Forex cards are a type of prepaid card which is provided by the bank when an individual is travelling abroad. The card is pre-loaded which means that an individual is required to deposit the required amount of money in the account. The limit on this card depends on the amount the individual deposits into their account.
When one is travelling abroad, there is a limit as to how much one can carry on hand. This can be a serious hindrance for those travelling to different countries and wish to have some cash on hand for emergencies. Travelling abroad has become far more expensive for Indians with the fall in the value of the rupee. The volatile currency rate makes it a better option to opt for forex cards in India. The exchange rate is locked in on the day of purchase and makes it more affordable for the traveler to use. Any changes in the currency after the purchase of the forex card will not affect one’s expenses. One can easily go shopping and sight-seeing without worrying everyday about the exchange rate.
Using debit and credit cards is an option most travelers may consider for their expenses. The problem with using such cards is that they still follow the exchange rate. This including the conversion rate charge can make the use of both debit and credit cards extremely expensive for one. Opting for a forex card in India is not only simple but also less stressful.
When applying for a forex card one must ensure that the bank they are purchasing it from offers the currency the customer requires. Each bank has a specific number of countries in which their forex cards work. This must be taken into account before one purchases a forex card in India.
This is believed to be one of the safest and secure methods of travelling with money. Carrying cash is not only risky as it can get stolen, but there is also a limit as to how much one can carry when travelling. The forex card is accepted in all Visa and Mastercard outlets and ATMs abroad in the countries specified. If the card does get lost, one can easily call the bank and report it. These cards can also be insured which can protect one’s money from any losses abroad.
Anyone who wishes to travel abroad must opt for a forex card in India. It is the ideal source of accessing money in the regional currency for regular expenses.