If you are travelling abroad either on business or on pleasure, now it is a must to carry your foreign currency depending on the country you are visiting in a Forex Card. These are issued by banks and also sold and distributed by online financial and loan websites. You can reload your Forex Card if you run out of currency. Just fill the online form and a reload will take place. The exchange rates that you get on the cards are also very favourable as banks try to pass on some extra benefits and encourage more customers to use these cards.
A lot of banks charge a card fee of Rs 125 to 500 for a fresh card and also charge Rs 500 every time you reload. You can, however, reload your card online. This way, you can save on bank charges or minimise them. Some online agents charge $1 to reload the card though. These Forex Cards are valid for 3 to 5 years at a stretch and protected for theft. They also come with free insurance policies.
It is advised to use the Forex Card for swipe and electronic payments. If you use it to take out cash, you will have to pay an extra fee. There are limits on how much you can spend on your Forex Card. For instance, Axis Bank had a list of $10,000 on its card and that has to be followed by its online retail partners also.
But there is no matching a Forex Card for its ease of use, safety features, flexibility, easy to carry and transact with features. Along with that, if you use it wisely and properly, you might save more money on translation and reload cost. This is over and above the saving you made on the currency valuations when you bought the card.
Forex Card is a win-win promotion for any international frequent traveller.