Do you frequently travel abroad and constantly worry about foreign exchange rates? If so, getting an international travel card or multi-currency forex card is the best way to manage your money abroad. It is the easiest and safest way to carry foreign currency on your travels abroad.
So, what is a foreign travel card?
A foreign travel card or a multi-currency forex card is a prepaid card that comes preloaded with multiple foreign currencies and allows you to travel the world without incurring currency conversion charges. It is accepted worldwide and ensures immunity against foreign exchange rate fluctuations. You can use your forex card to make all kinds of payments abroad without worrying about foreign transaction fees. For instance, you can make bookings and payments at airlines, stores, restaurants, hotels, and petrol stations at minimal or zero extra charges.
Reasons behind the popularity of foreign travel cards in India
A foreign travel card comes with a host of benefits that you can avail yourself of during your travels abroad, such as:
● Load multiple foreign currencies
The benefit of getting an international travel card or a forex card is that it enables you to travel the world without incurring cross-currency charges. Depending on your forex card issuer, you can load multiple foreign currencies onto your forex card at once. You may be allowed to load from 10 to 20 foreign currencies at once, depending on your forex card issuer.
● Protection against foreign exchange rates
The foreign exchange rates are fixed while loading your forex card. It means the foreign currency rates remain unchanged throughout your journey unless you finish your balance and have to reload your forex card. As the foreign exchange rates remain constant, you are immune to forex rate fluctuations. For instance, if you load $500 onto your forex card, the value in it will remain $500, regardless of the changes in the INR-USD exchange rate.
● Safe and secure
An international travel card or a multi-currency forex card comes with an embedded chip and PIN technology, which ensures the safety of your transactions abroad. If you lose your money, you can immediately contact your bank to prevent unauthorized transactions. Also, your forex card is not linked to your bank account, so there is no chance of jeopardizing your bank account.
● Unlimited shopping
Another reason a multi-currency forex card is gaining popularity among travelers is that it enables you to make international bookings and payments at stores, airlines, restaurants, hotels, and petrol stations at minimal or zero extra charges. The process of using your forex card is similar to that of your credit card. You will just need to swipe or dip it into a PoS terminal, enter your PIN, and collect the receipt.
● Easy withdrawal
A multi-currency forex card is not limited to just swiping at PoS terminals, you can also use it to withdraw cash from any VISA-enabled ATMs. The best part is that you do not have to incur currency conversion charges on withdrawing loaded currencies. However, you will have to pay a nominal fee on each transaction you make with your forex card.
● Forex card replacement
If you happen to lose or misplace your foreign travel card, you can immediately inform your bank to freeze your account and block your forex card. Your bank will issue a new forex card and transfer the balance to your new forex card. It is worth noting that forex card replacement comes with a nominal fee that you will have to bear.
● Easy encashment
If you have a remaining balance on your forex card after returning, you can request your bank to transfer the remaining balance to your bank account. Keep in mind that as per the Reserve Bank of India (RBI), travelers are not allowed to keep a large sum of money on their forex cards after returning to India.
An international travel card or a multi-currency forex card is the best way to manage your hard-earned money abroad. So, if you are a frequent traveler and haven’t availed of one yet, it may be the best time to get one for yourself and save both your time and money while being on the go.