Why are forex cards more preferable over debit or credit cards or travellers’ cheque?

If you are wondering why and how to use forex card, these have voluminous advantages over cash, travellers’ cheque, credit and debit cards such as:

• Forex cards offer better exchange rates to send money abroad and for loading currencies than purchasing foreign currency as cash. Banks providing forex cards is the economical option.

• Forex cards are laden with foreign currency at locked-in exchange rates. Therefore they are resistant to the vacillation of currency value in the forex marketplace.

• Forex cards are more secure than carrying cash as they come empowered with chip and pin technology for securing the money in them. In case of forex card getting lost or robbed, it can be blocked instantaneously and the balance in it frozen. The secondary forex card issued with the original can then be started and funds will be relocated to it.

• Forex cards can be used to carry several foreign currencies simultaneously in a single card such as Australian Dollars (AUD), Euro (EUR), Hong Kong Dollars (HKD), Japanese Yen (JPY), New Zealand Dollars (NZD), Saudi Arabian Riyals (SAR), Singapore Dollars (SGD), Thai Baht (THB), United Arab Emirates Dirhams (AED), United Kingdom Pounds (GBP) and United States Dollars (USD).

• Forex cards have no supplementary charges when swiping at PoS counters overseas, unlike debit and credit cards. Also, debit and credit cards when used overseas work at inflated forex exchange rate and would cost you around 5 to 11% additional of the total transaction charge.

• Nil dynamic currency conversion fees. As forex cards are already laden with the native currency of a foreign nation, dynamic currency conversion (DCC) fee will not be valid when using them overseas. However, this fee will be there in the case of debit and credit cards. DCC would add an additional 3 to 5% charge to your transaction fee.

• Forex cards are universally acknowledged and accepted, unlike travellers’ cheque which has become an out-of-date payment tool. Also, forex cards can be used to extract money from an ATM nearby when out of the country. However, encashing travellers’ cheque is a gigantic trouble as you would have to find banks or business institutions ready to accept it. Even taxis in some nations overseas accept forex card as a payment technique. In fact, you can even use this card for online transactions overseas, like ordering items via e-commerce platforms overseas. This is conceivable as they work on either Visa or MasterCard network just like usual debit and credit cards.

Why are travellers these days preferring to use a prepaid currency card?

When traveling, we all wish to have abundant money on hand to get the things we desire. However, carrying extreme amounts of funds can generate security hazard and mark us for thieves. Travelers’ checks assuage some of the jeopardy against robbery but have other drawbacks. Travelers’ checks still necessitate you to use paper funds, which can mark you as a target for convicts, and once your checks are gone it can be troublesome to get more. Using a prepaid travel or currency card can eradicate all these complications and help customers with budgeting and watching over expenditures.

In the ill-starred event that your reloadable card is missing or got stolen, the card can easily be annulled, making the currency card useless and protecting your savings. Since the card's charges are taken from a reloadable account, rather than a line of credit, your credit report is safe from mutilation that would be done by identity robbers if you had been using a customary credit card. Some corporations, in the happening of robbery or loss, are able to speedily issue new cards or offer emergency cash to the tourist. As the card is not linked to your bank account, like a debit card, you don't have to panic about your checking account being sapped if the card is misplaced. After your prepaid account is open you will be able to readily access it anywhere with internet facility. This kind of account access offers travelers with supplementary tools that make it easier to budget for the trip and control expenditure. Business travelers particularly admire the aptitude to effortlessly track expenditures for tax write offs, repayments and personal accounting.

If you require more money, no issue, prepaid cards authorizes several ways to refill the card. Once that currency is deposited in your account it is straightaway accessible for usage on your card. If you wonder how to use a forex card, your card is used just like a usual credit card. Since all the main labels make these cards, you will be able to use it at lots of places globally. A currency card offers the expediency that we necessitate when traveling and offer us adequate safety to make us comfortable. With all the support and none of the disadvantages of cash, travelers’ checks, or old-style debit cards, purchasers are selecting travel cards progressively more often to meet their travel expenditure requirements.