What is Forex Card and how it works? Are you planning a trip to another country? Why not avoid the hassles of currency conversion and the risks of carrying cash in a foreign country by using a Prepaid Forex or Travel Card? Read on to learn more about these cards and how they work.
Currency exchange is one of the most important factors to consider when planning a trip abroad. While there are several options for converting your INR into foreign currency, many travellers now prefer to use a Forex or international Travel Card.
Some of the top reasons why people now prefer such Travel Cards are the hassles of getting your currency exchanged at the airport, dealing with an untrustworthy exchange service provider, low exchange rates, and the risks associated with carrying cash. But, what exactly is a Forex Card? What is the mechanism behind it? Let’s take a look at it.
What is the difference between a Forex and a Travel Card?
When travelling abroad, a Travel Card is one of the most convenient ways to carry foreign currency. Consider it a prepaid card that can be loaded with a variety of popular currencies including USD, EUR, CAD, GBP, AED, SGD, and more. After the card has been loaded, you can use it like a debit card to pay for all of your travel expenses in the local currency of the destination.
You can use your Travel Card to pay for everything from hotel reservations to entry tickets, bus or rail passes, shopping, and restaurant bills, anywhere that accepts card payments. The card can also be used to withdraw local currency from ATMs in other countries.
What is a Forex Card and how does it work?
While you are still in India, you can load your Travel Card at the bank’s current Forex Card rates. Most popular currencies can be loaded onto the card. You won’t have to worry about fluctuating exchange rates once you’ve loaded your card with the foreign currency of your choice.
When you arrive at your destination, you can use the Travel Card to make purchases in the same way that you would a Debit Card. Additionally, you can reload the Travel Card using the bank’s Internet Banking portal at any time.
The Advantages of Using a Forex Card – Benefits of using a Forex Card
The following are some of the most significant advantages of using a Travel Card:
- Even before you begin your journey, you receive a card that is already loaded with the foreign currency of your choice.
- USD, GBP, CAD, EUR, AUD, SGD, and other popular currencies are supported by a Forex Card.
- When travelling abroad, it eliminates the need to carry a large amount of cash.
- It can be used at any location that accepts credit cards.
- It can also be used to withdraw local currency from ATMs in other countries.
- You can reload the card online at any time.
Obtaining a Forex Card (Applying for a Forex Card)
Now that you know how a Forex Card works and what it can do for you, you may be wondering how to obtain one. International Travel Cards are now available from a large number of reputable private banks. You can contact these banks to purchase your Travel Card over the internet.
