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Backpackers on a Budget: How Forex Cards Can Be Your Travel Lifesaver
Posted on Thursday, June 27th, 2024 | By IndusInd Bank
People now highly desire to travel to escape from their tedious and demanding daily routines. Travelling is becoming more comfortable and convenient as technology catches up. “How to carry the foreign currency?” is a crucial question when organising a global vacation, in addition to securing the greatest airfare and lodging. The Forex Card can help with this dilemma at this point. So, let’s explore the Forex card benefits.
What are Forex Cards?
Forex cards are a practical and secure way to carry other nation’s currency when travelling overseas. They are sometimes referred to as travel currency cards or prepaid travel cards. Like a standard debit or credit card, these cards can be loaded with numerous currencies and used at a variety of stores, eateries, and ATMs.
Forex Card benefits
Here are some of the Forex card benefits:
1. Highly cost-effective
Many people backpack, which means that we ought to be very careful with our money. The significant benefits of these cards are that they are cheaper and more viable than taking a normal bank card in another country. Also, the disadvantage of having to deal with different exchange rates is eliminated since the currency is usually loaded when buying the card.
2. Global Acceptance
When using Forex cards, you don’t need to search for currency exchange locations or bring various currencies for every country you visit. Because these cards are widely accepted worldwide, travelling to numerous countries at once is convenient and hassle-free for backpackers.
3. Safety and Security
Travelling may be erratic, and missing or robbing funds could leave you stranded. Travelling with cash is made safe and secure with Forex cards. Your money is safe since you may quickly block the card and obtain a replacement in case of theft or loss.
4. Easy to Use
Forex cards are simple to use and administer through a smartphone app. In the event of theft, loss, etc., you can even disable the card, check your balance, and reload money. Furthermore, the inconvenience of constantly keeping an eye on your spending and carrying cash is eliminated.
5. Withdrawals from international ATMs
There are times when visiting a foreign nation when you can find yourself in need of cash. Nearly 2 million ATMs globally accept prepaid forex cards as debit cards for currency withdrawals. The minimal withdrawal fees when you use your Forex card to make ATM withdrawals abroad guarantee that you save as much money as possible.
Tips for Using Forex Cards
- Research: To obtain the most significant deal on a Forex card, evaluate the exchange rates and fees of several banks before making your purchase.
- Monitor your balance: Be careful to check your balance and add money as necessary. Running out of money in a foreign land can be frustrating and awkward.
- Inform your bank: Tell your bank of your trip so there won’t be any problems using the card overseas.
- Make sensible use of ATMs: To avoid extra fees, try to utilise ATMs connected to the company that issues your currency card.
- Preserve it: Treat your Forex card with the same care you do your regular bank cards, and never divulge the PIN to third parties.
How to Get a Forex Card?
The process of obtaining a Forex card is easy and uncomplicated. Any major bank or financial institution in your nation will provide you with one. The actions to take are as follows:
- Select a trustworthy bank or other financial organisation that provides forex cards.
- To apply, go to their branch office or online and complete the form.
- Send in the necessary paperwork, such as your passport and itinerary documentation.
- After making your payment, select the currencies you wish to load onto the card.
- When your currency card arrives, activate it so you can use it on your trip!
The Bottom Line
Forex prepaid cards are the safest and most secure way to make international payments. However, they shield cardholders from swings in exchange rates and are an inexpensive substitute for domestic cards. Forex card benefits help you to travel overseas with your favourite travel partner and have a hassle-free, leisurely journey.
