6 major ways in which you can benefit via a forex travel card

A travel card is one of the most suitable, most safe and the economical medium to carry foreign exchange, sell forex online and pay your expenses abroad. A forex multi-currency card is a prepaid card on which you can load one or more than one foreign currency to transact or meet expenses on your foreign tour in a stress-free manner. The way you use your debit card with Indian Rupees laden on it, your prepaid travel card functions just like that, the solitary difference is it can be used for transacting only in foreign currency while roving overseas.

What are the merits of a forex card?

ü  Finest foreign payment option: Besides a travel card, there are several ways of making payments in foreign currency on your journey which consist of transacting in cash (foreign currency notes), using your debit or credit card. However, a forex card is the best amid all the payment alternatives accessible while travelling overseas. A forex multi-currency card is safer than cash, economical than other cards and convenient like your debit or credit card.

ü  Paramount exchange rate: The foreign currency exchange rates for a forex card are superior to foreign currency notes. You can save anywhere from 2% to 4% (contingent on currency) by just swapping from currency notes to forex card.

ü  Convenience: Forex cards are easy to carry than a mix bag of cash. A forex card can be bought online and stocked up from a foreign land. You can also encash the left over balance online when you return back to your company.

ü  Nil market risk: As the currency exchange market is exceedingly unstable in nature, currency rates keep on altering which may affect you adversely if you are using your debit or credit card. But as a forex card is a prepaid card, the foreign currency gets laden on your card at a static rate; you are protected from the market risk.

ü  No hidden charges: Your debit or credit card which might charge you several kinds of charges like currency conversion charges, high ATM withdrawal charges, etc. on your transactions while travelling overseas. While there are no such charges imposed on your travel card.

ü  Improved expenditure management: Being a digital card, you can quickly track and manage your expenditures with a travel card while travelling overseas.

As a forex card can be offered by a bank or a foreign exchange trader or you can get it online from a currency exchange market.