While travelling to an international destination, there has always been an issue of converting currencies. However, the forex card, also called a foreign exchange card had made it beneficial for travellers to transact. With this card, you load it with a foreign currency of your choice and make use of it just like a debit card.
Mentioned below are some of the benefits of a forex prepaid card while travelling overseas.
Eliminates fraud – It is very possible to overpay for a currency if you visit a local exchange center. With forex cards, however, there is no room for frauds. You simply load the card with the currency you wish to use, and the bank will automatically convert the value as per the prevailing exchange rate. You can then use the card to make transactions at POS terminals.
Available for various currencies – Forex cards support all major currencies of the world and these currencies will be accepted worldwide. However, it must be understood that different banks offer different currencies. Make sure to check with your bank before availing the card.
Can be used online – A forex card can be used for online purchases. Some banks require you to activate this feature after issuance.
Ease of reloading – The foreign exchange card can be reloaded easily via online platforms. This means that even if you are abroad, you will be able to transfer funds with the click of a button.
Safeguards economy fluctuations – Upon loading a particular currency, you can be assured that the value remains the same. For example, if you have loaded the equivalent of $2,000 into your forex card, it will remain the same even if the USD-INR rates fluctuate.
More secure – Quite naturally, carrying a forex card is more secure than carrying cash. Even if the card has been stolen, it would be hard to make use of it as there is a barrier of entry to make purchases. Moreover, you may block the card if you happened to lose or misplace it.
Levy no additional charges – Forex cards have no additional charges when withdrawing money from ATMs, or swiping the card at POS.
Universal acceptance – The foreign exchange card is universally accepted and supports several currencies. The means that the card can be used almost everywhere in the world without the hassle of converting your money at very high costs.
Acceptable at most duty-free airports – These cards are also widely accepted in most duty-free airports, irrespective of the currency loaded into the card. Most duty-free airports allow purchases in foreign currency.
Encashment option – In case you are left over with money in your foreign exchange card at the end of your trip, you can always withdraw the money through an ATM at no additional cost.
The foreign exchange prepaid card had a lot of benefits when travelling abroad. Apart from the ease of making spends on the card, it is also cost effective and eliminates fraud while exchanging currency. Furthermore, the card is also secure to use as it requires you to authenticate every purchase, and in case of theft, you can always block the card by contacting the bank.
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