When you are traveling abroad, having a prepaid forex card with you can be the best option to manage your travel expenses. Instead of carrying liquid cash, you can use a forex cards to make international bookings or payments without extra charges. The best part is that you do not need to stand in long queues at international airports to exchange foreign currency.
The benefit of having the best forex card on your travels abroad is that you do not have to incur currency conversion charges while making purchase transactions or withdrawing cash from ATMs. Since the foreign exchange rates are prefixed while loading your card, you remain protected against the fluctuation of foreign currency rates. It is safer than carrying cash and easier to use than traveler’s cheques.
Before buying a prepaid forex card for your international trips, here are a few things you must know in advance:
Choose a forex card based on your needs
There are generally two types of forex cards — single currency forex cards and multi-currency forex cards. If you are traveling to only one country, getting a single currency may be ideal for you. As the name suggests, you can load only one foreign currency at a time. You may have to incur extra charges if you visit more than one country at a time.
However, if you are a frequent traveler and visit several countries in a year, the best course of action would be to get a multi-currency card. It enables you to load multiple foreign currencies and visit multiple countries without worrying about cross-currency charges. The number of foreign currencies permitted to load onto a prepaid multi-currency depends on your service provider. It could range between 8 to 20.
So, make sure to assess your needs before buying the best forex card for yourself.
Make sure to buy your forex card well in advance
It usually takes about 24 to 48 hours for your prepaid card to reach your domestic address after submitting your application. When you are traveling to foreign countries, you need to be well-prepared to avoid last-minute panic to get your card. It is advisable to apply for your forex at least a week before your trip. It gives you ample time to activate your or address any problem you have with your bank.
Know where you get your forex card from
Both banks and authorized forex dealers offer forex services. You can get your forex card from any of them. However, you will have to choose one that offers an easy and quick way to buy or reload your forex. It is worth noting that you do not need to have an account with the bank to purchase their card. You will need to fill an application form, choose the currencies you want, and submit the relevant documents. Your bank will send your prepaid forex card to your preferred location in India.
Charges to be aware of
After loading your forex card, you no longer need to worry about currency conversion charges. Also, you do not have to pay any extra charges on using your forex to make international bookings/payments at hotels, restaurants, petrol pumps, etc. However, there are several other charges that you will have to consider before buying your forex card, such as:
● A flat withdrawal fee
● Balance inquiry charge
● International SMS alert charge (monthly)
● Forex card replacement fee (domestic and international)
● Statement request charge
● Cross-currency markup charge
● Inactivity fee
It is crucial to conduct thorough research before buying your prepaid card. It enables you to avoid transaction disputes and forex card duplication while being abroad. Ensure to understand everything about and then buy one that caters to your needs and preferences.