Forex Cards

With travel abroad becoming a lot easier, it is important that you have the right financial tools to transact while overseas. While you can always use your credit card or certain debit cards, a better approach would be to use a forex card.

These special instruments offered by certain issuers work much like a regular prepaid card. Here, your issuer lets you get a card and load it up with the currency you need. The process is quick, simple and helps avoid unnecessary charges when transacting overseas.

Read on to know more about forex cards.

Forex cards are a financial tool that makes it easier to carry the currency you need when visiting a new country. Rather than carrying physical cash, using a forex card can make your travel hassle-free.

There are many types of cards with features and facilities to suit a wide range of needs. Some common types include:

1. Single currency Forex cards

2. Multi-currency Forex cards

    

If you find the need to load only a single currency, you can opt for a single currency forex card. Here, you can reload the card with the same currency as and when needed. Alternatively, a multi-currency forex card lets you reload your card with multiple currencies based on the chosen card.

You can choose various currencies you wish to reload on the card, and it is ideal for travels that take you across several countries.

As mentioned, these cards work like your debit or credit cards. Before applying for a forex card, you need to compare the offerings of various financial institutions. You can choose either a single or multi-currency card based on your travel requirements.

You are provided with a PIN when the issuer provides a forex card. You can change the PIN at the nearest ATM or via net banking. Then, simply swipe your card overseas at merchant establishments or use it at ATMs.

Upon completion of a successful transaction, the same is reflected on your total card balance. You can monitor your transactions and balance through SMS alerts from your card issuer.

While getting a forex card is hassle-free, you may have to pay certain charges to the issuer. A few types of charges include:

• Reloading fee

• Initial fee

• Encashment charges

• Add-on card fee

   

Note that these fees and charges vary across issuers. Even when you withdraw cash from foreign ATMs, you have to pay a certain fee, which differs from one financial institution to another.

Disclaimer: Currency-related specifics are subject to change as per the issuer’s policies.