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Insurance Article

Why you Need Forex Cards for your Next International Trip

October 26 2017
Forex Cards

Forex cards are a convenient and cost-effective alternative to credit/debit cards

For most people, travel ranks at the top among things they’d like to do in their free time. The allure of visiting new places, meeting new people, experiencing new cultures and taking in the natural wonders is too hard to resist.

But, with the rich experience also comes a wide range of difficulties that are encountered along the way, and one of them is foreign currency. Travelling from one country to another poses the problem of foreign exchange, as well as of getting the best exchange rates. Not to mention, the various charges associated with swiping your credit/debit cards can cut in to your travel expense as well.

Forex cards are purpose built to take care of these differences and are designed to offer the user, a convenient and hassle-free way to get the much-needed foreign currency. Here are some of the benefits they offer.

Exchange Rate

Forex cards are pre-loaded with the forex amount, and serve as a great hedge against volatility of currency prices. The rates offered with a forex card are always better as, unlike credit / debit cards, the rate of exchange is not pre-determined by banks.

Rather, they are based on the exchange rate of the day which remain fixed, this also allows the user to load the forex value on the card in advance, especially when these values are good.

Lower Fees

Prepaid forex cards are cheaper to use too. Most of these cards offer the first three transactions for free, with subsequent transactions being charged at a maximum of 2 US Dollar. On the other hand, debit / credit cards charge a flat fee to the tune of ₹300. Another benefit is that forex cards are devoid of ATM charges, which are usually levied by other cards to the tune of 3%.

More Security

Just as in the case of credit / debit cards, a forex card can be blocked instantly in the unfortunate event of it being lost or stolen. But, in contrast to the former, the funds in a forex card can be instantly transferred to a new account, thus making it more flexible, functional and convenient. Some companies also give an additional card that can be activated instantly, in case the primary forex card is lost.

Widespread Acceptance

Forex cards are gaining increased acceptance in countries around the world. They are now being accepted not only in big shopping malls, restaurants and fancy hotels, but also in taxis and local shops.

The cost-effectiveness, convenience and security that forex cards offer make them an appealing alternative to conventional debit / credit cards. While planning your next journey, consider a forex card as well as travel insurance. Travel insurance provides protection against any unfortunate incident and takes care of any eventuality so that you can enjoy your trip with complete peace of mind.

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