Are you a traveller going abroad for a business trip or sightseeing? Then you need to start planning about how to carry money for your trip abroad. In this regard, you should consider carrying a forex card. Forex cards have many advantages over cash, traveller’s cheques, credit and debit cards and other conventional modes of payment while travelling abroad.
A forex card lets its holder store and transfer money electronically while travelling abroad. Apart from making payments or purchases abroad, forex cards are also used to withdraw foreign currency loaded into it from ATMs abroad. Forex cards can be single-currency or multi-currency. A multi-currency forex card supports multiple currencies.
Here are the top reasons why it makes complete sense to carrya forex card while travelling abroad:
Forex Cards Save A Lot of Money
The exchange rate offered in forex card is the best and this rate is locked-in the card regardless of currency fluctuations in the volatile forex market. Also, since forex cards are already loaded with the local currency of a foreign country, there will be no Dynamic Currency Conversion (DCC) fee to pay when using them abroad. Unlike forex card, this fee will be present in the case of debit and credit cards. The Dynamic Currency Conversion (DCC) fee can add up to 5% charge to your transaction cost.
Forex Cards Are Safe and Secure
Because a forex card comes embedded with chip and pin technology for safeguarding the money in them, they provide enhanced security. Also, in case of loss or theft of card, travellers can simply block the card by contacting the card issue rand the balance is frozen. The secondary forex card,usually issued along with the original forex card kit itself, can then be activated and funds transferred to it. You can also buy forex in India to keep some cash in hand for untoward situations.
Forex Cards Are Globally Accepted and Convenient
Forex cards are extremely convenient for trips abroad as they can store multiple currencies in them. This would be particularly useful when visiting more than one country in transit. Also, forex cards are universally accepted and they can be used in ATMs or online transactions abroad.This is because they work on Visa or MasterCard network just like regular debit and credit cards.Even taxis in some foreign countries accept forex card as a payment method.
Forex Cards Offer Better Money Management
Forex card holders can manage their money better through forex cards as they offer online access to track spending and transactions through net-banking. Also, users get monthly statements giving them a clear idea of how much balance is left on the card. Once their trip abroad is over, they can easily encash the leftover foreign currency so the balance amount won’t be wasted.
Shop Freely At Duty-Free Stores in Airports
On returning to your home country, you can easily encash the leftover foreign currency or use it to buy items from the best-value duty-free stores at the airport. Simply swipe your forex card there to buy items economically for your friends or family. For more pertinent and larger transactions, you can avail the service of gold loan company in India to let your gold savings work as capital for you.