If you are a traveler who is going abroad, you need to change your money to the destination country. Planning on travelling abroad usually involves finding the best airline tickets, hotel bookings and places to visit and see.
There are many options to carry money, such as Forex Cash Traveler’s Cheque, Credit and Debit Card. Each option will explain in details with respect to the cost, convenience, and security in carrying money abroad.
However, you need to think about how to carry money for your trip abroad. Forex card for travelers will help you to pay or exchange the currencies to other countries.
The Definition of Forex Card
Forex Card allows the holder to store and transfer money electronically when traveling abroad. The aim is to make payments or purchase abroad. Forex cards also used to withdraw foreign currency loaded into the international ATM. It depends on your destination.
Forex Cards can be either Single-currency Cards or Multi-currency Cards. As the name suggests, a Single-Currency Card can only support a single currency to be loaded and stored in it.
A Multi-currency Forex Card supports multiple currencies. Travelers can load and store currencies of different countries in the Forex Card.
How Forex Card Works
At the time of purchasing a Prepaid Forex Card from a bank or money changer, the funds loads into the card. For example, if you are going on a trip to both France and England, then both Euro and GBP (Pound) currency will be loaded into your Multi-currency Card.
The Euro/Pound is loaded to the card at the prevailing exchange rate on the day of purchase of the Forex Card.
When using the card, there may be a one-time initial activation fee. For shopping abroad, you can simply swipe the card at PoS terminals and money will be deducted from your account.
The Forex Card will automatically detect which country you are in and pay using the pre-loaded local currency of that country. For withdrawing money from ATMs abroad, there may be small flat ATM Withdrawal fee per ATM usage.
If the Forex Card needs to be reloaded with funds, that can be easily arranged. The balance money can be reloaded anytime either online or by doing a bank transfer of funds to the Forex Card issuer.
