Forex Cards are used for making payments while you are traveling abroad. It is a Multi-Currency prepaid Forex card that can be loaded with multiple currencies. It offers convenient, hassle-free payments to make foreign travel a memorable experience. Types of Forex Card are as follows-
A single currency card has limited use and you will incur higher cross-currency charges if you use it in another currency.
A multicurrency card is you can use multiple currencies, can travel with you wherever you go. You can load it with up to 23 currencies and use it across the world. You can also shuffle funds from one currency to another whenever you need via prepaid NetBanking.
How does Forex Card work?
At the time of purchasing a Prepaid Forex Card from a bank or money changer, the card is loaded with funds.
When using the card, there may be a one-time initial activation fee. For shopping abroad, you can simply swipe the card at PoS terminals and money will be deducted from your account. The Forex Card will automatically detect which country you are in and pay using the preloaded local currency of that country. For withdrawing money from ATMs abroad, there may be a small flat ATM Withdrawal fee per ATM usage. If the Forex Card needs to be reloaded with funds, that can be easily arranged. The balance money can be reloaded anytime either online or by doing a bank transfer of funds to the Forex Card issuer.
Advantages or Benefits Of Forex Card
#1 Forex Cards offer better exchange rates
Better exchange rate loading currencies than buying a foreign currency as cash. For banks providing Forex Cards is a cheaper option.
#2 Forex cards are more secure
Secure cards than carrying cash as they come enabled with chip and pin technology for safeguarding the money in them. In case of Forex Card getting lost or Stolen, it can be blocked immediately and the balance in it frozen. The secondary Forex Card issued along with the original can then be activated and funds will be transferred to it.
#3 Forex Cards are cheap and save a lot of money
Forex Cards are the cheaper option among Cash, Traveller’s Cheque, Credit, and Debit cards. The exchange rate offered is the best and this rate is locked-in the card regardless of currency fluctuations in the forex market.
#4 No additional charges
Debit and Credit cards when used abroad work at exorbitant exchange rates. There are no additional charges charged.
#5 Globally recognized and accepted
Globally recognized cards and, forex Cards can be used to withdraw money from an ATM nearby when abroad. However, encashing Traveller’s Cheque is a big hassle as you’d have to find banks or business establishments willing to accept it. You can even use Forex Card for online transactions abroad, like ordering items through e-commerce platforms abroad.