What is Forex Card and how it works?
February 11, 2020
Planning a foreign trip? Why not use a Prepaid Forex or Travel Card to eliminate all the hassles of currency conversion and the risks of carrying cash in a foreign land? Read this post to know what these cards are and how they work.
One of the most important considerations when planning a trip abroad is 'currency exchange'. While there are several ways in which you can get your INR converted into foreign currency, a large number of travellers now prefer using a Forex or international Travel Card.
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 are some of the top reasons why people now prefer such Travel Cards. But what is Forex Card? How does it work? Let us have a look.
What does a Forex or Travel Card mean?
A Travel Card is one of the easiest ways of carrying foreign currency when you are travelling abroad. Think of it as a Prepaid Card which you can load with several popular currencies such as USD, EUR, CAD, GBP, AED, SGD and more. Once loaded, the card can then be used just like a Debit Card to pay for all your travel expenses in the local currency of the place you are visiting.
From hotel bookings to entry tickets, bus or rail passes, shopping, restaurant bills, you can simply swipe your Travel Card anywhere and everywhere card payments are accepted. Moreover, the card can also be used for withdrawing local currency from foreign ATMs.
How does a Forex Card work?
You can load your Travel Card as per the applicable Forex Card rates of the bank when you are still in India. The card can be loaded with most of the popular currencies. Once your card is loaded with foreign currency of your choice, you are no longer required to worry about the fluctuating exchange rates.
Once you reach your destination, you can then use the Travel Card just like you use a Debit Card for making payments. Moreover, you can also use the Internet Banking portal of the bank to reload the Travel Card anytime you wish.
Benefits of using a Forex Card
Some of the top benefits of using a Travel Card are as follows:
- You get a card which is already loaded with foreign currency of your choice even before you start your journey
- A Forex Card supports a number of popular currencies such as USD, GBP, CAD, EUR, AUD, SGD and more
- Eliminates the need to carry a lot of cash when travelling abroad
- Can be used at every location where card payments are accepted
- Can also be used for withdrawing local currency from foreign ATMs
- Easily reload the card online anytime you like.
Applying for a Forex Card
Now that you know how Forex Card works and its benefits, you might now want to know how you can get one. A large number of reputed private banks now offer international Travel Cards. You can get in touch with these banks to buy your Travel Card online.
Click here to buy a Forex Card now!