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Here’s Why Taking a Rental Car Will be the Safest Option for All Your Travel Plans

car renting

Travelling is a delight. The wanderlust in your soul yearns to be tamed by your feet landing on the soil of foreign lands! All of us who travel take delight in packing our bags and hitting the road. There’s so much to see and such a big world out there. Be it the beautiful architecture in Jaipur or the echoing walls of Calcutta’s heritage, this country has diverse offerings! If you’re looking to witness the beauty of Incredible India with your own eyes, having a reliable friend by your side is essential! We suggest going for a car renting service!

What is a car renting service? 

Have you ever thought of travelling at your convenience? While making your bookings and taking your own time is a part of it, it’s not the entire picture. Have you ever thought about the number of small offbeat gems you miss out on? When travelling by train or bus, several locations may intrigue you. However, visiting them is not possible. 

That’s where car renting services give you the freedom of exploration. Stop at any place on your way in your car. Travel in your own time. Get lost in the vivid landscapes of our rich country! These services provide you with a driver-driven rental car. You just have to fill in your details and stipulate the duration of your requirement. That’s all and you get a car all to yourself. 

How do they keep me safe?

  1. Interconnected network offices – No matter where we set foot in this vast country, a good car renting service will always have an office there. This is helpful when it comes to issues that you may face with the vehicle. When travelling on highways it’s quite unsafe. Having a company on call for you at all times is helpful. Especially if such a company provides a range of travel-related services, it can allow you to explore freely!
  2. Drivers are seasoned companions – Traversing the twisting magical roads of our quaint subcontinent is a cumbersome process. The long endless highways that connect the four ends of our country can be quite tricky to manoeuvre. A car renting service makes this experience safer! Drivers provided by such companies are seasoned experts. Having driven time and again on highways, they’re accustomed to the uncertainties involved. Not only does this reduce the chances of accidents, but also ensures navigation is easy.
  3. A better option than owning a car – Owning a car is great, according to general opinion. However, we beg to differ. While owning a car may have its convenience, a renting service cuts the cost to give you the same experience. Car renting services don’t only provide cars on rent for travelling. You can rent them out for daily use as well. Additionally, a company that’s connected well across the country can offer its services in any city. However, it’s still a better option when travelling. Because cars, after intensive travel require maintenance. If you rent one, you won’t incur this cost. The company is solely responsible for maintenance.
  4. Immediate help at times of accidents – A car rental company can offer you roadside assistance services. Apart from having an experienced driver, who knows how to deal with mechanical failures, customer support is available too! At unfortunate times of an accident, the best car renting services can help you contact hospitals nearby. This is an essential benefit of taking cars for rent. 

Where can you find a rental car for travelling?

If you’re looking for a rental car to take on your wild travel itinerary, we recommend checking out leading travel service conglomerates in India. While finding a car rental service is not difficult, they’re often limited to that business only. Thus, such companies aren’t able to provide you with backend support beyond the domain of your car. However, a company offering conglomerate services in travel has integrated services. These firms can help you out with FOREX, travel, insurance, international remittance, etc. If you’re looking to get a car on rent we recommend hiring one from such a firm. 

One of India’s leading travel service conglomerates is Transcorp International Limited (TIL). This company deals with travel and financial domains. If you’re looking for car rental services, TIL is a reliable provider of the same! With a commitment to serving customers, you can get their assistance with ease. We recommend checking out their website today! If you’re planning to travel, having assistance all along the way makes it a safer experience. Not only is renting a car a boon to wanderlust, but it also keeps you and your family in responsible hands. Go online and rent your car today! 

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10 Benefits of Renting a Car For Trips

renting a car

When travelling abroad, you may want to explore one city thoroughly, for you may want to spend a week or more and explore several other towns so that you can visit more of the place and get a sense of all that makes it touristy. After a busy lifestyle and the Chaos of work, holidays and renting a car for that are the best way to unwind yourself and get a little relaxation. 

 

If a long drive or a road trip means a vacation for you, consider renting a car instead of taking your personal vehicle. Travelling to another country leaves you with many options for transport such as bus, taxis, trains or two-wheelers. But the best option is to rent a car. Check out the advantages of car renting to make your next holiday a memorable one. 

