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While carrying cash can be convenient while travelling abroad, it has major drawbacks, such as the risk of theft, accidental loss, and unfavorable exchange rates. Travellersโ checks, once a popular choice, have fallen out of favour due to their limited acceptance and high encashment fees.
So, what is the alternative? A forex cardโa cashless and secure way to carry currency while traveling abroad. A forex card is a prepaid card specifically designed for international travel, offering a fixed exchange rate at the time of loading funds. This protects travellers from exchange rate fluctuations during their trip, making way for stability and peace of mind.
Read on to learn more about forex cards, their types, benefits, and the best options available.
What is a Forex Card?
A forex card is a widely accepted prepaid card designed for international travel. It allows you to load multiple foreign currencies onto a single card. Once loaded, you can use this card to make payments for shopping, dining, hotel bills, and online transactions in the local currency of your destination. You can also use the forex card to withdraw cash in foreign currency from ATMs abroad.
Types of Forex Cardsย
โ ย ย ย Single Currency Forex Card
A single-currency forex card is loaded with one specific foreign currency. Ideal for travellers visiting a single destination.ย
โ ย ย ย Multi-Currency Forex Card
A multi-currency forex card can hold multiple currencies simultaneously. Perfect for travellers who visit multiple countries as it allows seamless transactions in various currencies eliminating the hassle of carrying multiple cards or dealing with frequent currency exchanges.
Benefits of a Multi-Currency Forex Card
1. Carry Multiple Currencies
One of the primary benefits of a multi-currency forex card is its ability to hold multiple currencies. You can load multiple currencies, such as the Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Great Britain Pound (GBP), and US Dollar (USD). This is particularly useful if you travel to multiple countries, eliminating the hassle of worrying about local currency each time you cross a border.
ย 2. Online Reload Facility
Most multi-currency forex cards offer the convenience of online reloading. To reload your card, simply log in to your account through the Internet banking portal and navigate to your list of prepaid cards. Select the desired forex card and specify the currency type and the amount you want to reload. Funds from your account will be automatically converted to the specified foreign currency at the current exchange rate and loaded onto your forex card.ย
3. Better Exchange Rate
With a multi-currency forex card, you lock in the exchange rate. The amount of foreign currency loaded onto your card is determined by the current exchange rate and remains fixed. This protects you from market fluctuations. ย
4. Easy Account Tracking
Keeping track of expenses like meals, transportation fares, and tickets can be difficult when traveling abroad. However, a multi-currency forex card linked to a mobile app simplifies this process. You can download a Forex card app to receive instant transaction notifications. With the app, you can also track expenses and available balances.ย
5. Security and Safety
Multi-currency forex cards are equipped with password/PIN protection, securing your transactions against fraud. You receive alerts for every transaction on your app, allowing you to act promptly if you notice any unauthorised activity. Some banks also offer a hotlist facility, where if your card is stolen or lost, you can contact them immediately, and they will hotlist (block) your card.ย
The Bottom Line
Forex cards are indispensable for international travellers seeking convenience, security, and cost-effectiveness. Multi-currency forex cards, in particular, provide the added benefit of carrying multiple currencies conveniently, reloading funds online, accessing competitive exchange rates, and simplifying expense tracking with enhanced security features. If you’re planning an overseas trip, apply for a forex card online to ensure a smooth and hassle-free travel experience.
