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.
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.