 
  • Freedom of travelling:Choosing public transportation when you are travelling offers a lot of limitations. The buses may not take you to rural places where you might find a historic site. Subways are typically confined to major cities, and trains only offer one stopper City. Therefore, when you avail of intercity car rental services, you have the freedom to go wherever you want, visit out-of-the-way locations, and change your itineraries as you go.
    •  
  • Budget-friendly: Train trips and bus routes on your travels not only add up to a lot of wasted time but also a lot more money. The cost is also likely to rise unexpectedly if you take a taxi to travel around the city. Renting a car can consequently save you a lot of money, which will help you stay on budget.
    •  
  • Memorable experiences: When you rent a car in a different country, you can experience new and memorable moments that become great stories moving forward. As a visitor, you get a better sense of the place and its culture when you stop by sites and learn new things that catch your attention. Using public transport won’t allow you this freedom. 
    •  
  • Convenience: Renting a car is the most sensible option when travelling abroad:
    1. You do not need to worry about insurance as car rental services already have it covered.
    2. Cars would have updated navigation, making it easy to roam securely.
    3. You can travel like a local as people are less likely to perceive you as a tourist.
  • Comfort: Even though long-distance buses and public transport are cheap, you might find yourself uncomfortable squeezing with dozens of other tourists who want to get on the bus first. Choosing to buy a car on rent ensures that your vacation is comfortable and you have the privacy you want. 
    •  
  • Better safety: Driving can be an excellent way to experience your vacation since you are in control of the vehicle. However, in the event of an unfortunate breakdown, you can depend on the rental assistance given under the terms & conditions of car rental services. Rental assistance generally includes towing services, flat tyre assistance, and emergency fuel delivery. 
    •  
  • Lot of choices to choose from: Intercity car rental services are the best options as they offer a wide range of car options to choose from. You can select a car that fits the nature of your vacation and your capability. Renting a car gives you the chance to try a vehicle you have wanted to drive for a long time and gives you hands-on experience in driving, testing its performance and comfort.
    •  
  • Easy for international tourists:Renting a car is the easiest and cheapest mode of transport when visiting a country for the first time. If you are travelling internationally, you may face some difficulty finding your way to a new place. Therefore, when you buy a car on rent, services like GPS, pick up and drop will make your travel experiences more convenient.
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  • Get some ‘me-time’:Vacation means relaxation. When travelling hundreds of miles away from home, renting a car can give you more time to enjoy yourself. You will also spend less time finding your vacation spot and more time relaxing and exploring the new place. However, remember to have a driver’s licence before you buy a car on rent.
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  • Prior experience: When you rent a car, even when travelling, it gives you a rough idea of the type of car, SUV or truck that you want to purchase after you get back home. If you had an initial plan to buy a new car, you can do a test drive on your rented car and see how it goes for you.
    •  
  • Conclusion:All in all, the comfort and benefits of renting a car is huge. With the brilliant car rental services these days, you can make easy car booking and payments. However, make sure you have a driver’s licence and understand the driving regulatory actions of the place you are travelling to you. So, rent a car and make your next holiday a memorable one. 

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What are the uses of Prepaid Cards – A Complete Guide

uses of prepaid cards

What is a prepaid card?

Debit and credit cards can smoothly take care of money transfers and payments, but the scope of these cards are limited when it comes to budgeting your expenses or protecting you from fraudulent activities. Prepaid cards, in particular, can be more helpful if you wish to set a limit to the expenditure or allow its usage only up to a certain amount.

Uses of prepaid cards

A very popular alternative to credit cards, a prepaid card can be used by individuals as well as businesses to dispense with their daily functions. The flexibility and ease-of-use of a prepaid card enable it to serve various functions:

  • A prepaid card can double up as a very useful and heartfelt gift. A prepaid card is a suitable gift for every occasion: a birthday, anniversary, graduation, or retirement. Giving the recipient the freedom to purchase anything they wish through a prepaid card makes the act of gift-giving much simpler for you.
  • A prepaid card is the most hassle-free option for providing incentives and gifts to their employees for businesses and corporates. It makes the management’s job easier by doing away with the need for monitoring individual accounts.
  • Further, a prepaid card also facilitates smoother transactions between corporates and their employees. It can be used to take care of all kinds of allowances related to medical expenditures, meals, fuel provisions, and travel expenses.
  • As a parent, you may wish to keep an eye on the amount of money your child is regularly spending. A prepaid card places an absolute limit on the finances available to the cardholder at any time and is an easy way to ensure that your young ones spend with discretion.
  • A prepaid card can help you keep track of your expenditures for specific purposes. For instance, if you have found yourself often struggling to limit the amount you spend on clothing or other lifestyle items, designating a prepaid card specifically for those purchases can give you a sense of control.

What are forex prepaid cards?

