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.