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Forex cards are one of the best options a traveller has at their disposal while flying to a foreign country. It is one of the best ways to avoid having to carry cash during international travel. Furthermore, a forex card simplifies the payment process.
Also called a prepaid card, travel money card, or prepaid travel money, a forex card is one of the best ways to travel without carrying a lot of cash abroad. Travellers can carry the card across multiple countries as it helps them to deposit funds in foreign currency.
Forex cards are safer than carrying cash, and the best forex cards offer numerous other added benefits. Keep reading to know more about the best forex cards available, the features and benefits of a forex trading app, and why travellers should consider downloading one.
What is a forex card?
There are two major types of forex cards available – single currency forex cards and multi-currency forex cards.
1. Single currency forex cards
These forex cards can only be loaded with one currency. However, the user can reload it as many times as they want. This forex card is less frequently used as it offers limited benefits to the user. It usually comes with a high cross-currency fee when a user wants to use different currencies.
2. Multi-currency forex cards
Unlike single currency forex cards, multi-currency forex cards are suitable for people making transactions in multiple currencies. One can preload the card with various currencies based on the type of card chosen. There is a forex card that comes with around 23 different currencies that the user can load into the card and use in any part of the world.
While these two types of forex cards are the most popular, student forex cards are the next big thing in the industry. These cards are specially designed for students who wish to travel abroad.
In addition, there are contactless forex cards that help retail outlets offer easy payments. The best way to choose the most suitable forex card is by understanding one's requirements and then analysing the features of the different forex cards.
Top forex cards available in India
Below is a list of the top four forex cards that are widely renowned among Indian users in 2022.
1. Axis Bank World Traveller Forex Card
This is one of the best forex cards offered by Axis Bank to frequent international travellers. Thanks to the free "Miles and More" membership, travellers earn a reward every time they spend money using this card. Additionally, the card enables fast and secure payments using Mastercard's contactless technology.
There are nearly 17 currencies that can be loaded into the card, including USD, EUR, Saudi Riyal, Hong Kong Dollar, New Zealand Dollar, British Pound, Canadian Dollar, Japanese Yen, Swedish Krona, Thai Baht, Singapore Dollar, Australian Dollar, UAE Dirham, Danish Krone, and South African Rand.
2. YES Bank Multi-Currency Travel Card
Another cost-efficient and secure forex card available in India is the YES Bank multi-currency travel card. The online customer care portal allows users to easily manage their cards from anywhere and at any time.
The currencies that can be loaded into the card include USD, British Pound, EUR, Singapore Dollar, Swiss Franc, UAE Dirham, Japanese Yen, Australian Dollar, Canadian Dollar, and Hong Kong Dollar.
3. HDFC Multi-Currency Forex Card
The multi-currency card offered by HDFC Bank can handle around 22 currencies in a single card. Its shuffle-less fund feature allows the user to easily allocate funds between two currencies.
Some of the currencies that the user can load in this forex card include USD, New Zealand Dollar, Kuwait Dinar, Australian Dollar, Singapore Dollar, Bahrain Dinar, Euro, Hong Kong Dollar, Qatari Riyal, Canadian Dollar, and Omani Riyal, among others.
4. Indusind Bank Multi-Currency Forex Card
Another fantastic forex card in India is the multi-currency card offered by Indusind Bank. Customers can use it online, load up to 14 different currencies, and avail of two free ATM withdrawals in a month. Besides this, the add-on features, such as zero foreign markup rates, make it much more popular among users.
The currencies supported by the card include USD, UAE Dirham, Canadian Dollar, EUR, Singapore Dollar, Australian Dollar, Saudi Riyal, British Pound, and more.
Upon using a forex card abroad, the user can save up to 3-5% of currency conversion charges levied when the rupee gets converted to any foreign currency.
What are the benefits of forex trading apps?
When it comes to trading in forex, the best way to get a high return on investment is by using a forex trading app. Here are a few important benefits of using a good Forex trading app.
Forex trading apps offer access to the market and can help one trade without spending hours in front of a screen.
The apps come with unique features that help follow a systematic approach to trade.
Using the right forex apps will help the trader make informed decisions along with unlocking different opportunities.
Forex cards or forex apps are one of the safest and most secure options to use in place of cash while travelling abroad. Many people believe that if a forex card is lost, the money in it is also lost. However, this is not the case as the cards come with an additional backup card. The money that is deposited in the forex card is easy to transfer to the backup card that comes along with it.
The Bottom Line
As Covid-19 restrictions are lifted, international travel is on the rise. Travellers are increasingly scouting for the best forex cards available as they are the simpler and more cost-effective way to pay while abroad.
International travel, either for business or pleasure, can be hassle-free with the right forex cards. Users can opt for a single currency card when travelling to just one country. On the other hand, a multi-currency forex card is the right option on a trip to various international destinations.
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