Forex prepaid cards function somewhat differently from regular prepaid cards. A forex card is tailor-made for those who regularly travel abroad and require easy access to different types of currencies. Some uses and benefits of this card are:

  • A multicurrency forex card gives you the unique advantage of loading several currencies at once in a single card. For those who need to travel over long periods over various countries, having a forex card does away with the need to carry multiple cards for different currencies.
  • Forex prepaid cards make your travels safer and lower your risk of misplacing the three or more cards you would have had to carry otherwise.
  • You can withdraw cash from ATMs, pay online merchants, or shop at local markets using a forex prepaid card. In short, you can perform all the necessary transactions through a single prepaid card.
  • Like any other debit or credit card, a forex prepaid card can be used to make purchases up to the limit specified by you. The added benefit is that you do not need a bank account to avail of prepaid card services.
  • Since a forex prepaid card gives you the flexibility to load several currencies at once, you no longer have to go through the tedious process of currency exchange. If your travel plans are spread out all over the world, a forex card makes your journey more economical. 
  • Aside from its convenience and safety, a forex card also helps you monitor your personal finances better. Aside from the hassle of carrying loose cash, exchanging currency multiple times can make it very difficult to keep track of your expenditures and savings. With a forex prepaid card, you can check your online statement at any time and go through all your transactions.

Getting the manifold benefits of prepaid cards is now just a few clicks away with the help of online services like Transcorp. Applying for a prepaid card is fairly simple, although the steps differ depending on whether it is for personal or business use. For secure, reliable, and professional service, choose a company like Transcorp that will help you navigate the necessary formalities of swiftly getting a prepaid card.

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International Money Transfers – How Transcorp Plays a Crucial Role in Currency Exchange?

International money transfers

If you have financially dependent family members living abroad, you must be familiar with the hassle of sending money to them. International money transfers refer to this process of sending money internationally, in the currency used in the country you are transferring the amount to. In the digital age, money transfers have become more accessible through the help of money transfer services.

 

Sending money overseas is taken care of by online service transfer providers in the following ways:

 

    • Online transfers are entirely safe and reliable methods of sending money abroad. The transfer service will ask you for the recipient’s bank account details, along with other relevant personal information and financial details.  
    • Online transfer services are very swift in completing the process. The recipient can expect the money to reach them in the destination country instantly or within 48-72 hours from initiating the transfer.  
    • The services offered also include currency exchange. The money you send abroad will be converted to the destination country’s currency, for example, dollars or euros. The amount you have to pay largely depends on the prevailing foreign exchange rates between India and the country in question.  
    • As per official regulations, you will be required to provide your PAN Card details along with other KYC documents as listed according to government regulations. These formalities will be taken care of by the online transfer service. They will inform you about the necessary steps depending on the amount you wish to send, and the laws of the destination country.

 

What is the process of exchanging currency?

Going through an online transfer service like Transcorp can make exchanging currency significantly easier. It eliminates the need of intermediaries, agents, and intermediary banks. Here is some basic information regarding the same:

 

    • Transfer rates and exchange rates might vary from service to service. You must be careful to compare the prices of all the well-known transfer services before selecting the provider you wish to engage with for sending money overseas.  
    • The taxes will vary from one transfer service to another. These rates are also liable to change over time depending on several socioeconomic factors. You are recommended to examine the exchange fees of different platforms prior to making the money transfer.  
    • The location to which you wish to send the money also determines what the exchange rate is going to be. Based on whether or not the currency has been devalued recently, you may be asked to pay at a higher or lower rate while transferring money abroad.  
    • The best international transfer services deal with all major global currencies, and you can complete all your transactions through a single provider. If you are required to send money to several countries every month, it is easier to keep track of your finances and complete the transfers at the earliest by going through one such service.  
    • Easy and swift currency exchange at the best rates has been made possible by online transfer services. You can now send money overseas at the most exchange and transfer rates because of these providers. For transferring money internationally in emergencies, online service providers offer you the smoothest means of exchanging currency.

 

How can I apply for online money transfers?

In earlier times, sending money abroad was an arduous task and involved a lot of paperwork and official obligations. Applying for international money transfers is simple on online platforms and can be done in a few easy steps.

 

    • It would be best if you first determined whether the provider exchanges currency for your desired destination country. Then sign up or write your necessary details on the website of the online transfer service. 

 

    • Follow up with the information requested of you after this step. You can either perform these steps online, or over email, or phone call. This depends on the service of your choice and the official procedure followed by them. 

 

    • Be ready with all the bank details and documents necessary to complete the transaction. 
    • In case of any doubts or mistakes, do not panic. International money transfers generally have a chat support system where you can reach out to an agent in case of any questions. There is also the option of contacting them over mail or a telephone call. You may also get in touch with their social media profiles on Twitter, Instagram, or Facebook if there is an emergency.

