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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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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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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.