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Forex cards are helpful when travelling abroad. They store and transfer funds electronically and help withdraw foreign currency from ATMs and digital kiosks
Forex cards are extensively used when travelling abroad. They are among the best options for payments and purchases in foreign currency, especially for frequent flyers. You can use forex cards to withdraw cash from ATMs and other digital kiosks in a foreign country. With a forex card in hand, you don’t need to carry cash and exchange it at currency exchange booths, thereby minimising hassles during your journey.
What is a Forex Card?
A forex card is a prepaid card that stores funds in foreign currencies. The card can be used like a debit or credit card to pay at retail outlets, book bus tickets, or dine at a restaurant. Most forex cards generally use Visa or Mastercard payment networks; thus, you can use them worldwide. They are one of the safest and most convenient ways of payment when travelling overseas. For travellers and business owners who need to travel frequently, a forex card is one of the most viable options for payments and purchases abroad.
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Types of Forex Card
There are two types of forex cards.
- Single currency forex cards
- Multi-currency forex cards
As the name suggests, a single currency forex card has limited use and a larger transaction charge. A multi-currency forex card has greater flexibility regarding payments in different countries and currencies. You must load your card with funds in your home country’s currency. You can then enjoy a seamless travel experience without worrying about cash in your wallet.
IDFC FIRST Bank compares rates from various exchanges to bring you the best exchange rates for forex. In addition, you can also purchase forex online with IDFC FIRST Bank.
Forex cards do not include an additional charge for paying online or through a POS machine during a foreign trip.
How does a Forex Card work?
When purchasing a forex card from a bank or a card issuer, you need to add funds in the currency local to the country you visit. The funds are loaded in ongoing currency exchange rates. Once you land in a specific country, the card automatically detects the currency type and pays for the purchases. You can also use the card to withdraw cash from ATMs. However, you may need to pay an additional charge for cash withdrawals.
While applying for a forex card, you must pay a one-time activation fee. Once done, your card is ready to be used in various POS machines and ATMs worldwide. Multiple currency forex cards can be used in different countries without acquiring a separate card if you visit more than one country.
Benefits of using a Forex Card
Forex cards are beneficial for payments overseas. Here are the key advantages of using a forex card.
- Better exchange rates: Forex cards offer better exchange rates than a currency exchange. Banks issuing forex cards provide a lower exchange rate markup than a currency exchange.
- Locked-in exchange rates: The funds in forex cards are added at locked-in rates and are secure from fluctuating exchange rates. Thus, they are a safer option when travelling to a foreign country.
- A secure payment option: With advanced chip and pin technology, the forex cards are secure from fraud and unauthorised transactions. Your funds are secure even when your card is lost.
- Globally recognised: Forex cards are globally recognised and can be used in almost every country you plan to visit. It makes your journey secure and convenient.
- No additional charges for payments: When you pay at a merchant or an outlet using your forex card, you don’t need to pay additional fees or charges. In contrast, you may have to pay anywhere between a 5 to 12% additional fee with a credit or debit card.
Forex cards are handy for abroad travel. It makes your journey convenient and reduces the risk of theft and loss of physical money. Additionally, you get a better exchange rate than cash exchanges.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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