      Conclusion

 

International money transfers has a complicated procedure and can take a long time if you go through your bank. Instead, choosing an online money transfer service like Transcorp can save you a lot of time and energy. Not only will your finances be handled smoothly and quickly, but you can also rely on them for maintaining absolute discretion.

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10 Key Benefits of Domestic Money Transfer Services

benefits of money transfer service

Money may not run the world for the better part of our conscience, but it sure is essential. You may need money at anytime and anywhere. If you’re an investor you’d like to have money accessible at all times to grab onto market opportunities. Alternatively, if you’re traveling and run out of cash, you’ll need money immediately. Thinking of getting a new dress? Money is exactly what you need. In a world where money is so important, not having an adequate amount may be troublesome. That’s why we recommend you opt for domestic money transfer services. Money transfer services allow you to get instant access to funds whenever and wherever you want. They are quite handy when sending a remittance to friends and family as well. Let’s dive into the top 10 benefits of money transfer services!

 

  1. Increased Flexibility: Gone are the days of sending cheques via post and having to approve transfers at your bank branch. Domestic money transfer services provide convenient and flexible options for you. You can tap on the screen of your phone and send a remittance or essential funds.

    2.  

  2. Historical Record: The money that you transfer remains on record the entire time. This is because domestic money transfers use digital signatures. This enters the amount transferred to and from your bank digitally. It ensures that all the money that’s been transferred is recorded immediately reducing chances of account imbalance.  

    3.  

  3. 24/7 money transfer facilities: All of us are tired of long queues and waiting to transfer our money at banks. Money transfer services eliminate this ordeal. They allow you to transfer money whenever you want to at your convenience. This doesn’t only ease your worries but also saves you a ton of time. You’ll not need to worry anymore about sending or receiving money at any given time of the day.  

    4.  

  4. Prevention of fraudulent activities: The reason we recommend domestic money transfer is because it helps prevent fraud. Since the money is being wired electronically from your bank account to another one, the record is quite easy to trace. Thus, in cases of fraudulent activities with your account, you’ll be able to report it immediately. Today the world of technology has evolved so far that the moment your account is debited, you get SMS and app alerts from your bank. It ensures that you know what’s going on with your account at all times.  

    5.  

  5. It’s an instant process: Transferring money through electronic methods results in zero delays. A money transfer service puts in a request with your bank to send money to your desired account. The amount is deducted from your account balance and updated in the receiver’s account. What’s more, is that the entire system is automated now! 

     

  6. There’s no bank out of the loop: No matter which bank you have an account with, all of them have money transfer facilities. Thus, if you’re using a domestic money transfer service, you needn’t worry about affiliations. You can transfer money from and to any bank account, whether regional or national.  

    7.  

  7. Bank Holidays are no restriction anymore: Using a money transfer service allows you to transfer on the bank, international, and national holidays. Since there’s no need for a person to be physically involved with the process, the system is fully operational around the year. If you’re running short of cash or sending remittances to your grandkids during festivities, a domestic money transfer is the best option for you!   
  8. Security is premium: While transferring money domestically, security may be your biggest concern. Whoever, these days tokenization, and verification systems are in place to ensure that your money is transferred securely. The process uses high-end encryption to ensure that it’s impossible to hack. It ensures that your remittance is safe and reaches the person intended to receive it.  
  9. Can be used for multiple purposes: Domestic money transfer services are used for a multitude of purposes. You can send money to family and friends, pay your bills, send business payments, etc.  As long as you’re sending money within the boundaries of the country, you’re good to go!  
  10. A boon to working professionals: Being a working professional is difficult as it is. Time is always short at hand. If you are someone who travels a lot, sending money via cheques is almost near to impossible. It’s where a domestic money transfer service comes in and allows you to make payments on the go.
     
    We recommend using a money transfer service to your advantage. Domestic money transfer offers a significant amount of convenience. Whether you’re a parent with a child, or a youngster sending a remittance to their parents, money transfers take the stress away from caring for your loved ones economically.
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Currency Exchange Services at Transcorp – Process & Benefits

Currency exchange

Currency exchange services are essential for anyone who travels abroad. Whether you travel overseas for business or leisure, having foreign exchange is an absolute must! When you travel internationally, you need foreign currency for all your transactions. Currency exchange can help you convert your native currency to money accepted in foreign lands. Transcorp is a company that offers reliable currency exchange support. With their help, you can get forex travel cards, travellers’ cheques, and foreign currency maintenance services. Unsure about how it works? Let’s break it down and analyse the process and its benefits! 

What is a Currency Exchange Service?

