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Making The Most Of Your Forex Card On Your Travels

By Author: Neha Sharma
Total Articles: 1053

Travelling overseas has become hassle-free with the advent of the forex card. It allows you to make payments in the regional currency without any trouble. A person does not need to go to the currency exchange center to get local currency when he/she travels to another country. This is because the forex card or the travel card is pre-loaded with the foreign currency. Therefore, it allows a person to withdraw cash in foreign currency, shop, make payments and also to check the balance. A single currency or even multiple currencies can be loaded into the card and this allows a person to travel seamlessly across a number of countries.

Furthermore, these cards are widely accepted as they registered either with the Visa network or the MasterCard network.

The different benefits of using a forex card are as follows:

• You need not worry about fluctuating exchange rates. This is because the money that you have put into the card will become immune and not get affected by the changing market rates. A person who has loaded in money in a forex card will surely receive the value of the currency that he had initially signed up for.

• A forex card comes with security features like chip and pin technology and this enables a person to block the card if it is stolen or lost. The balance amount is frozen and no other person can gain access to that fund. Therefore, it is always better to carry a forex card instead of cash when a person is travelling abroad.

• A travel card usually offers better exchange rates when compared to using cash to buy foreign currency. When a person uses a forex card, he/she generally gets a difference of 50paise as exchange rate markup. On the other hand, a person who buys US dollars with cash has to bear a difference of Rs 2.

• Some banks in our country allow multiple currencies to be loaded into a single card. A person is liable to carry different currencies like Japanese Yen, Australian Dollar, Hong Kong Dollars, US dollars and Euro and others. Thus, foreign travel has been made extremely convenient and easy.

• A person will have to bear lesser transaction charges when he/she uses a travel card. The charges are much less when compared to that incurred by using Debit or Credit cards.

• A person does not have to pay Dynamic Currency Conversion fee while using this card.

These benefits ensure that a person can bid goodbye to his/her currency woes while travelling abroad.

Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about the EMI calculator and why is it important to calculate the EMI. Through her work, she provides valuable information on how to make the most of forex cards on your travels.

Total Views: 41Word Count: 478See All articles From Author

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