Are you planning for an international tour with your loved ones? If so, you will need to obtain your passports visas, air tickets, and book hotels. Besides that, you will need to sit and properly plan on how to carry your money abroad. One of the easiest and safest ways to carry foreign currency abroad is a prepaid forex card or an international travel card.
A forex card is a prepaid travel card that comes preloaded and can be used to make all kinds of bookings and payments on your travels abroad. Getting a multi-currency travel card allows you to load multiple foreign currencies at once and travel the world without worrying about currency conversion charges.
Multi-currency Forex Card
As mentioned earlier, you can load multiple foreign currencies onto this card. However, the number of currencies permitted to load onto your forex card depends on your forex card issuer. You can load up to 20 foreign currencies at once. The best part is that while loading your multi-currency international travel card, you can get unbeatable foreign exchange rates.
It is accepted widely and ensures immunity against foreign currency fluctuations. You can use it to make all kinds of foreign transactions without incurring foreign transaction fees. It is not restricted to only swiping at PoS terminals, you can also withdraw funds from selected ATMs abroad.
Reasons to get a multi-currency international travel card
A prepaid international travel card comes with several features and benefits that you can avail yourself of on your travels abroad. Here are the benefits to convince you to buy one for yourself:
● Load it with multiple foreign currencies
As the name suggests, a multi-currency international travel card can be loaded with multiple foreign currencies at once. It allows you to travel the world without worrying about cross-currency charges. Depending upon your forex card issuer, you can load up to 20 foreign currencies at once.
● Ensures immunity against foreign currency fluctuations
The benefit of getting a multi-currency forex card is that the foreign exchange rates are predetermined while loading your forex card and remain unchanged throughout your travels unless you finish your balance. Since the foreign exchange rates remain constant, it ensures protection against foreign currency fluctuations.
● Swipe at PoS terminals
The process of using your forex card is similar to that of your credit card. You can use it to make international bookings and payments at merchant outlets, hotels, restaurants, airlines, and petrol pumps at paying zero or minimal charges. The best part is that you can do unlimited shopping without worrying about foreign currency conversion transaction charges.
● Easy withdrawal
As mentioned earlier, your prepaid travel card is not restricted to just swiping at PoS terminals. You can use it to withdraw cash from selected ATMs abroad without incurring currency conversion charges. However, you will have to pay a flat withdrawal fee on each transaction you make with your forex card.
● Easy replacement
If you happen to lose or misplace your international travel card, you can immediately inform your bank to freeze your balance and block your card. After freezing your balance, your forex card issuer will issue a new travel card. But, keep in mind that a forex card replacement comes with a fee that you will have to incur.
● Easy encashment
At times, you may not be able to finish your balance while being abroad. In such cases, you can request the bank to transfer it to your bank account after returning to India. As per the Reserve Bank of India, travelers can not a large sum in their forex cards after returning to India.
So, if you are a frequent traveler, it would be wise to get a multi-currency international travel card to manage your money abroad. It allows you to travel to different countries without worrying about cross-currency charges. Also, it eliminates the hassle of standing in long queues to buy or exchange foreign currency.