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10 Reasons why prepaid forex cards are the best way to carry money abroad

April 22, 2017

Every Tarun, Danish and Hardeep or your proverbial Tom, Dick and Harry in India is tempted to consider a trip abroad thanks to inviting advertisements-an array of destinations at affordable prices! Social circles are spreading wider and work charts frequently include foreign travel in varying lengths and widths. I join this list too! My college mates are spread all over the globe and we friends found ourselves planning a trip to visit some others in Europe and the USA. I found myself mentally on the trip. And I began to visualize the various countries and currencies involved! Now, planning any trip, especially by the kind of perfectionist I am, and one involving international travel, calls for foolproof planning. Can I rely on methods like cash, credit cards or travellers’ cheques for each trip, for every destination and every transaction? When I am planning an international journey, I want crisp and clear itineraries. I want options which make money matters simple, economical and easy. I want options which do not consume a lot of paper or time. A prepaid forex card or an international travel card is the option I zero in on here.

 Now, it wasn’t just like that alright!

I had to methodically conclude why it should be the chosen option for me. I used my ‘list down points’ method to understand it better…

Should I choose a prepaid forex card while travelling abroad?

It will be…

  1. Wise-

It is a prepaid forex card. So the expenses are controlled since they are debited from the amount this international travel card holds!

  • Control freak satisfied?!?
  1. Convenient-

It is like any other finance card which fits into any slot in the wallet/purse.  

  • Hail convenience!
  1. Secure-

It will usually be chip based, which makes it completely secure. 

  • Secured to travel!
  1. Safe-

In case of loss or theft of the card, it can be blocked online immediately! And there is a prompt replacement of the lost card usually within 10 working days.

  • No sleep lost over its probably pessimistic loss!

*Some service providers may also provide an additional secondary card for using in case of emergencies such as a loss.

  1. Planned-

It can be loaded on days of favourable rates! This ensures better rates for exchange every time!

  • Benefits are always a welcome sign!
  1. Easy-

It can be purchased physically from banks or authorized centres or even online.

It can be accessed online to monitor the statements.

It can be reloaded online anywhere anytime!

  • Easy peasy travel easy!

*Many banks would also allow users to charge it using present bank accounts or buy a new international card paying cash.

Terms and conditions of payment and loading a card vary with different agents. Ensure this before buying or a forex travel card.

  1. Economical-

I can save between 3-11% in the commissions, service taxes and cross currency charges that I will not pay if I use other older methods of foreign exchange.

  • Saviour thy name ……!
  1. It can be loaded with a range of currencies offered by the specific agents. For eg. At Centrumforex Here at this site, it is possible to load or reload your forex card with 17 different currencies.
  2. Have wider application and acceptance-
  • It can be used at most conventional shopping avenues.
  • It can be used for online shopping as well!
  • It is often accepted even by taxis in certain places.
  • What’s more, it can also work like an ATM Card and used for international cash withdrawals as well!
  • Variety is the spice of a travellers’ life!

*Check with the international card travel providers for specific applications.

  1. Have complimentary offers-

There are often complimentary and complementary offers like discounts in airfares or hotel tariffs, etc.

  • And who doesn't like compliments?!?

Not yet convinced, am I? How about a show of one upmanship vis-a-vis some traditional methods to shoo away that iota of doubt about switching to this? Why not?

Traditional Forex Options against the Prepaid Forex Card-

  • Cash v/s Prepaid Forex Card

Would I pick a method which requires constant checking of rates of exchange, have a greater risk of losses due to errant rates, pose threats of safety due to involvement of a chain of people and a cumbersome choice of carrying valued money or would I pick a safe, secure, conveniently charged prepaid forex card at suitable rates which fits right into my wallet?  

  • One point to the Forex Card!
  • Credit Card v/s Prepaid Forex Card

Would I want to keep worrying about the additional charges for using my credit card for different currencies or would I like locked-in exchange rates and no extra costs trickling in with a prepaid forex card?

  • Forex Card scores again!
  • Travellers’ Cheques v/s Prepaid Forex Card

Do I worry about money changers to encash my cheque or whether the purchase point will accept my cheque or do I move around without a worry for I can use my international travel card?

  • Last point to the Forex Card yet again!

And the winner is the Forex Card!!!

…and for the international travel that is on the cards for me I choose an international travel card, my prepaid forex card!

 

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