Traveling abroad is all cool, but have you planned your expenses? Spending abroad is not just converting your cash but a lot more. What if you blew your cash and what if you aren’t able to make your payment with a debit card or credit card?
Traveling in unfamiliar terrain is not easy, especially if the environment is less hostile. Locals are more likely to scam foreigners due to their lack of local knowledge and in such conditions, your staying vigilant is your key. Don’t worry we got you covered here on how you can manage your expenses.
In such cases avoid keeping a lot of cash and you can issue a Forex card from your bank for your international journey. In this article, we will be guiding all the things you need to know related to a prepaid Forex card, and where to get yours.
Why is There a Need for a Forex Card
Forex cards and travel insurance are two important things that as an international traveler you are required to keep with you. Traveling to a place that is unfamiliar is quite a valiant task, as a foreigner you can easily get mugged if you are carrying a huge amount of cash with you. So just carrying a Forex card eliminates lots of unnecessary tasks for you and makes your journey a lot safer.
Carrying a prepaid Forex card not only eases your cash-carrying burden but also saves you from paying exchange fees and charges. Also, these cards encourage you to spend controllably and keep you under budget. As an international traveler, these prepaid card offers various benefits as well which we will talk about.
Benefits of Forex Card
Apart from being convenient to use, there are several advantages of issuing such cards which are mentioned below.
- Currency fluctuation: These cards are pre-loaded with a certain amount. Issuing such cards no longer requires you to pay according to the current currency value and would save you from a sudden upsurge in currency rates. Also in many places, the currency exchange vendors charge extra which is malpractice, so issuing such a card will help you to not fall for such scams.
- Secure: Forex cards are not linked to your bank account. So in case of misplacement or theft, your account will not be compromised. Additionally, some prepaid cards come with a security PIN to add an extra layer of protection.
- Available for every currency: Prepaid cards are available for almost every currency. Whether it’s dollars, pounds, dirham, swiss, and so on.
- Wide acceptability: When you go out to shop at local stores you might be wondering whether they’ll accept prepaid Forex cards or not. Well, the good news is these cards are just like debit and credit cards and have wider acceptance.
- Reloadable: You can easily top-up these cards online once you exhaust their prepaid amount.
- Track expenses: With these cards, you can easily keep account of your spending. Most of the cards allow the users to get an online statement of all the expenses made.
- Privacy: As mentioned earlier these types of cards are not directly linked to your bank account. So your bank details will not be shared with vendors.
- Better than credit cards: Most credit cards like Visa or MasterCard charge 1% fees spent overseas. But there is no such case with a prepaid Forex card.
Final Words
Issuing a Forex card is the perfect way to safeguard your foreign trip and save you from hassle. Its convenience and ease of use make it the perfect thing to carry with you along with your travel insurance.
With minimum document requirements and processes, you can easily access your prepaid card. Also, when served its purpose it can be canceled easily. Forex card is the ultimate tool for your international travel destination and allows you to travel without any worry back of your mind.
Also Read: Budget-Friendly Travel Tips for Exploring Mexico
When to buy a Forex card?
It is advisable to buy a Forex card 1-2 weeks prior to the trip to avoid any hassle. These cards are usually issued on the same day but require a few hours to get activated.
If my prepaid Forex card gets lost, can someone access my amount?
No, but it depends on the type of card you have issued. Some card requires you to add a security PIN for an extra layer of security and some card requires you to enter OTP.
Are there any eligibility criteria for a Forex card?
No, there is no such thing as eligibility criteria for issuing prepaid Forex cards. You are just required to pay a certain top-up amount and your card will be issued.
Does Forex card give rewards or cashback?
The reward and cashback on prepaid Forex depend on bank-to-bank. Some cards do offer rewards for certain restaurants.
