If you’ve travelled abroad on a business or pleasure trip, you would know the importance of carrying money. And while you can travel with your cash, debit card or credit card, there is one option; far more fitting than any other form of money you could carry. This is the forex card; one of the most convenient travel cards to have on your person on your exploits abroad.
So what exactly is the forex card?
Simply put, a forex card is like your bank’s debit card. It holds your money and allows you to make electronic transfers when travelling abroad. You can use the card for purchases and payments and withdraw money from ATMs abroad. You can choose between single currency cards or multi-currency cards, and load and store currencies from 18 countries.
Purchasing and loading your forex card
The Forex card is a prepaid card that you can purchase from any Indian bank offering it. Let’s say you buy forex card from HDFC Bank; you must then load it with the currency you intend to use. If you are travelling to Europe with the intention to visit the UK, France and Switzerland, you must purchase a multi-currency card and load it with Pounds, Euros and Swiss Francs.
Using your forex card abroad
All you need to do is to swipe the card at a PoS terminal, and the card will detect which country you are in. The payment will go through according to the pre-loaded currency of the country in which you make the purchase. If the balance on your card runs out, you can reload it anytime, online. You can also use your forex card online for transactions on web-shopping.
Advantages of the forex card
You get better exchange rates: You can load foreign currencies for a much better rate than the money you spend on purchasing foreign currency in cash because it is a cheaper option for banks. Instead of paying ₹2 per euro, you may end up spending only about 0.75 paise.
Foreign currency rates are locked in: You don’t have to worry about currency rates fluctuating with forex cards as they are loaded at a locked-in exchange rate. If you load £1000, you on your forex card, it will remain £1000 regardless of fluctuation in the INR-GBP (Great Britain Pound) rates.
Forex cards eliminate risks: Your pre-paid forex cards are not linked to your bank accounts, eliminating all risks for fraudulence. Also, if the card gets stolen, you can block it immediately and have your balance frozen.
You needn’t pay transaction charges: While you may end up spending exorbitant exchange rates on purchases on your debit/credit cards, you needn’t pay any additional costs when shopping with your forex card.
Forex cards are accepted globally: Forex cards can be used at more than 30 million establishments globally. From withdrawing money from an ATM to paying your cab driver and buying coffee, you can use your pin-secured forex card just about everywhere.
So what exactly is the forex card?
Simply put, a forex card is like your bank’s debit card. It holds your money and allows you to make electronic transfers when travelling abroad. You can use the card for purchases and payments and withdraw money from ATMs abroad. You can choose between single currency cards or multi-currency cards, and load and store currencies from 18 countries.
Purchasing and loading your forex card
The Forex card is a prepaid card that you can purchase from any Indian bank offering it. Let’s say you buy forex card from HDFC Bank; you must then load it with the currency you intend to use. If you are travelling to Europe with the intention to visit the UK, France and Switzerland, you must purchase a multi-currency card and load it with Pounds, Euros and Swiss Francs.
Using your forex card abroad
All you need to do is to swipe the card at a PoS terminal, and the card will detect which country you are in. The payment will go through according to the pre-loaded currency of the country in which you make the purchase. If the balance on your card runs out, you can reload it anytime, online. You can also use your forex card online for transactions on web-shopping.
Advantages of the forex card
You get better exchange rates: You can load foreign currencies for a much better rate than the money you spend on purchasing foreign currency in cash because it is a cheaper option for banks. Instead of paying ₹2 per euro, you may end up spending only about 0.75 paise.
Foreign currency rates are locked in: You don’t have to worry about currency rates fluctuating with forex cards as they are loaded at a locked-in exchange rate. If you load £1000, you on your forex card, it will remain £1000 regardless of fluctuation in the INR-GBP (Great Britain Pound) rates.
Forex cards eliminate risks: Your pre-paid forex cards are not linked to your bank accounts, eliminating all risks for fraudulence. Also, if the card gets stolen, you can block it immediately and have your balance frozen.
You needn’t pay transaction charges: While you may end up spending exorbitant exchange rates on purchases on your debit/credit cards, you needn’t pay any additional costs when shopping with your forex card.
Forex cards are accepted globally: Forex cards can be used at more than 30 million establishments globally. From withdrawing money from an ATM to paying your cab driver and buying coffee, you can use your pin-secured forex card just about everywhere.
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