A currency exchange service is a licensed service that helps customers exchange different currencies. Customers can swap currencies before they take on international travel and transactions. A service provider usually charges a small fee for making the swap and adjusts it with the conversion rates. Foreign exchange currency notes can be swapped to get the corresponding amount of domestic money or vice versa. In earlier days, many of these exchange services had teller stations for the physical exchange of currency. But now, most transactions have shifted online for maximising convenience! 

What Types of Foreign Exchange Services does Transcorp Offer?

Transcorp is authorised by India’s central bank to provide currency exchange services. It holds the license of “Authorised Dealer Category II”, given by the Reserve Bank of India (RBI). This license allows it to buy and sell all sorts of foreign currency. In this category, Transcorp offers 3 main services: 

  • Foreign Currency Maintenance: People who frequently travel abroad may need to maintain a certain sum of foreign currency at all times. When people regularly travel back and forth from their home country to a foreign land, they need foreign currency at all times. Transcorp offers this service for ensuring a seamless experience. 
  • Travellers Cheques: Travellers’ cheques are paper cheques that can be encashed for foreign currency while travelling abroad. You can purchase these cheques for a certain amount before you travel. Each cheque has a stipulated sum of foreign currency assigned to them. These cheques eliminate the need to carry large sums of currency and maximise convenience while travelling. 
  • Travel Cards: Travel cards are the most advanced mode of carrying foreign exchange while travelling. These are prepaid cards loaded with your preferred foreign currency. Travellers can swipe them at ATMs and POS terminals for transactions overseas. 

What is the Process of Getting Quick and Convenient Currency Exchange Service?

The process of getting currency exchange services from Transcorp is super simple. You must first visit their website and fill up the contact form. The personal details you need to add are: 

  • Name: Fill in your first name and last name for efficient processing of your application.
  • Email: Fill in your email ID so Transcorp can contact you to help set up your foreign exchange service.
  • Location: Specify your current location in the form so the staff members of your nearest branch can contact you for helping to set up your service.
  • Currency: Specify the currency type you want to exchange so Transcorp can get back to you with a precise and detailed response.
  • Service Needed: Choose if you want to get a forex card, travellers’ cheques or foreign currency notes so the right team at Transcorp can reach out to help.
  • Comment: Here, you can add details about any other needs you have so Transcorp can offer you tailored services. 

Once you fill this form, you can sit back and relax. Service agents from Transcorp will contact you soon to help you find a plan that suits your needs.

What are the Benefits of Currency Exchange Services at Transcorp?

If you avail of this service, you can unlock the following benefits: 

  • Quick and Transparent Communication: The well-trained staff and the highly connected network centres ensure that you get speedy and transparent updates. The seamless communication channels help you stay in the loop.
  • Branches Near You: Transcorp has 22 service branches. The presence of multiple service branches ensures that your requests can be processed and managed very quickly and efficiently. 
  • Selling and Buying all Foreign Currencies and Travellers’ Cheques: Transcorp buys and sells every type of foreign currency. It also purchases and sells all travellers’ cheques. This benefit gives you a secure foreign exchange option no matter where you go!
  • Easy Stock Maintenance: Transcorp allows you to maintain foreign currency stock. This service reduces your forex fears and lets you make your travel plans in peace. 
     
  • Getting Travellers’ Cheques from International Brands: Travellers’ cheques from brands like American Express are available with Transcorp. This service helps you leverage the famous network of this international brand. 
     
  • Converting and Re-converting Foreign Currencies: Transcorp offers both conversion and re-conversion support. This service lets you swap your excess foreign currencies back to domestic money whenever you need it.

    Conclusion

    The currency exchange services offered by Transcorp are perfect for all your foreign exchange need. With their help, you can get seamless currency exchange whenever you travel internationally or complete a foreign currency transaction.

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Foreign Demand Draft – An Overview

Foreign demand draft

Do you have friends, family, or an acquaintance living abroad? Do you need to send money to them monthly or occasionally? There are various ways that you can transfer money to a foreign recipient. You can;

  • Transfer the money via online remittance;
  • Wire the money online; 
  • Send an international money order; or
  • Transfer via an international demand draft.

Although online remittance and wire transfer are the most preferred means on cross border transactions, some people still use foreign demand drafts to send money to a friend, family, or someone else living abroad. Moreover, knowing about all the options that you have for cross border transfers always comes in handy; keeps your choices open in unforeseen situations. With that in mind, let’s give you a brief overview of the foreign demand draft and the process of sending one. 

What is a foreign demand draft?

