Skip to main content

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.

  1. 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 expired card is anywhere from Rs. 100 to 500 for an international debit card but for a multi-currency forex card, it is zero. 
  • If you withdraw money abroad from an ATM using an international debit card, then the amount of ATM fees that would be charged would be high. But if you were to withdraw money using a forex card, then the first three foreign withdrawals would be free.  
  • International debit cards have a higher conversion rate as compared to forex cards.
  • A forex card is cheaper than buying currency, but an international debit card is costlier than buying currency.
To know more Differences Between Multi-currency Forex Card and an International Debit Card, visit source blog.
Source: https://yourexpertguide.wordpress.com/2019/04/15/what-is-the-difference-between-multi-currency-forex-card-and-an-international-debit-card/

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

What Are The Best Travel Money Options?

So, you are heading on a foreign trip and wondering what your travel money options are. Should you get a forex card , an ICICI bank travel card or just get enough foreign cash via currency exchange ? Should you opt for debit/credit cards or travellers’ cheques? So many questions keep going round in your head, and the whole thing can be quite daunting right? Not really, if you do some homework. Ideally, you should keep some spare cash but also get one of the forex cards for the bigger expenses. How about a HDFC forex card or an Axis bank forex card? You could pick one of them. A combination of various options is a good way to carry your money. First, let’s look at forex cards. Foreign exchange cards You can use your card to buy stuff at a mall or a market, spend on tickets, pay for your food at restaurants or order food/buy online. You can get in touch with your bank in your home country and load currency on to the card; this could be any of th...
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

How Buy Foreign Currency in Cheap Way

Increase in population has made international tourism in India a bright industry. However, Indian travelers have forgotten the crucial aspect of foreign exchange . Here are a few hacks one should consider to ensure  best value for their money, while traveling to other countries on business or leisure. Say no to the counters at airports: The foreign exchange counters at airports provide a premium of 10 to 13% over the usual exchange rates , and this will only reduce the amount of currency one has at their disposal during their trip. A foreign exchange counter at airports is simply waiting to exploit a desperate traveler. So be smart and buy foreign currency 3-7 days before the travel, and stay away from the foreign exchange counters at airports. Compare: Forex rates change on a dynamic scale and some agencies will hardly keep up with these variations. Not understanding the dynamics of forex can make one get a...
Post a Comment
Read more