Thinking of taking a trip abroad? Don’t forget to carry a forex card for a hassle-free trip. So, what is a forex card?
A forex card
A forex card is the safest way to carry foreign currency for expenses when you travel abroad. This is a prepaid card that you can load with a specified amount in a foreign currency. So, when you are traveling abroad, you can swipe this forex card to cover your expenses instead of carrying cash. It works like a debit card. You can also withdraw money from ATMs with your forex card
What is forex card and its types?
A forex card is a type of prepaid card in which you can load money in a foreign currency. It is accepted globally and you can either pay your expenses using your forex card or withdraw money in foreign currency from an ATM.
Forex cards are mainly divided into two types – single currency cards and multicurrency cards
- Single currency forex card: A single currency forex card can be loaded with a specific foreign currency. You can load this card with currency while traveling to a particular country.
- Multi-currency forex card: As the name suggests, you can preload this card with multiple currencies. Check with your bank about the currencies you can load onto your multi-currency forex card.
What is the use of forex card?
A forex card is your best friend when you are traveling abroad. There are many advantages to having a forex card when traveling with cash or looking for places to exchange currencies
- With a forex card, you are likely to get a better conversion rate. Buying a forex card from a bank is a cheaper solution to currency converted.
- Most banks offer a range of forex cards that can suit your needs. You need not necessarily have an existing account with the bank to be able to purchase a forex card.
- You can avail of many deals, offers and discounts that most banks offer when you purchase a forex card.
- A forex card is much safer than carrying cash around. It comes with the chip and pin technology, which adds another layer of safety. Further, if you lose your forex card, you can get your card hot listed immediately to avoid any misuse of the card.
- If your card has a remaining balance when you are back home from travel, you can encash the amount at the existing exchange rates. To avoid maintenance charges, you can get your card blocked until your next visit overseas.
How forex cards work?
What is a forex card if not a debit/credit card for your overseas travel. They are accepted globally and are a safe alternative to cash. But how does a forex card work?
It works just like a credit or debit card. You apply for a card. After your application is approved, you will receive a card with a PIN. Change PIN. Use Internet Banking to load the card with your desired amount and currency. Now you are good to go.
When abroad, simply swipe your forex card at the point of sale machine when you pay for something. Just like a debit/credit card transaction, you will receive an SMS and email notification of your transaction and balance.
Gone are the days of traveling with cash in hand. The world has gone digital and so has your time. With a forex card in hand, you can get the best deals. Become a global citizen and shop without limits with a forex card. Avoid queues to exchange your currencies. Forget the hassle of traveling with cash in your pocket. Just swipe your forex card and enjoy your trip to the fullest.