Skip to main content

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 option for banks.
    2.    By default, Forex Cards are loaded with foreign currency at locked-in exchange rates. Thus making it a safe option during fluctuation of currency value in the forex market. If you add 2000 USD in your Forex Card, the value in it will still remain 2000 USD regardless of any inconsistency in INR-USD currency exchange rate.
    3.    Forex cards are enabled with a chip and pin technology to safeguard the money in them. If in case a Forex Card is stolen or lost, it can be blocked at once and the balance in it will be frozen. And once the original is blocked, the secondary Forex Card can be activated and the frozen funds will be transferred to it.
    4.    Forex Cards can be used to carry multiple foreign currencies at the same time, anywhere across the globe. For example, banks such as Axis, issue Forex Cards that allow you to load up to 16 mainstream currencies such.
If you want know more Reasons Why Forex Cards are Safer than Cash, visit source blog.
Source: https://yourexpertguide.wordpress.com/2019/03/14/5-reasons-why-forex-cards-are-safer-than-cash/



Labels:

Comments

Post a Comment

Popular posts from this blog

Factors to Consider When Choosing a Currency Exchange Provider

Planning a foreign trip and wondering where is the ideal place to buy foreign exchange in India? Should you be looking at a multi currency travel money card or buy USD online? Read on for things to consider when you are choosing a currency exchange provider/service: First, you would need to consider your options. Would you want to go to banks or regular currency vendors/dealers? You could even buy USD online or for that matter, most currencies. You can buy from banks or even from national post offices so there are no chances of acquiring counterfeit currency. In case you don’t hold an account in a specific bank, the bank may choose to carry out transactions through cards so you end up paying convenience fees. When you go to private dealers/vendors, you should ensure that they are a credible name, and have the requisite authorisation from RBI, India’s central bank. Don’t exchange from the first vendor you see. Compar...
Post a Comment
Read more

How Currency Swings Can Affect Your Holiday Costs?

Rise and fall, variation or shift in the floating exchange rate system is a norm in the case of most major economies. The currency’s value goes hand in hand in accordance with the foreign-exchange market. International money exchange rates are affected by numerous factors that are usually in a state of perpetual flux. These include interest rate differentials, economic performance, supply and demand of the two currencies, and inflation. If you run a travel business, you’ll directly be impacted by fluctuating currency rates. The relative strength, or lack thereof, of the dollar against other major currencies will dictate your business traffic. Travel Trends: A Lot of people travel for leisure than for business. Travel, just like any other activity, experiences trends that tend to develop based on various forces. Unsurprisingly, trends can be set by the media. Specifically, travel media may establish some trends based on tourism surveys and other professional r...
Post a Comment
Read more

Rbi Guidelines for Foreign Exchange

People travel all around the world and when they land up in a foreign country they require that particular country’s currency in order to buy goods and services. Here foreign exchange comes into the picture, which helps you in exchanging the currency of one country into that of another. The largest and the most liquid financial market in the world is the foreign exchange. Here are some international currency exchange guidelines that are to be followed in India. When going on a leisure trip abroad, the maximum amount of foreign currency that can be taken is USD 25,00,00 per traveller in a single financial year. Out of that, only $3000 can be carried as cash. The remaining balance should be carried around as traveller’s cheques, forex cards and remittances. But when on a trip to Nepal or Bhutan for any purpose, no forex currency exchange will be available. When going on a leisure trip abroad, the maximum amount of foreign currency that can be taken is USD 25,00,00 per t...
Post a Comment
Read more