Are you a person who travels abroad frequently? Planning your trip well in advance can make things a lot easier. People spend significant time finding the best hotels, airline tickets and building the best possible itinerary for their trip. Although, one confusion that is frequently faced is – “How do I carry my money? While there is a wide range of options to choose from, the most convenient and inexpensive way to carry one’s money while traveling is via a Forex Card.
WHAT IS A FOREX CARD?
A Forex Card, also known as a prepaid travel money card, is a blessing to all travelers. Funds can be deposited in the card in fixed amounts and there is also a top-up facility available. One can hold multiple forms of currency in just one single card. You can simply swipe the card at outlets or withdraw cash from ATMs across the globe. It helps protect travelers from the risk of constantly fluctuating exchange rates.
TYPES OF FOREX CARDS IN INDIA
- SINGLE CURRENCY FOREX CARD
As the name suggests, single currency forex cards can hold only one currency but can be reloaded by the cardholder multiple times. Such cards attract high cross-currency charges when one uses them for a different currency transaction.
- MULTICURRENCY FOREX CARD
Multicurrency forex cards can be loaded with multiple currencies. Some cards are accepted in every nook and corner of the world and these can hold up to 23 different currencies.
BENEFITS TO TRAVELERS
CHEAPEST OPTION
Forex cards are loaded with currencies at a pre-fixed exchange rate. Thereby, cardholders are immune to currency rate fluctuations. Another distinguishing feature of a forex card is that no DCC charges (Dynamic Currency Conversion) are levied while using these cards at POS abroad. On the other hand, 3-5% of your payment amount would be charged as DCC for every transaction on your normal debit/ credit card. This again saves a lot of money for travelers.
SAFE & SECURE
Forex cards come with an embedded chip and one requires a PIN to carry out and validate transactions. This feature makes forex cards safe and secure. If someone loses their card, they can simply block their card by contacting their issuer. Then, they can immediately enable their replacement secondary card that was given to them with the original forex card kit.
BETTER MONEY MANAGEMENT
Cardholders can keep track of their expenses by checking their transaction history on the online portal. One also has access to the monthly statements generated by the bank. All these help individuals adjust their budgets accordingly and assist them in making better financial decisions. Once the trip is over, cardholders can encash the remaining balance at ATMs or use it to buy goods in duty-free stores at airports.
TOP 5 FOREX CARDS IN INDIA
AXIS BANK MULTI-CURRENCY FOREX CARD
- The Axis Bank Multi-Currency card comes in two different forms. The contactless forex card helps cardholders ‘waive and pay’. On the other hand, with an image card, one can pay on the go with just an image of the card.
- 16 currencies can be load on the card and this ensures a hassle-free experience for the travelers.
- The validity is mention on the card and one can reload it multiple times until its expiry.
- Cardholders can swipe their card at over 80 million merchant outlets, 1000 e-commerce websites and withdraw funds from 1 million-plus Visa/Mastercard ATMs.
YES BANK MULTI-CURRENCY TRAVEL CARD
- The Yes Bank Multi-currency travel card is a highly secure prepaid card with 24×7 access to the online customer portal. One can view their card summary, last 10 transactions, block/unblock their card and raise disputes on the same platform.
- The card can be preload with 15 different currencies.
- It is valid for 2 years during which it can be reload multiple times.
- The Card can be use at more than 31.4 million merchant outlets across the globe and over 1.9 million MasterCard Network ATMs.
ICICI BANK FOREX PREPAID CARD
- ICICI Bank offers 5 different variants of forex cards. One can choose a card depending upon their requirements.
- The presence of 3D secure authentication for carrying out transactions not only secures all payments but also enables quick and easy checkout at stores.
- 15 different currencies are supported and this protects cardholders from constant currency rate fluctuations.
- The card is valid for 5 years from the date of issuance.
- One can easily buy/reload/refund online via internet banking or the mobile app.
HDFC REGALIA FOREX PLUS CARD
- The HDFC Regalia Forex Plus Card has a built-in PayWave technology that enables contactless payments from a distance of 4 cms from the payment machines.
- The card should be load in US Dollars and can be use as any currency. There are no cross-currency charges levy.
- The validity and expiry date are mention on the front of the card.
- It is accept at VISA/MasterCard affiliate merchant establishments around the world and on various online shopping platforms.
INDUSIND BANK MULTI-CURRENCY FOREX CARD
- The IndusInd Bank multi-currency forex card offers a safe, easy, and cashless way to carry foreign currency on one’s travel abroad.
- The card comes pre-load with 14 different currencies and aims to avoid the hassle of standing in long queues to exchange currency.
- Cardholders can withdraw cash from all VISA-enable ATMs across the world.
- Various discounts are offer on hotel and airplane ticket booking platforms.
Be it a business trip or a fun vacation, forex cards can be highly beneficial to all kinds of travelers. People can choose their forex cards base on their needs and requirements. Thus, why choose to count currency when you can choose to count experiences with forex cards?
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