Know all about forex cards before buying one

Are you planning to go on a world tour with your family? If so, you need to sit and chart out a travel plan. You will need to obtain your passports, visa, and book your air tickets and hotels. Besides that, you will also need to plan on how to carry your money abroad. Getting a multi-currency forex card on your travels abroad is as crucial as arranging for your travel documents. It is a prepaid travel forex card that ensures the safety of your hard-earned money abroad.

So, what is a forex card? 

A forex card offers the safest and easiest way to carry your money abroad. It is accepted worldwide and can be used to make all kinds of transactions abroad without incurring foreign transaction fees. The best part is the foreign exchange rates are predetermined while loading your forex. It means that you are protected against foreign currency fluctuations throughout your journey.

Here are the benefits of getting a multi-currency forex card:

●     It enables you to load your forex card with multiple foreign currencies.

●     It provides immunity against fluctuating foreign exchange rates.

●     It enables you to take care of your spendings abroad. You can make international bookings and payments at hotels, restaurants, stores, airlines, cinemas, etc.

●     You can also withdraw cash from any approved ATM at a flat withdrawal fee.

●     If you lose your forex card, you can immediately freeze your balance until a new forex card is issued.

●     You can get the remaining balance enchased after returning to India.

So, after learning what is a forex card, it is imperative to know the top things before getting your forex card in India:

●     Apply for a forex card well in advance

It is worth pointing out that it generally takes about 2 to 4 working days to get your multi-currency forex card. Make sure to be well-prepared before leaving India. It would be wise to apply for a forex card at least a week before your trip. This way, you will have ample time to address any issue concerning your forex card.

●     Choose your service provider

Not all forex card providers offer the same rates and benefits while providing forex cards to travelers.  So, while choosing your service provider, make sure that you can get the easiest and quickest way to buy your forex card and reload it anytime from anywhere. Also, make sure that your service provider is legitimate and reputed in the market.

●     Know the costs involved

The benefit of getting a multi-currency forex card is that you will not have to incur foreign transaction fees while making international bookings and payments.  However, there are certain costs you will have to consider before buying a forex card:

●     Balance inquiry charge

●     Cash withdrawal fee

●     International SMS alert charge

●     Card replacement fee - domestic and international

●     Cross-currency markup charge

●     Inactivity fee

●     Transaction statement request charge

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