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Which Is Better, A Forex Card or Foreign Currency
Posted on Tuesday, November 21st, 2023 | By IndusInd Bank
Summary: While using a forex card offers flexibility, convenience and security, carrying foreign currency promotes budget adherence and assists travellers in avoiding transaction fees while abroad.
Travelling abroad is an incredibly wonderful experience. You get to explore new cultures, savour a variety of cuisines, and immerse yourself in a world distinct from your own. However, to truly enjoy your international adventures, being well-prepared is essential, especially when it comes to managing your finances. When travelling abroad, you have two main options for handling your finances: using a forex card or carrying foreign currency. We will go over each of these possibilities in depth to help you select the one that best suits your travel requirements and preferences.
Forex Card: Your Ultimate Travel Companion
A forex card, often known as a foreign exchange card, is a prepaid card designed to simplify your financial transactions during international travel. It enables users to load and store multiple foreign currencies for use when travelling abroad. These cards are incredibly popular among travellers since they offer a hassle-free currency conversion option and a secure means to conduct transactions abroad.
Benefits Of Using a Forex Card
| Convenience | Eliminates the hassle of carrying large sums of cash or traveller’s cheques when travelling abroad |
| Online Access | It is convenient to manage your finances on the go since you can easily check your card balance and transactions, and reload the card online |
| Flexibility | Supports a variety of widely-used currencies such as USD, EUR, CAD, SGD, AUD, GBP, and more |
| Wide Acceptance | Accepted at a majority of ATMs and merchant locations worldwide |
| Better Exchange Rates | Provides fixed exchange rates at the time of loading, ensuring that currency fluctuations will not impact your travel budget |
Foreign Currency: The Classic Approach
Many travellers still choose the traditional method of carrying physical foreign currency to manage their finances while travelling abroad. This classic approach offers a convenient way to handle payment when exploring foreign destinations.
Benefits of Carrying Foreign Currency
| Tangible Cash | Having physical foreign currency might be helpful in emergencies, or in situations when card payments are not accepted |
| Great for Budgeting | It helps you stay within your budget by limiting your daily expenses and helps you to avoid the temptation to overspend |
| No Transaction Fees | Holding physical foreign currency protects you from high currency conversion fees and exchange rate fluctuations, ensuring precise expenses during your trip |
| No ATM Fees | With smart planning and ample foreign currency on hand, you may significantly reduce your expenses by avoiding international ATM withdrawal fees |
Forex Card or Foreign Currency – Which One Is Better?
Deciding between a forex card and foreign currency depends on your unique travel requirements and preferences. If you value convenience and the freedom to easily manage your expenses, obtaining a forex card online is an excellent choice. These cards eliminate the need to carry large sums of cash, especially during longer trips. Alternatively, if you prefer the ease and use of cash, and you are travelling to a place where using cash is the norm, using physical foreign currency is a good option.
Apply For a Forex Card Online with IndusInd Bank
IndusInd Bank offers an Indus Multicurrency Forex Card, which provides a safe and hassle-free way to carry foreign currency during your journey. Some of the salient features and benefits of an Indus Multicurrency Forex Card are as follows:
- Loads up to 14 different currencies on a single card
- Protects against currency fluctuations as the exchange rate remains unchanged once the card is loaded
- Can be used for international bookings and payments at hotels, airlines, restaurants, stores, and petrol pumps without incurring any additional charges
- Can be used to withdraw cash from Visa-enabled ATMs worldwide
- Offers easy encashment options upon returning to India
- Multiple currencies can be loaded and reloaded on the card as needed
- Instant SMS alerts are sent after every transaction to track balance
- Online access is available to monitor spending and balance
Unlock seamless international travel with an IndusInd Bank forex card – secure, convenient and loaded with benefits. Buy your forex card online today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
