ensure a seamless travelling experience. Some banks in India allow you to carry up to 16 different currencies like the Australian Dollar, Japanese Yen, Hong Kong Dollars, Euro, US dollars and others.
• You will incur much lesser transaction charges by using a Forex card abroad when compared to the cost incurred while using Debit and Credit cards.
• Dynamic Currency Conversion fee will not be applicable when a person uses a Forex card abroad. This fee is charged when a person uses debit or credit cards for making any transaction.
• Forex Cards have become universally recognized and accepted. It has made life much easier for travelers. It is accepted by most financial institutions, shops, restaurants and other places.
Furthermore, such cards can be both single currency as well as multi-currency cards. Multi-currency cards allow a person to seamlessly travel to multiple countries without worrying about cash crunch.
The various benefits of forex cards are:
• Better exchange rates: Usually, loading currencies in this card offer better exchange rates in comparison to purchasing foreign currency as cash. For example, you will usually get an exchange rate markup difference of 50 paise while using a Forex Card. The difference becomes Rs 2 when you buy US dollars with cash.
• One major benefit of using Forex Cards is that once you have loaded in money in the card, you can stop worrying the fluctuating exchange rates. The money then will become immune to the fluctuations in currency rates and you will be able get full value of the amount that you had put in.
• Needless to say, it is much safer to carry a Forex card that comes with a chip and pin technology than to carry cash. The safeguards that are present in a Forex Card enable you to immediately block it if it is stolen or lost. The balance also becomes frozen and prevents miscreants from getting access to your account. You also have the option of activating a secondary forex card and getting your available balance transferred there.
• Forex cards allow you to carry multiple currencies at once and ensure a seamless travelling experience. Some banks in India allow you to carry up to 16 different currencies like the Australian Dollar, Japanese Yen, Hong Kong Dollars, Euro, US dollars and others.
• You will incur much lesser transaction charges by using a Forex card abroad when compared to the cost incurred while using Debit and Credit cards.
• Dynamic Currency Conversion fee will not be applicable when a person uses a Forex card abroad. This fee is charged when a person uses debit or credit cards for making any transaction.
• Forex Cards have become universally recognized and accepted. It has made life much easier for travelers. It is accepted by most financial institutions, shops, restaurants and other places.
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