4 MinsOct 15, 2022
After months of uncertainty caused by delays in processing, Ashwini Verma, 25, finally got her student visa to pursue a course in biotechnology at a top-rated university in Canada. She only has a couple of weeks to book her flight, finalise her on-campus accommodation and pack.
When her father, Raghu, insisted that she apply for an Axis Bank Forex Card, Ashwini was not convinced. Until her dad explained the Forex Card's advantages. Here is what Raghu told her:
What is a Forex Card?
Forex Card is like a pre-paid card where one can load money and then spend it for shopping – both online and offline– and withdraw cash from ATMs in foreign countries. The big difference is that the funds loaded onto the card – as the name conveys – get converted into foreign currency.
What are its advantages?
Forex Cards have multiple benefits. Raghu listed a few of them for his daughter.
1. Locked-in exchange rates:
In the last few months, Raghu pointed out, owing to the rising oil prices, the value of the Indian Rupee has depreciated. This means that every Canadian Dollar now costs more in terms of Rupees than it did a year ago. A multi-currency forex card eliminates this risk of a depreciating Rupee. The exchange rate gets locked-in at the time of loading. This can potentially result in substantial savings.
2. Safe and convenient:
Forex cards are much safer than carrying cash. They are also enormously convenient since they can be used for shopping as well as withdrawing money. Online payments are also secured with two-factor authentication.
3. Easy to manage:
Forex cards are very easy to manage, just like debit cards or credit cards. If the card gets misplaced, you can report it using net banking or your bank’s mobile app and block the card. Similarly, it is straightforward to load money onto a forex card using net banking or the bank’s mobile app.
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4. Global acceptance:
Forex cards are widely accepted globally among merchant establishments. This is because you can load a forex card with multiple currencies. Raghu pointed out to Ashwini that her flight would have a long layover in Munich, Germany, where she may want to spend money on refreshments. With her Axis Bank Multi-Currency Forex Card, Ashwini need not worry about converting or buying Euros.
5. Minimal mark-up fee:
Most banks charge a mark-up fee ranging from 2.5-3.5% on foreign currency transactions using debit or credit cards. However, transactions using forex cards won’t carry this fee, provided they are done in the currencies loaded onto the card.
6. Easy to refund:
Raghu also pointed out to Ashwini that by the time she comes back to India, if there is any money left on her forex card, it can easily be refunded back to her account by visiting any Axis Bank branch.
7. Attractive deals:
Axis Bank has tie-ups with merchants in several countries, resulting in attractive offers for customers of Axis Bank Forex Cards.
Know more about Axis Bank Forex Card online.
Disclaimer: The Source, a content creation and curation firm has authored this article. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source 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.
