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5 Features to Look for in Your Forex Card
Posted on Saturday, February 26th, 2022 | By IndusInd Bank
How much foreign currency to carry? And what’s the best way to carry it? These are two of the most common concerns people face when planning their trip abroad. Sure, you can go the old school way and carry cash. Or, you can even carry your credit card if you aren’t sure of how many wads to pack. But there’s a better alternative to both these options – a forex card.
With these instruments in your wallet, you can outmanoeuvre most of the shortcomings of carrying cash or credit cards. However, before applying for a card, you must know what you’re looking for, lest you end up signing a bad deal.
To help you out, here’s a list of five features you should look for while picking a card.
#1 Online Reload Facility
Your card should have an online reload facility so that you can transfer funds from your bank account instantly. This feature can be a life-saver if you run out of funds while you’re overseas and do not have the time to visit a branch or wait for a fund transfer.
With IndusInd Bank’s forex cards, you can reload your existing card online, from anywhere in the world, at any time of the day.
#2 Low Exchange Rates
When you buy a forex card online and load it with the currency of your choice, your foreign exchange rate remains unchanged after you load the card. So, you no longer have to worry about exchange rate fluctuations, which sometimes can significantly increase your expenses.
So, when buying a card online, read the exchange rates listed on your bank or card provider’s website, and choose the most affordable ones. Or, if you want to cut your search short, you can choose IndusInd Bank’s affordable forex cards. With us, you get to enjoy some of the most pocket-friendly exchange rates.
#3 Multi-currency Advantage
As the name suggests, a multi-currency card can hold more than one currency. So, this feature can come in handy if you plan to visit multiple countries during your trip. IndusInd Bank’s multi-currency card allows you to load it with up to 14 foreign currencies, including:
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- EURO (EUR)
- Great Britain Pound (GBP)
- Singapore Dollar (SGD)
- Saudi Arabian Riyal (SAR)
- UAE Dirham (AED)
- US Dollar (USD)
- Hong Kong Dollar (HKD)
- Japanese Yen (JPY)
- New Zealand Dollar (NZD)
- South African Rand ZAR
- Swiss Franc (CHF)
- Thai Baht (THB)
So, look for a forex card that supports the currency of the countries you plan to visit. By doing so, you will not have to arrange for cash every time you cross a border, nor will you have to worry about exchange rate fluctuations
#4 EVM Chip-enabled Cards
Magnetic-strip cards are prone to card skimming, allowing hackers to clone and misuse them. Moreover, some tampered ATMs and PoS machines can even store your card information!
Fortunately, today you can find more secure EVM chip-enabled cards. So, make sure that your card has this feature.
IndusInd Bank’sIndusForex cards adhere to the latest EMV standards and are secure against card skimming and counterfeit. We also send you SMS alerts every time you make a transaction, so you can block your card instantly if you get notified of a suspicious transaction.
#5 Offers and Benefits
Some banks offer you special perks, discounts, access to airport facilities, discounts on processing fees, concession on airport transfers, etc., on their card.
So, when you pick a card, check if such additional benefits can be helpful on your trip and can save you money.
To Summarise
To make your card-shopping easier, here is a checklist of what to look for:
- Online reload facility
- Supports multiple currencies
- Low exchange rates
- Secure, EVM chip-enabled
- Offers and benefits
With IndusInd Bank’s forex cards, you can enjoy all these features and many more! Visit our website, buy forex card online today, and enjoy zero paperwork requirements and super-fast processing.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
