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The Best Prepaid Forex Cards In India For International Travel
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A foreign exchange card, also known as forex card is used as a form of payment method when travelling abroad. This card is pre-loaded with funds that allow you to access money in the local currency of the country you are travelling in. You can reload the card, as much as you need, during your travelling. In this article, we give you the reasons why the prepaid forex cards are the best for international travel.
• Internationally accepted system
These cards are accepted all over the world. As they have the ability to pack multiple currencies onto a single card, including more features like remote top – up and e- commerce capability, it provides an easy financial convenience when travelling globally. Not only is it beneficial to the consumers who are using this card, sellers and merchants also benefit from this, as they can serve a lot more clients that they otherwise can. It also has the safety feature of the normal banking cards. So, if you lose this card, you can always lock it, and ask for a replacement.
• Exchange rate not affected
Forex cards offer its customers a protection against currency fluctuation volatility. The amount of the funds is loaded onto the card is will be used as per the foreign exchange rate at the moment of transaction. Thus, through the trip, the exchange rate will remain as the MasterCard or the Visa wholesale rate at the time of transaction rather than forex market.
• Cheaper than currency and other cards
If you have international banking cards such as credit card or debit cards, you can use them in the international trips. However, they will charge an extra charge for this service. As these cards carry the local denomination, when you use this card outside the country, you will be charged for the foreign currency and now the local one. Thus you will have to bear the charges for currency conversion which can range from 3 to 5%. This is a drawback when you are involved with high value purchases. The same method works for local currency. In addition to the currency rate conversion, there is different services and charges.
Forex cards in international travelling will increase as the RBI has asked banks to disable other banking cards for international use.Most international travelers have decided to abandon international debit cards and restrict cards to local use.You can pick from ICICI Bank Travel Card, HDFC Bank Forex Card and SBI's VishwaYatra foreign travel card for your travel abroad.
Author Bio :- Neha Sharma; a finance student, loves to write about Forex and Forex Cards. While she has gathered a lot of information regarding it, she hopes that if she shares it, the public can benefit from it.
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