Skip to main content

Pros and Cons of Forex Card Vs Debit Card Vs Cash


You have a foreign trip coming up and are unsure how to carry your money. Should you buy foreign currency notes, get a worldwide travel money card or head to a foreign cash exchange place once you land in your destination? How about a debit card Read on for more eon the pros and cons of each of these options.
Worldwide travel money card or a forex card: This is one of the best options when you are travelling abroad. All you have to do is get a card from your bank or any bank that offers one. Most reputed banks in India offer these cards. The next step is to add funds to this card, making it a prepaid travel money card. It is secure and a good alternative to carrying cash, which is unsafe. Also, the pro of carrying a forex card is that you have a specific budget and you know exactly where your money/spending is. With cash, it becomes difficult to track spendings and you will have to match it with bills and receipts. With a forex card, you can also opt for travel insurance. You get other benefits like discounts at certain merchant outlets etc. The best advantage is that there is no transaction fee with a prepaid forex card. Foreign exchange rate is frozen when it is being loaded to the card, and there are no fluctuations at a later stage. There are no disadvantages when comes to think of a forex card. You can also get a multi currency forex card from your bank.
Forex card vs debit card: A debit card would attract merchant service fee, and is also subject to foreign exchange rate fluctuations. The highest rate of foreign exchange for a specific day will be applied on a transaction. On the positive side, a debit card can be used anywhere and convenient, thanks to the presence of ATMs the world over. However, it is not as secure as a forex card because it is not protected against loss/theft. You would need to inform the bank immediately. If you are planning to use your debit card, you would need to inform the bank ahead of your travel or sudden international activity could lead the bank to freeze your card.
Cash: Buy foreign currency notes from a foreign cash exchange place and use it for the first few hours after you land — maybe till you find an ATM! Also, cash is a good option for small or miscellaneous payments, possibly a roadside vendor etc.
If you want to know more about Pros and Cons of Forex Card Vs Debit Card Vs Cash, visit source blog
Source: https://yourexpertguide.wordpress.com/2018/08/16/know-pros-and-cons-of-forex-card-vs-debit-card-vs-cash/

Labels:

Comments

Post a Comment

Popular posts from this blog

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

Know How Exchange Rates Work and What Affects Them?

Planning to travel abroad anytime soon? Then, you would definitely need to brush up on forex currency exchange and currency exchange rates. You would need to know how to buy forex and also look up the best money exchange locations . Before that, it helps to understand what international money exchange is all about. Essentially, foreign exchange rate is the amount or value of one currency vis-a-vis the other. What is the worth of one unit of your currency in another country’s unit of currency? So, if your country’s currency is the rupee, and you are travelling to the US, for example, what is the worth of a rupee in relation to the US dollar, and how many rupees would you need to shell out to convert it into one US dollar? That is what you would need to understand when you head out to buy forex. Foreign exchange is also the world market where currencies trade. The US dollar is still considered the dominant currency across the world, and many a time, currency exchan...
Post a Comment
Read more

Recent Downfall of the Indian Rupee

Over the past few years, the value of Indian rupee has been plummeting fast against the US dollar. And the falling value of a rupee means less export/import power in the hands of people as well as the government. Which in turn makes the nation financially weaker, hampering the prospects of international trade and currency exchange rates. Here are a few factors that change the dynamics of the Indian economy. Crude oil: With the fast development and growth of the Indian economy, the demand for petrol and petroleum products has been consistently rising. India produces about 20% crude oil we require, and the rest is imported from Saudi Arabia, Iran, and other Gulf countries. Reputed oil companies of India require millions of dollars every day in order to import crude oil and gas. Thus, the increase in the demand for the dollar leads to its appreciation and decrease in the value of the Indian rupees. Trade Tensions: The policies of the US President have had...
Post a Comment
Read more