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.
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.
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 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.
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.
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.
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.
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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