Foreign demand draft or FDD is a negotiable financial statement or bank draft used by an individual to send money from a domestic bank account to a foreign bank account. Also known as foreign exchange demand draft, like a normal DD this too is drawn in favour of the beneficiary on whose account the sender wants to transfer the money. Both the sender and the recipient would need to have an active bank account on both sides of the border to transact seamlessly. You can either go to a bank or a financial institution that facilitate foreign demand drafts. 


What are the Advantages of Foreign Demand Draft?

The FDD works both ways. Either you can send it to a foreign recipient or vice versa. Either way, when the money is withdrawn using the draft, the recipient will get the amount in the native currency of that country. Here are a few features and advantages of using a foreign demand draft for cross-border transfers.

  • Compared to the other options for international remittance, sending an FDD incurs a low cost. You would only have to pay the service tax and the fixed transaction fee, which is minimal.
  • Since the beneficiary’s account details are mentioned on the bill of exchange no one can forge or misuse the FDD.
  • The FDD can be issued in multiple currencies following the current foreign currency exchange rate. 
  • As per the remittance rules set by the FEMA (Foreign Exchange Management Act), the draft can be used to draw up to any amount. 

What is the Process of Sending a Foreign Demand Draft?

The most basic criterion for sending an FDD is to have an active savings account. For the rest, you would have to follow the steps below:

  • You reach out to a bank or financial service provider to send the money. 
  • The service provider would give you a form (online/offline) to enter the details of the sender and the recipient.
  • The FDD request form would require the following details; sender’s name, recipient’s name, transferrable amount, location of the transferrable amount, the mode of the payment (cash or bank account), bank account details of both the parties involved.

Once you enter all the necessary details, the FDD is remitted to the recipient. It usually takes a few days for the amount to get remitted across the border. 

Since the FDD is issued in the name of the recipient/beneficiary, it is absolutely safe to send a foreign demand draft. You can either download an FDD form or transfer it online, depending on the provisions offered by the service provider. Whether you intend to send tuition and conveyance expenses to your children studying abroad or make a loan repayment, FDD works for anything and everything. 

Conclusion

We hope that this write-up helped you gain some insight on foreign demand draft and how you can use the same in your cross-border transfers. On an ending note, before sending a demand draft you need to find a reliable intermediary that would liaison between you and your recipient’s account and facilitate the payment. A small tip here, you need a service provider that offers you flexible rates in terms of foreign currency exchange. If you are looking for a trusted partner to streamline your regular cross-border remittances then check out the financial services offered by Transcorp. They have multiple outlets across India, and one of the leading names specializing in outward remittances. Click here to know more and transact money with ease and safety!   

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How Travel Forex Cards Help in Covering Baggage and Passport Losses

travel forex cards

As the pandemic finally eases, tourists are gearing up to travel overseas! If you are also planning a trip abroad, forex cards are an absolute must-have for you. Visiting new countries can be an exhilarating experience. But to pay for essentials abroad, you need to have some foreign currency on hand. Since travelling with a lot of cash is risky and inconvenient, you need travel forex cards to simplify your experience. Besides helping you pay for essentials; these cards can also cover losses! Whether you lose your baggage or the all-important passport, forex cards can come to your rescue. Wondering how? Read on to find out.

Why are Forex Cards Essential on Foreign Trips?

Different countries use different currencies. When you visit a new nation, you must pay the locals in their native currency! Foreign travels are full of expenses: lodging, food, shopping, and more. To cover all this, you need plenty of foreign currency on hand. However, it is rather unsafe to carry so much cash in a country you know little about. The risk of theft is high. At the same time, it is also too much of a hassle to carry that much cash.

That is why you must have a simple, one-swipe solution for all your payment needs. International forex cards bridge this need gap with ease! In addition, these cards also offer insurance covers for baggage and passport loss. These added benefits make these cards even more attractive for any travel enthusiast.

What Exactly are Travel Forex Cards?

These cards are just like a debit card, but for foreign currency. Forex cards are prepaid cards with a certain amount of foreign currency. You can swipe this card at any local ATM to withdraw local money. You can also use it at any point-of-sale terminal to pay for things you buy. Think of it as your usual card, except it is linked to an account full of foreign currency. It is a seamless solution for your travel troubles. A forex card is accepted nearly everywhere, so you need not worry about making payments abroad.

How do Travel Forex Cards Work?

These cards have embedded chip technology or magnetic strip technology. These technologies facilitate speedy and secure transactions in a foreign country. To use a forex card, you can sign up with a reliable foreign exchange service and apply along with relevant documents. You can choose between a single-currency or multi-currency card! If you plan to backpack through different countries, a multi-currency card is the best option. It can help you use up to 16 currencies with a single card. For less elaborate plans, a single-currency card works well.

