Reasons to Consider a Prepaid Forex Card While Travelling Abroad
Famous author Paulo Coelho said, “Travel is never a matter of money but of courage”.
Let these words ring true on your next international travel, and stop worrying about cash transactions or traveller cheque books. You do not want to spend your time counting conversion charges or trying to find a currency converter instead of counting memories. A great way to avoid these hassles is to get a prepaid travel card for your trip. Just like you can get your itinerary, hotel bookings and flight tickets sorted before the travel; now you can also get a forex prepaid card for your forex purchase.
But what is a forex card?
A prepaid travel card or forex card is a foreign exchange card that allows you to conduct cashless transactions in foreign currencies. You can apply it for multiple currencies depending upon your area of travel, and at one time, you can load up to fifteen currencies. Out of the two kinds of foreign exchange cards available, prepaid forex cards benefit you more than post-paid forex cards. You can withdraw cash in foreign countries in the local currency and pay for any kind of expenses while topping it up instantly whenever you need it.
Here’s a list of benefits that you can avail using prepaid forex cards during your next international travel:
Secure Transactions
Every foreign exchange card is enabled by chip and pin, giving you maximum security for your money. If you lose your prepaid forex card or get stolen, you can immediately block it at a moment’s notice. The amount already loaded on the card will be frozen. At the time of your forex purchase, you will also be given a second forex prepaid card just in case. Every transaction on your card will be notified over an SMS as well. Some prepaid forex cards might also come with a ‘set ATM pin’ feature to provide additional security.
Volatile Exchange Rates
Forex rates are forever changing, and sometimes by huge margins. There is no way to track it. In case you are using a credit card on your international travel, every time you make a transaction, the exchange rate applied will be what is prevailing at the moment you swipe the card. It means that if the forex rates go up suddenly, you will have to pay as per the increased rate along with added transactional charges. It leaves you volatile in the forex market. However, if you decide to make a forex purchase, you are safe from such situations. When you load your prepaid forex card, whatever the current forex rate at the moment gets locked for you. So, you will be safe from the constant changing foreign exchange rates.
Globally Accepted
Forex prepaid cards can be used anywhere anytime during your international travel. Every shop, merchant and global transport service accepts foreign exchange cards. You can use it wherever you want without having to worry about whether you will have enough for the transactions or not. You also do not have to run to a currency converter every time you run out of cash.
Compatible With Any ATM
Not many know about this, but when you use your credit card for any transaction in a foreign currency, you have to pay a foreign currency fee along with a withdrawal fee. You can avoid these surcharges with a foreign exchange card. Forex prepaid cards actually have cash and debit combined into one, letting you withdraw money from any ATM in the country you are travelling to. It is especially helpful when travelling to some remote location where card transactions are not popular. Remember that the amount you can withdraw through an ATM is subjected to the balance available on your prepaid travel card.
Provides On-The-Go Tracking
Foreign exchange cards offer you utmost security with instant tracking of every transaction. You will receive notifications and updates on the go through your email and SMS. You can also check your transaction history anytime you want. Tracking your prepaid forex card transactions is a great way to check your expenses while travelling internationally.
Convenient To Carry
Instead of carrying wads of foreign currency or bundles of traveller cheques, taking a prepaid travel card is much more convenient. Moreover, if you are travelling to multiple countries that have different currencies, you can quickly load up your foreign exchange card with multiple currencies. You can also set a currency priority if you are travelling in one particular region more than others. For example, the euro is not used in every European country, contrary to popular belief. Countries like Poland, Serbia, Croatia, Russia, Denmark, Norway, Romania, Sweden and Turkey, among others, have different currencies. So, if you are on a European trip, you can set the priority currency for your prepaid travel card as euro since it is widely used and then load it up with the other required currencies.
Excellent Conversion Rates
Whenever you transact intentionally, you will be charged an additional amount over the actual transactional amount when you are using credit cards. It is known as a mark-up fee and is charged at approximately two to three per cent. However, prepaid forex cards have no such charges because you are loading up the card with a different currency before leaving your country. With a forex prepaid card, you can enjoy your meals, shopping and tourist attractions worry-free.
No Transaction Fees
Credit cards are conditioned to work in your resident country’s currency. So, every time you use it to withdraw cash on your international trip, you will be charged a transaction fee. However, forex purchase does not levy any transaction fees at any point. It is also irrespective of the amount you spend.
Duty-Free Benefits
Not many are aware, but duty-free stores only transact in the native currency of the country you are travelling to. So, you can use whatever amount is left in your prepaid forex card to buy great duty-free items on your way home that can also be great souvenirs.
