In the age of the internet, making a financial transaction has become easy and convenient. Just swipe the card and see currency notes pop out of the ATM or you can buy the products or services of your choice from an online portal. Even though debit and credit cards have made paying for many products and services highly convenient and quick, they come with a flip side as well should you visit abroad.
The convenience of using debit/credit cards can make us inattentive or casual, the consequences of which can come hit us later. This is more relevant in scenarios when you visit a foreign country.
Foreign travel involves expenses, which can be settled by debit or credit cards but at what cost? The exchange rates charged by banks and card facilitators like Visa and Master Card are quite high, which can send your budget plans haywire. So, is there a way out? The answer is YES and in the form of a prepaid travel or forex card. Let us find out the details about this card and how it can score over debit or credit cards, especially when you visit abroad.
FAQs on Prepaid or Forex Cards
# What are prepaid/forex cards?
These cards provide the option of paying for various transactions or withdrawing cash depending on the quantum of money present in the card. Here, you are not borrowing any money from the card like in a credit card but prepay the spending on your part. So, you cannot spend more than what you have in the card. This way you cannot go over the line of borrowing more (like in a credit card) and repent later. Thus, you can buy a prepaid forex travel card from a money exchange in cities like Delhi, Bangalore, Chandigarh, Mumbai, Ahmedabad etc. There is no need to approach a bank and go through the procedural hassles of getting a travel card. Instead, you can visit an online portal like Best Price Forex to buy, sell or remit forex as per RBI guidelines and get the same.
# How do forex cards work?
Even though a forex card looks similar to a credit/debit card, it is different in some ways. Here, you cannot withdraw money from your bank account but from a corpus of funds that is preloaded into the card. The moment money runs out of your card, you cannot use the same further unless you replenish it with fresh currency. So, before starting your journey abroad, fill your card with the necessary foreign exchange and use it as and when you want just like a credit/debit card. To make sure you have the required amount foreign currency while travelling abroad, visit online portals like the Best Price Forex to get the forex card and fill it up with forex at the right exchange rate.
# Are forex cards free of charge?
There is a nominal charge levied by any money exchange in India to issue a forex card. In addition to that, there can be periodic payments to be made in order to keep the card operational. So, before opting for a forex card, it is better to know about the associated charges and the terms and conditions of its usage.
# Can I pay in multiple currencies from my forex card?
Yes, you can. For example, the forex card issued by the online portal Best Price Forex that allows you to buy, sell or remit forex as per RBI guidelines, has the provision to pay in 16 currencies.
# How can I buy a prepaid forex travel card?
There are plenty of foreign currency exchanges in India as well as online portals like Best Price Forex from where you can buy a forex card. Just log into the site and follow the instructions. You can get the forex card conveniently provided your identity is validated.
# Can I use prepaid cards to buy online products?
Yes, you can use the prepaid card like any debit/credit card to buy products or services from online market stores like Amazon.
# Do prepaid cards come with an expiry date?
Yes, the cards come with an expiry date, which can be renewed automatically by paying a nominal fee.
A forex card can be your best bet for carrying forex and making various payments once you visit abroad. It can save you from carrying cash or facing the consequences of using debit or credit cards.