What are the Insurance Options Available with a Travel Forex Card?

These cards come with multiple benefits for users. Forex cards cover or insure several untoward or unanticipated incidents while travelling abroad. Some of them are:

  • Coverage for financial loss borne due to card theft or phishing scams
  • Coverage losses incurred due to ATM assault or robbery
  • Coverage for the expenses missing a connecting flight during international travel
  • Coverage for personal accident claims while travelling abroad
  • Coverage for the loss or theft of crucial personal documents like passport
  • Coverage for baggage loss and baggage receipt delays

    •  

These are some of the typical covers offered with travel forex cards. However, you must read the fine print to check these details from your service provider to confirm.

 

How to Get Coverage for Baggage Loss?

 
When it comes to travelling with baggage, the most common form of card coverage is reimbursement for delays. You can file a claim if your airline checks in your luggage, but you receive it more than twelve hours after the scheduled departure time. This card coverage will help you get reimbursed for buying essentials due to the delay in accessing your baggage. Based on the terms offered by your service provider, you can also file claims against the loss of baggage. If your luggage is lost or stolen on foreign soil, your card provider can help you cover the expense. Typically, the cardholder has to bear the upfront costs. Later, they can file a claim and receive reimbursement after detailed perusal of their claim.

 

How to Get Coverage for Passport Loss?

 
Passports are vital personal documents for your identification and authorisation of travel. If you are stuck in a foreign country without your passport due to loss or theft, you must immediately apply for a duplicate. Your country’s embassy can help you get a duplicate passport or an emergency certificate. All this paperwork costs money, and you will typically have to pay for them upfront. However, you can later have all these costs reimbursed by your forex card provider by applying with relevant proofs.

 

Conclusion

 
Travel forex cards have multiple benefits wrapped in a simple card. Forex cards can substantially ease your travel-time woes. They can bring convenience and security to your travel plans with their multiple features. If you want a forex card provider you can trust, head over to this link for more details!

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Online Money Transfer – Send Maintenance Money to Loved Ones in Abroad

online money transfer

Mr Sharma has two of his daughters studying abroad; one in the UK and one in Canada. So every month he needs to send a certain amount to them to suffice for living expenses, conveyance, and allowance. The tuition fees have usually required the start of the term, not as regular as the maintenance, which he sends using online money transfer services. 


 

Mr Wilson, on the other hand, has recently moved to India, being transferred from the UK headquarters, with his family back in London. Like Mr Sharma, he too has to send maintenance money abroad every month for the family, just like the thousands of others who avail themselves of online remittance services regularly to send money to their loved ones. 


 

Outward remittance has found prevalence among a significant percentage of the population with loved ones and acquaintances living abroad.
 
In March 2020, it was recorded that $344 million was transferred by Indians to relatives staying abroad. The staggering amount has been ascending every fiscal, owing to the increased movement across the borders for personal, professional, business, and medical reasons. 


 

Now, maintenance can be anything, ranging from student fees to family allowance and more, such as:


 
  • Money for real estate; which can be either for buying the property or for maintenance purpose.
  • Paying allowance or financial support to the family living abroad;
  • Utility or house maintenance, while the residents are living in another country;
  • Paying student fees and allowance for living, conveyance, etc.;
  • Paying for the medical expenses.

 

There is a multitude of other reasons why one might need to send money abroad. We will be discussing the relevant details about the process and the avenues to access in this write-up. 


 

Outward Remittances: Understanding Abroad Money Transfer


 

What is an outward remittance? When a person transfers or sends money from their domestic account to a recipient account based in another country, it is called outward remittance. So every time Mr Sharma and Mr Wilson send money to their loved ones located in the UK and Canada, they might be using online outward money transfer services, but the act of transferring the money is termed as an outward remittance. In India, all foreign transfers and transactions are regulated by the Reserve Bank of India under the FEMA, also known as Foreign Exchange Management Act. 


 

Outward remittance is considered the most convenient way to send money abroad. It is easy and fast for the sender, and the recipient can get access to funds instantly. Since it is done on a secured banking network, there are minimal chances of fraud or financial mishap. 

Online remittance might be the most convenient medium to send money abroad, but that is not the only way out there. The other avenues for sending money to another country are:


 
  • Cashiers cheques
  • Bank drafts
  • International money order
  • Online wire transfer

 

However, owing to so many online remittance providers, and because it takes a lot less time than the other options, people choose it over the others. 


 

Process of Sending Money Abroad


 

Now that we are past the basics, let’s get to the process that one has to follow to send money abroad.

