A memorable holiday requires meticulous planning. If the holiday is overseas, the preparation almost doubles. You need to work out your stay, sightseeing, travel and food. Not to forget, converting currency. Often, that area requires much thought and consideration. You are never too sure about how much cash you must carry and if it will be safe to do so. Now with Forex cards, you can easily take care of all your spending needs. Read on to know more about it.
What is a Forex card?
A forex card is like a debit card. The only difference is that it can be loaded with foreign currency. With a forex card in your pocket, you no longer have to carry bundles of cash and worry about its safety. Forex cards also offer several benefits that make them perfect for international travels.
How do Forex cards work?
Loading your forex card with foreign currency is easy and hassle-free. All you need to do is to pay your bank an equivalent amount in Indian Rupees. You can opt to take either a multi-currency card or a single currency card depending upon your needs. A multi-currency card is useful if you are travelling to multiple countries. You can also choose a contactless forex card. Such cards can be tapped at a billing counter to make payment. There are lesser chances of theft and fraud with contactless frauds as they never leave your hand.
What are the benefits of Forex cards?
• Inexpensive – Making foreign transactions can attract an additional charge of 2-5% on your debit or credit card. Swiping your forex card is comparatively cheaper. Secondly, exchange rate fluctuations do not affect a forex card. Your forex card gets an amount of foreign currency as per the exchange rate on the day you load it. You can observe the exchange rate for a couple of days and choose a favourable rate.
• Wide usage - A forex card is widely accepted at almost every place. Whether, at a high-end store or a small souvenir shop, forex cards can come to your aid. You can use it to pay for your restaurant bills and purchase train tickets.
• Safety - Most banks provide you with a replacement card if you were to misplace your primary forex card. You need to notify the bank about your lost card and get it blocked. The process is as easy as calling the bank’s customer care. With an activated replacement card, you will be good to go.
• Return - You hardly ever know what to do with leftover currency when you return from your trip. More often than not, there are limited chances of travelling to the same country shortly. Moreover, the currency sell rate is generally not attractive. On the other hand, banks provide a better rate if you choose to encash the extra balance in your forex card.
• Offers - Several banks offer privileges like concierge services, free international SIM card and exclusive discounts with forex cards. You may want to check with your bank about these offers before you take the forex card.
With these benefits, forex cards can boost your international trips and make them hassle-free. However, it is advisable to carry a mix of cash and card to enhance your travel experience.