If you are a frequent traveller, your biggest concern abroad is how to manage your money without misplacing them or losing a chunk of it while buying foreign currency. In such cases, paid travellers card known as a multi-currency forex card can be the best option to carry your money abroad. It is as crucial as obtaining your passport, visa, and air tickets before leaving India.
As the name suggests, a forex card comes preload with the foreign currency of your choice and allows you to travel the world without incurring currency conversion charges. You can make bookings and payments at the airlines, stores, hotels, restaurants, and petrol stations at zero extra charges. Depending on your paid travellers card issuer, you can load multiple foreign currencies at once.
The best part about a multi-currency forex card is that you can load more than one foreign currency at once. For instance, if you are planning to visit five countries in a year, you can load up to five foreign currencies and travel to your favorite destinations without worrying about cross-currency charges. Also, it eliminates the hassle of standing in long to buy foreign currency, and while loading your forex card, you can avail yourself of affordable foreign exchange rates.
Reasons behind multi-currency forex card’s popularity
Some several features and benefits come with a multi-currency forex card, which makes your foreign travels hassle-free. Here are the reasons behind its popularity among frequent travellers:
- Load multiple foreign currencies
The benefit of getting a multi-currency forex card that is it enables you to travel to multiple countries without worrying about cross-currency charges. Depending on your forex card issuer, you can load from 10 to 20 foreign currencies at once and travel anywhere you want.
- Protection against foreign exchange rate fluctuations
It is worth noting that the foreign exchange rates are predetermined while loading your forex card. It means that they remain unchanged throughout your journey unless you reload your forex card. As the foreign currency rates remain constant, you remain protected against forex rate fluctuations.
- Make international bookings and payments
The process of making bookings and payments through a paid travellers card is simple. It is similar to that of your credit card. You can swipe at PoS terminals to make international bookings and payments at merchant outlets, airlines, stores, hotels, and petrol stations without incurring any extra charges. You can also use it to shop online without worrying about foreign transaction fees.
- Easy cash withdrawal
A multi-currency forex card is not only limited to swiping it at PoS terminals. If you needed cash on your travels abroad, you could make withdrawals from any selected ATMs abroad. The best part is that you do not have to pay currency conversion charges on loaded currencies. However, you will have to incur a nominal withdrawal fee on each transaction you make with your forex card.
- Easy forex card replacement
You may lose or misplace your paid travellers card on your travels abroad. In such cases, you can immediately inform your bank to freeze your balance or block your card. Your issuing bank will issue a new forex card. But, it is worth pointing out that forex card replacement comes with a nominal fee that you will have to bear.
- Easy encashment
Upon your return to India, you may have a balance on your forex card in the form of foreign currency. In such cases, you can request your bank to travel the remaining balance to your bank account. Keep in mind that as per the Reserve Bank of India, you can not keep a large sum of money on your forex card.
Conclusion
Paid travellers cards have been gaining tremendous popularity among travels in India. The reason is that you can travel the world without worrying about misplacing your money or losing a chunk of it while exchanging foreign currency or incurring currency conversion charges.
