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Difference Between Prepaid Forex Travel Cards and an International Debit Card

When travelling abroad, it is necessary to carry the currency of the country that you plan on vacationing in. Some of the ways how you can spend your money abroad is by using an international debit card or a forex card. Using a forex card is more advantageous than using an international debit card. Here are the few differences between a forex card and an international debit card. If you use a forex card, you will be able to carry 16 currencies in just one card, whereas if you use an international debit card, then you can use only one currency and that is Indian. The issuance fee that you need to pay to get an international debit card would be up to Rs. 500, but the issuance fee that you will have to pay to get a forex card would be anywhere between Rs. 100 to 350. If you are planning to buy a forex card online, then it is free. The merchant service fee for an international debit card 3.5 percent, but it is NIL for a forex card. The deduction or annual fee on exp

Calculation of Tax on Foreign Exchange Conversion

The implementation of GST (Goods And Service Tax) on July 1, 2017 has revised the tax structure of transactions on several goods and services, including forex services in India. The revised rates for forex services come as a welcome move as the taxes often lie between 0.05% to 0.18% of the total forex transaction. When partaking in any kind of foreign exchange services like currency exchange, money transfer , or buying a forex card , one is only expected to pay the GST; and as per the directive from the Government of India, one is expected to pay 18% on the forex transactions that comes under the taxable value bracket. So what is “taxable value”? Taxable value is the set portion of the transaction upon which tax is levied. This reduces the amount of tax one has to pay on forex services greatly. Currently the government has set up 3 slabs of taxable value, based on the amounts of transactions. Slab 1: Up To Rs. 1 Lakh: On forex transactions up to Rs. 1 lakh,

Know Best Ways to Save on Currency Exchanges

If you have travel plans to have fun in foreign destinations, then it is extremely important to have foreign currency in your hand, otherwise you will have a tough time even surviving abroad. It is possible to make purchases with a debit or a credit card, but there is a risk of getting your money wasted on foreign fees. One solution to this problem is by getting hard cash through the means of foreign currency exchange . There are many ways how you can save when doing foreign currency exchange . Some of them are by avoiding currency exchange at airports, by avoiding withdrawal of currency, and by buying currency online. Ways to Save When Exchanging Foreign Currency: · One of the best ways to save when exchanging foreign currency is by avoiding exchange at airports. If you have not ordered cash online, then it is better to make last minute withdrawals from a local bank or money exchange stores near you in your home country as they are no

Why Forex Cards Are Safer Than Cash

How to carry funds while travelling abroad is a common question asked by travellers! You can read articles comparing Forex card, Cash, Traveller’s Cheque, Credit and Debit card, that provide enough understanding on how currency works on an international trip. Some explain in detail with respect to the cost and some with reference to convenience. But again, however you look at it, a Forex Card is the most convenient and safest way to carry money. Planning an international trip involves finding the best airline tickets, hotel bookings and places to visit and see. So, a little heed to the benefits of prepaid forex card or multi-currency card may offer much food for thought. Here are a few reasons why a Forex Card is the most inexpensive way to carry money while travelling abroad. 1. Forex Cards offer better exchange rates while loading currencies on your account than buying foreign currency as cash. Providing Forex Cards is the most economical opti

How to keep your money safe while traveling abroad

Are you excited and counting down the days to your next vacation? Regardless of how thrilled you are to take your next trip, it’s always crucial that you buy forex and plan wisely. After all, nothing can ruin your vacation faster than losing your bankroll. That’s right, after working throughout the year, you deserve to take a few days off to relax and unwind. But when travelling abroad, it’s important that you choose the best multi-currency forex card , plan well and remember to take plenty of precautions. If you’re careless with your wallet, someone could swipe your money from under your nose. Here are a few simple ways to keep your money safe while travelling. Limit Cash and use a credit card: Many use credit cards as a primary method of payment on vacation, which can be risky, as there may be a temptation to overspend. But by using cash you can save more money and stick to a specific budget, as it compels you to spend within a certain range. But on t

Best Way to Carry Money Overseas

Finding foreign currency or money exchange locations is simple and easy but choosing the right method could save you a ton of cash. It is no surprise to learn that there are many hidden fees when exchanging money and what used to be a convenient way to get cash is no longer widely used and accepted. Here are the best currency exchange options for travelers. 1. Credit cards: Credit cards are a must these days either to book a hotel room or make large purchases. Whenever you make a purchase in a foreign currency credit card providers charge more than ATMs by adding 2.5 – 3% on top of the spot rate. If you have a travel rewards credit card you get extra benefits that can save you a ton of money. Most of these cards include travel medical insurance and lost/delayed baggage insurance. With any insurance policy, read the T&C print to find out exactly what you’re covered for. Or use a multi-currency forex card for all your payment needs. Once the foreign excha