Travelling Abroad soon? There are numerous ways to exchange currency – from carrying cash, or purchasing a traveler’s cheque from your favorite bank, to using a credit card. But the most preferred option travelers these days for carrying foreign currency is a prepaid forex card, not only because traditional methods entail heavier fees, but also because of the security and convenience that a prepaid forex card provides. Here are reasons why A prepaid Forex card is a clear winner over traditional Forex methods, & also some tips on how to choose the best forex card in India based on your requirements.
- Protection Against Exchange Rate Volatility: A forex card is a prepaid card which you can load with the currency of your choice and use it to swipe when you travel overseas – at ATMs, at Merchant outlets and also online. Unlike a conventional credit or debit card, a prepaid travel currency protects you from currency exchange rate volatility as the rate is locked on the day of your purchase.
- Safe to Carry: From a security perspective, prepaid cards keep you safe from the risk of losing cash or theft or loss of wallet. In-case of any theft or loss of card, you can immediately block the card & request for a new one.
- Widely Accepted & Carry Multiple Currencies: These cards are accepted in a wide range of restaurants, shopping malls, and even hotels & taxis. Moreover if you are planning to travel multiple countries in the same trip, you can opt for a multiple currency card and load it with up to 18 currencies!
- Better Exchange Rates: Prepaid cards are less costly than exchange rates for cash! The difference can range from 50 paise to Rs.2.
Getting a prepaid travel card or a forex card is easy. If you are traveling abroad you normally apply online from a trusted foreign exchange dealer for getting the forex card. Choose the best suited forex card for you. Axis Bank Forex Card, HDFC forex card & ICICI forex card can also be purchased from a reputed foreign exchange dealer.