While travelling abroad, many of you tend to overlook the need for a Forex Card, instead relying on your Debit or Credit Card for payments and transactions. But this may not be the best way to spend money on your foreign trip. Whether you need to withdraw cash from an ATM, transfer funds or make online payments, know why a Forex Card is a better option.
Forex Card: an essential for foreign trips
A Forex Card is a type of prepaid card, which enables you to load multiple foreign currency on one card at a locked-in exchange rate. They eliminate the need to carry currency around, making them a safer and more convenient option
A Forex Card allows you to withdraw cash in foreign currency from an ATM, pay for online and offline purchases in the relevant currency, and check your fund balance.
Six advantages of a Forex Card
Debit and Credit Cards are two of the most important financial tools for everyday financial management. However, your Forex Card is the best option for international trips, owing to the following reasons -
1. Benefit from locked-in exchange rates
One of the biggest challenges faced by international travellers is the fluctuation in exchange rates. For instance, an international crisis can trigger sudden currency fluctuations. In turn, you may pay more for products and services during this period. However, unlike Debit or Credit Cards, a Forex Card enables locked-in exchange rates.
This means that irrespective of exchange rate fluctuations, the exchange rate on your card is fixed and the card gets loaded at that rate only. As a result, the cost of your trip will not shoot up. Your Debit or Credit Card may not have this facility.
Also Read: Elevate your travel experience with Forex Cards
2. Minimal transaction fees
You typically end up paying a markup fee between 2.5% and 3.5% on transactions executed abroad when using your Debit or Credit Card. However, there is no such fee levied on your Forex Card. Hence, this is a cost-effective financial tool for foreign trips, or even a longer stay such as studying abroad.
3. Transact globally
Not all Debit and Credit Cards allow international transactions when you travel overseas. Your card will need access to an international payment network to facilitate the same. On the other hand, a Forex Card is specially designed for international transactions, hence, there is no risk.
4. Transact in multiple currencies
Another key benefit of a Forex Card is that you can transact in not just one, but multiple currencies. For instance, Axis Bank’s MULTI-CURRENCY Forex Card allows you to transact in over 16 currencies. This feature makes it perfect for a multi-destination trip, as well as layovers. You can have a completely cashless and secure experience, no matter where you travel.
Also Read: Benefits of using a Forex Card while studying abroad
5. Exclusive international deals and offers
While Debit and Credit Cards come with exclusive offers and deals, your Forex Card is especially tailored for foreign travel. You can enjoy the perks of earning rewards and availing exclusive offers. With the Axis Bank CLUB VISTARA Forex Card for instance, you can redeem points in the form of air miles and save on travel costs.
6. Swift emergency support
Losing your card due to misplacement or theft can be a stressful experience on a foreign trip. However, a superior Forex Card service provider ensures international card replacement at your destination, or emergency cash assistance facility. These safeguards allow you to travel without any challenges, even in the event of card loss.
Conclusion
Your Forex Card is a user-friendly and cost-effective financial tool when travelling abroad. Axis Bank Forex Cards are tailored to diverse travelling needs. You can get apply for MULTI-CURRENCY Forex Card online with same-day delivery of the card to your home and a zero-issuance fee.
Also Read: How a Forex Card can aid students going overseas
Enjoy benefits such as locked-in exchange rates, load upto transactions in 16 currencies, discounted exchange rates, digital reload facility, emergency cash assistance and insurance cover and a cashless experience. You can also enjoy exclusive discounts and offers for memorable international journeys.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author 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. Please consult your financial advisor before making any financial decision.
