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by on September 19, 2021
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Are you a frequent traveler and constantly worry about foreign exchange rates?  Then, you need to make your mind about how to best carry your money abroad before leaving India. A golden piece of advice would be to get a multi-currency forex card, also known as the prepaid travel card. It is the safest way to carry your hard-earned money abroad and pay for your expenses without incurring foreign transactions charges.

A multi-currency forex card is preloaded with multiple foreign currencies and enables you to travel the world without worrying about cross-currency charges. It is accepted worldwide and protects you against fluctuating currency exchange rates.

Here are the top features of a multi-currency forex card:

  • It comes with the security features of a credit card that ensures the safety of your payments abroad.
  • Since it is preloaded with multiple currencies, it is easier to track your spending and maintain a budget during your travels abroad. You can always reload your forex card if required.
  • It eliminates the hassle of finding an ATM or alternative payment method, as it is easy to use and accepted widely.
  • You do not need to carry liquid cash, risking cash misplacement.
  • It is a safer and convenient option than carrying liquid cash or traveler’s cheques.
  • You are immune to fluctuating foreign currency exchange rates as the rates are predetermined while loading your forex card.
  • Compared to credit cards, it is an inexpensive alternative. It does not involve foreign transaction fees, and for withdrawing cash from ATMs, you will only pay a nominal fee which is lower than using your credit cards.

Advantages of using a multi-currency forex card abroad

A multi-currency forex card comes with numerous benefits that you can avail yourself of during your travels abroad and save both time and money:

  • Unbeatable foreign exchange rates

The best part about a multi-currency forex card is that you can get unbeatable foreign currency exchange rates. The forex rates are determined based on the live market data, allowing you to get the best rate in the market. It is worth noting that If you purchase foreign currency from money changers, you will have to incur higher rates due to the hefty markup fee.

  • Freedom to travel the world

While applying for a multi-currency forex card, you have the option to load it with multiple foreign currencies at once. The number of foreign currencies permitted to load onto your forex card depends on your forex card issuer’s policy. However, it generally ranges between 10 to 20 foreign currencies. Once you load your forex card, you can travel to those many countries without worrying about cross-currency charges.

  • Safety and security

Much of a multi-currency forex card’s popularity stems from the fact that it is safer than carrying liquid cash. It comes with all the security features of a credit card, ensuring safe transactions on your travels abroad. Furthermore, if you lose your forex card, you can immediately inform your bank to block your bank. This way, you can prevent unauthorized transactions until a new forex card is issued.

  • Absence of currency conversion charges

Unlike your credit card and debit, a multi-currency forex card involves no currency conversion charges while making transactions through PoS terminals. You can use your forex card to make payments at hotels, restaurants, airlines, and stores without paying foreign transaction fees. 

  • Easy encashment

If you have a balance on your forex card, you do not need to keep it there. You can easily encash it by contacting your issuing bank. Upon your request, the bank will make the transfer of the amount to your bank account. It is worth noting that forex cardholders are prohibited from keeping a large sum of money in their forex cards after returning from their tips.

 

Topics: forex card
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