Benefits that a multi-currency forex card offers on your travels abroad

Are you going on a world tour with your loved ones this winter? If so, you will need to sit and chart out a proper plan. You will need to obtain your passports, visas, and book your tickets at least a week in advance. You will need to make a list of the best airlines to fly with, hotels to stay, and places to visit. Having a plan enables you to save time and money while traveling abroad.

Also, it is imperative to understand the importance of carrying foreign currency on your travels abroad. Keeping liquid cash on your travels is not wise. There is a risk of cash misplacement or theft. Besides, you are only allowed to carry a limited amount of cash. Therefore, the best way to carry foreign currency abroad is through a multi-currency card. It is safe, easy, and cashless.

Multi-currency forex card

A multi-currency card is a prepaid travel card that can be loaded with multiple foreign currencies at once. It allows you to travel to different countries without incurring cross-currency charges. The number of foreign currencies you can load onto your forex card depends on your forex card issuer. Generally, you can load up to 10 to 20 foreign currencies.

Much of a multi-currency forex card’s popularity among travelers stems from the fact that one can get unbeatable foreign exchange rates while loading their forex card. It is widely accepted, which means that you can use your forex card to make all kinds of bookings and payments without any extra charges. It is safer than carrying liquid cash and easier to use than travelers’ cheques.

Benefits of a multi-currency card

A multi-currency card comes with several benefits that you can avail yourself of while traveling abroad, such as:

●    Load it with multiple foreign currencies

As stated earlier, you can load up to 10 to 20 foreign currencies onto your multi-currency card. However, how many foreign currencies you can load on your card depends on your forex card issuer and their policy. The upside is that you can travel to multiple countries without worrying about cross-currency and currency conversion charges.

●    Unlimited shopping

The best part about a multi-currency forex card is that it enables you to make international bookings and payments at hotels, restaurants, stores, airlines, clubs, cinemas, and petrol stations at zero or minimal extra charges. You can do unlimited shopping at merchant outlets or online without worrying about foreign transaction fees.

●    Immunity against fluctuating foreign exchange rates

Another benefit of a multi-currency forex card is that the foreign exchange rates are fixed at the time of loading and remain unchanged throughout the journey unless you finish the balance. So, it means that unless you finish your balance, you are protected against foreign exchange rate fluctuations.

●    Easy withdrawal

A multi-currency card is not just limited to swiping at PoS terminals. You can use it to withdraw cash from any pre-approved ATMs without incurring currency conversion charges. However, it is worth pointing out that you will have to incur a nominal withdrawal fee on each transaction you make with your forex card. Also, the process of withdrawing cash is similar to that of your credit card.

●    Easy forex card replacement

You may lose or misplace your forex card on your travels abroad. In such cases, you can immediately inform your bank to freeze your balance. You may be issued a new forex card, and the balance amount from the previous card will be transferred to the new one. However, forex card replacement comes with a nominal fee that you will need to incur.

●    Easy encashment

If you have a balance on your forex card after returning to India, you can request your forex card issuer to transfer it to your bank account. As per the Reserve Bank of India (RBI) guidelines, travelers are not allowed to keep a large amount on their forex cards after returning to India. 

In short

So, if you are looking for the best way to carry foreign currency abroad, it is advisable to get a multi-currency forex card. It offers a safe, easy, and cashless way to manage your hard-earned money abroad. Besides, you can get the best foreign exchange rates while loading your forex card.