Published On : Thu, Feb 2nd, 2023
Featured | By Nagpur Today Nagpur News

Know the Benefits of Multi-Currency Forex Cards

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Man showing paper with FOREX text

If you’re planning to travel abroad, you might prefer a credit card for seamless transactions abroad. But did you know there’s a better option than a credit card for your overseas travels? It’s a multi-currency Forex card.

A forex card is a prepaid card which lets you load money in foreign currency. It’s widely accepted worldwide, and you can use it to pay for purchases or withdraw cash in foreign currency from an ATM. Not to mention, it is much safer than cash, and you get to enjoy several privileges and discounts on every spend.

Still not convinced? Let’s look at other benefits of amulti-currency Forex card that will make your travel hassle-free.

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1. Load Your Card with Multiple Currencies

Planning to go to UAE and then to Europe but worried about carrying different currencies? Well, with a Forex card, you don’t have to. Forex cards can be used to carry various foreign currencies on a single card. You can load multiple currencies, such as:

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  • United States Dollar (USD),
  • Euro (EUR),
  • Great Britain Pound (GBP),
  • Australian Dollar (AUD),
  • Arab Emirates Dirham (AED) and many more.

2. Protection Against Forex Fluctuations

If you’re on an overseas trip and use your credit card to make purchases, the bank will convert the amount into local currency according to the current floating exchange rate.

But a multi-currency Forex card spares you from this. The best Forex cards have a lock-in exchange rate feature safeguarding you against currency rate changes. Furthermore, no matter what the dollar exchange rate is on any given day, the amount of money on the card will remain constant.

3. Top-notch Security

There is no doubt that card-related fraud has been on the rise recently. But multi-currency forex cards include strict security features that make them excellent for overseas travel. If your card is stolen or lost or if you find any unauthorised transactions, you can immediately contact your bank and get it reported.

The robust PIN protection mechanism of multi-currency cards adds to their security. You’ll also get quick notifications and transaction alerts on your device on every use.

4. Easy ATM Withdrawals

If you run out of cash while on your international trip, you can withdraw the amount from any international ATM using the loaded amount on your Forex card. The card, when inserted in ATM, will automatically recognise your wallet and asks you to dispense cash in the local currency.

5. Ease of Use

Carrying a wad of cash isn’t only inconvenient but also becomes a cause of worry while on the trip. Butmulti-currency Forex cards are easy to carry and use. Moreover, given the lightweight design of the Forex cards, you can easily fit them right into your pocket.

Furthermore, it facilitates easy transactions, particularly when making overseas bookings/payments for hotels, restaurants, flights, retailers, and petrol pumps at little to zero extra cost.

6. Hassle-free Encashment

Upon arrival at your home, you can be assured of easy encashment with a Forex card. The process is typically much faster and more convenient than exchanging currency at the airport or other locations, which often have long lines and limited operating hours.

In a Nutshell

Forex cards are widely accepted at merchants and ATMs in most countries, offer better exchange rates, are more secure, and are easy to manage and track. Overall, the best Forex cards are a convenient, safe, and cost-effective way to manage your foreign currency while travelling abroad.

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