Forex Card dealers in Hyderabad, Forex cards are the latest entry into the travel currency market. These cards have become popular over the past few years.
Forex cards are an easy way of carrying currency from country to country.
They are easy to buy and load with money for your further trip Uses.
Forex cards are useful financial instruments for anyone who travel all over the Globe.
Forex cards are a great option for Single that lack access to a credit or banking services.
You can use the forex card at lots of different retail stores, merchants, hotels and various Business.
A forex card is a type of prepaid debit card.
They issue by banks such as HDFC Bank, Visa, Bank of America, Fairfx, and ICICI Bank.
Since the user already prepaid for the card, funds issued in the local currency of the country.
It saves Forex cardholders from having to convert their currency.
Advantages of Forex Cards:
Forex cards are safe, convenient and cost-effective. These cards save cardholders money
because banks typically charge fees ranging from 2 to 3% for Global transaction fee on credit and debit cards.
The long summer break for schools and colleges means it’s time for families to plan their annual summer vacation.
Frequently Indians traveling Foreign to spent their holidays.
So when you plan for the Foreign trip, among the many mandatory things in the to plan list is carry foreign currency.
One is aware of the suitable options for carrying foreign currency either in cash or traveler cheques.
But one of the secure and convenient option to carry foreign exchange is pre-paid forex card.
Pre-paid forex cards are front-loaded cards that offer an overseas traveler the convenience of using the card like a regular debit/credit card,
security and protection from currency fluctuations, cross currency transaction charges
and minimum transaction charges on pre-paid forex card usage at ATMs overseas.
Further, they are benefits with multi-currency forex cards over the traditional options.
Simply put, it means loading a single card with multiple currencies.
So an overseas traveler doesn’t have to burden himself by carrying separate cards for each currency
if the trip involves traveling to multiple countries.
Apart from retail customer, companies using Forex prepaid card for their staff traveling Foreign on various projects & assignments.
Corporates benefit with the use of forex card as it covers exchange rate losses and at the same time gives them ease in accounting
for the travel claim settlement by staff.
Issuance of foreign exchange guided by FEMA regulations.
The customer can load them up to the maximum amount permissible as per FEMA limit.
For leisure travel, the customer can load $10,000 equivalent during the financial year.
For business travel, the customer can load up to $25,000 per trip.
Existing business of forex prepaid card in India is starting $2500 mn per annum, which dominated by private sector banks.
list of benefits of multi-currency forex cards over traditional options:
1. No need to search for outlet/ branches to encash the amount loaded or convert currency.
2. Swipe the card at merchant outlets and for e-commerce transactions like regular debit/ credit card.
3. If you lose your wallet, get the card hot-listed to secure the balance amount on the card.
4. You can withdraw cash from any Visa/ Mastercard ATM with minimal charges.
5. Wide acceptability among merchants and ATMs.
6. Offers cards for dining, and for many things.
While the above gives us some of the direct benefits, usage of multi-currency
Forex cards has some commercial benefits compared to the usage of a credit or debit card used Foreign.
1. If Customer use debit/credit cards at merchant outlet/ATMs, you will be charged with cross-currency transaction charges additional.
2. You exposed to exchange rate fluctuation as the prevailing exchange rate is applicable at the time of the transaction,
In forex prepaid card, you can lock the exchange at the time of purchase.
3. ATM-based transactions costs are higher as compared with minimum transaction charges on Forex prepaid cards.
At the same time, on forex prepaid card, are no transaction charges for transactions done at merchant outlet and for e-commerce transactions.