Reasons to Use a Prepaid Forex Card when Travelling Abroad

Posted on Tuesday, December 15th, 2020 | By IndusInd Bank

You know how the saying goes, “Live with no excuses and travel withno regrets.” Well, there will be plenty of regrets if the majority of yourlong-awaited abroad trip is just spent on calculating conversion charges andrunning about trying to find a reasonable currency converter. But these hasslescan be eluded if, along with hotel bookings, plane tickets, and itinerary, theways to carry currency are also assessed beforehand.

From credit cards to traveller’s cheque, debits cards to Forex cards, there are plenty of payment options available for people looking forward to an abroad trip. The most prominent of these is the Prepaid Multicurrency Forex Card, and for the right reasons. It is an inexpensive and convenient currency carrying option, bound to make your trip memorable and leisurely. Let’s have a look at some of the utilities prepaid Forex cards bring to the table.

Benefits of Prepaid Forex cards

• Superior Conversion Rates

Transacting using a prepaid Forex card incurslittle to no markup fee. But what is a markup fee? It is the extra amountcharged in addition to the actual transaction value. Credit card transactionscharge as much as 3.5% markup fee for every swipe.

Thankfully, Forex cards are not at the mercy of such a supplementary fee. With a prepaid Forex card, you can enjoy hassle-free shopping, allowing you to bring home the choicest of souvenirs and memories.

• Unwavering Exchange Rates

But what if the exchange rate fluctuates? Don’t worry; the conversion rates are locked in at a fixed amount as soon as you load money into it. For instance, if you load 2000 USD into the Forex card, that exact amount will be deposited, regardless of USD-INR oscillations.

• Carry Multiple Foreign Currencies

If you’re looking to embark on a Euro trip, or abusiness trip involving multiple countries, it’s prudent to apply for a multi-currency prepaidForex card.Having a Forex card which applies only to a single currency domain can lead toincurring markup fees as high as 3.5% when swiping outside the said domain.

On the other hand, multi-currency Forex cardsallow seamless transactions in 14 currencies on a single card without anyadditional rates. Moreover, the worldwide recognition of Forex cards allowshassle-free transactions in multiple areas, from shopping to paying a taxifare.

Direct withdrawal from international ATMs is also made possible with Forex cards and shop the favourite stores carefree. In case you are falling short, through IndusInd Bank, for instance,  you the option to reload upto Rs. 50,000 instantly, anytime, anywhere.

• Secure Transactions

Forex cards are chip and pin enabled, ensuring utmost security for the money loaded within. In case your card gets lost or is stolen, it can be blocked on a moment’s notice, and the loaded funds are frozen. Most of the times, a second Forex card is also provided, in addition to the primary, to ascertain a smooth-sailing experience. Furthermore, every transaction is paired up with an SMS message to alert you of any unsolicited transactions. Some Forex cards from banks such as IndusInd Bank come with ‘Set ATM Pin’ feature, which provides you additional security while currency transactions.

• Expenditure Management

Keep your spending in check with dedicated online portals designed to provide you with the necessary balance information, transaction history and set currency priority.

• Duty-free Benefits

Since duty-free stores only transact in foreigncurrencies, any residue amount in your Forex card can be used to buy enticing,duty-free items on your way back.

To conclude, Forex card is as essential as any product to have on overseas travel. When compared to other modes of transaction, like debit cards, credit cards, and travelling cheques, Forex cards come out as a clear winner. It’s secure and convenient, and on top of that, saves you a lot of money. Apply for a multicurrency Forex card at IndusInd Bank today and enhance your international travel experience.

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.