  • The first step is choosing an outward remittance provider like Transcorp, for instance, to transfer maintenance to your loved ones living in a different country.
  • The second step is getting the accurate bank details of the recipient, including bank account number, SWIFT code, PAN details, and other relevant bank account details.
  • In the final stage, you would contact the remittance provider, furnish all essential details and complete the overseas money transfer from the sender to the recipient’s account. 

 

RBI Guidelines about Outward Remittance


 

Before initiating abroad money transfer, one needs to know about the RBI guidelines about outward remittances, which are:


 
  • You can transfer up to $250000 in remittances at once or multiple instalments in a financial year. 
  • You can conduct as many transactions as you want to maintain the maximum transfer limit in a year. 
  • Outward remittance requires stating the purpose of the transfer.
  • You would have to submit your PAN details during the money transfer.
  • There might be the requirement of additional MYC documents depending on the purpose of the money transfer abroad. 

 

Conclusion

Is it your first time sending money abroad? Are you seeking a reliable remittance provider to send maintenance money to abroad? Transcorp offers affordable, fast, and efficient outward remittance services through its multiple centres across India. The services are backed by RBI AD2-authorization, ensuring that your funds are in safe hands. Check out the range of their financial services here. 

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Everything You Need To Know About International Travel Forex Cards

When travelling abroad, you are in a foreign country with its native currency that’s different from yours. So how do you purchase goods and services? Getting native currency in cash is one way of dealing with it, but what if you run into emergencies and need immediate monetary access while you are strapped with limited cash, what happens then? While it’s alright to carry some cash with you, the best way to deal with money access in a foreign land is by getting international travel forex cards.

What are International Travel Forex Cards?

Forex cards simplify your issue of carrying money when travelling abroad. It is a prepaid international travel card, deposited with funds in the native currency of the country you are visiting. It can be used to withdraw cash in local currency from ATMs. You can use it as a debit or credit card swiping and paying for your expenses while travelling. It is accepted everywhere, hence enabling you to travel cash-free or with limited cash.  

What are the Different Types of International Forex Cards?

There are two types of forex cards that you can get for your foreign trips:

  • Single currency: It is self-explanatory. With a single currency card, you can transact in a single foreign currency. 
  • Multi-currency: The multi-currency card allows you to deposit an amount that can be transacted in multiple foreign currencies. 

Depending on your travel itinerary, you can choose the international travel forex card of your preference. 

What are the Salient Attributes of Forex Cards?

International travel forex cards are different from your run-of-the-mill debit and credit cards. They come with a host of attributes, such as:

  • Being prepaid, you can keep a check on your spending abroad.
  • The cards are secure and safe for making payments while travelling in a foreign country.
  • Forex cards have wide acceptance internationally.
  • You can use it directly to transact or pay; if not you can use it to withdraw foreign currency from local ATMs. 
  • You would not have to worry about the currency fluctuations, because the prepaid amount would follow the forex rate of the day that it was loaded. 
  • You are not required to pay a currency conversion rate on each transaction like while using a typical debit or credit card. 

What are the Advantages of Using International Travel Forex Cards?

International travel forex cards make it affordable and convenient to travel abroad. Here’s the list of benefits you get to enjoy using them:

  • You do not need to link your account to the card. You can get it after submitting a few documents and recharging the card for use. 
  • The cards are protected and secured by an authorized pin, which makes them safer than carrying cash on foreign land. In case your card is stolen or if it gets lost, you can contact the forex card provider and freeze the balance amount.
  • It is more affordable to use a forex card than getting your currency exchanged at banks, which would demand that you pay the conversion rate. 
  • You can use the forex card to make online payments too. 
  • You can access special deals and offers provided by certain forex prepaid card providers. 
  • After returning from the trip you can withdraw the balance on the forex card. If you are to travel across the border soon, then you can freeze the card temporarily and then reactivate it for use on your next trip. 

You can hardly enjoy such monetary independence using the traditional methods of foreign exchange and cash. Forex cards are a convenient way of paying for expenses abroad. 

How to Apply for a Forex Card for International Travels?

You can either get a forex card from a bank or a private financial institution, the choice is yours. Nevertheless, private forex providers can offer you more flexibility in terms of conversion rates and special offers compared to banking institutions.  

You have to reach out to the provider and submit the following documents along with the application:

  • PAN card
  • Attested copy of the passport
  • Copy of the Visa/Visas
  • Copy of the flight ticket

These are the standard requirements, but they might vary depending on the forex card provider. The same goes for the forex card fees. 

Conclusion

Hopefully, we were able to answer all your queries regarding international travel forex cards. If you are looking for a reliable forex prepaid card provider, check out this link for more details and consultation.