When you plan to visit any overseas country, the first concern is how to bring money or currency you will use in that country. So now you may be thinking about what you should bring with you. A Forex Travel Card is an ideal approach for spending money in a foreign country instead of a credit or debit card. You may consider cash in hand, debit card, credit card, passenger cheque, or a combination of all. Many lay people, consider and expect cash and credit cards to be a good option while traveling abroad. But when you use a local credit card abroad, it is an expensive matter. However, in that situation.
Using a Multi-Currency Prepaid Travel Card provided by magnificent foreign exchange service provider Zenith Forex Online brings plenty of benefits. Compared with international credit cards allotted by domestic banks, which contain additional markup charges on the overseas currency exchange rate with overseas transaction charges, the charges for a foreign transfer may rise up to 6% after including all other charges. But if you choose a Forex card, your charges can be nil in many cases.
What Do You Understand by Forex Card?
A travel card or foreign exchange card is already occupied, enabling users to use funds in foreign currency. Such cards come with occupancy of various currencies, and some cards allow more than 10 to 15 minutes. The card permits users to extract cash in overseas currency, inspect their funds, and make payments for shopping in overseas currency. Users can also recharge the card, depending on their needs. Banks and financial institutions also provide these cards.
Why Multi-Currency Prepaid Travel Card is better than International Credit card
| Criteria | Multi-Currency Cards | International Credit Cards |
| Foreign Currency Exchange Charges | No additional forex conversion fees. | Exchange rates apply for every transaction, leading to higher costs. |
| ATM Withdrawal Expenses | Lower withdrawal fees. | Higher transaction, withdrawal, and extra bank fee |
| Foreign Exchange Rate Fluctuations | Conversion rates are locked when loading the card, protecting against fluctuations. | Conversion rates fluctuate with every transaction, leading to potential additional costs. |
| Affordability | Lower costs overall with no annual or joining fees. Only initial card issuance fees apply. | Higher costs due to annual fees, joining fees, and other charges. |
| Late Payment Charges | There are no late payment charges; expenses are directly paid in foreign currency. | Late payment charges and high interest rates apply if payments are not made on time. |
| Foreign Currency Mark-Up Fee | Minimal mark-up fees, with no charges if the transaction is in the loaded currency. | Mark-up fees range between 2% and 3.5% for every transaction. |
You May Also Like: Traveling Abroad: Multi-Currency Prepaid Travel Card, Forex Card, etc.
CONCLUSION
The Forex card is intended to be provided to users only for expenses in foreign countries. Credit cards are usually used in domestic countries, and some banks can offer international credit to users. The validity of the multi-currency foreign card can lie within 3 to 5 years, but the validity might fluctuate depending on the users and issuing banks or institutions. Hence, when you return to India, please unload that card before its validity is over. Undoubtedly, Zenith Forex Online is a reliable firm that helps provide foreign currency exchange services and other financial services for the welfare of users.
