What is a travel card?
A type of debit card which allows you to install money in one or more foreign currencies is called a Travel Card. This is because, the common practice is to load foreign currency while travelling. This provides a user friendly and secure method of payment for all purposes when travelling to another country. Widely accepted, it can be used in ATMs to withdraw cash, i.e. – it can be used to pay for accommodation, travel bookings, restaurant meals and other attractions.
Convenience of a travel card
Over the past decade, most tourist destinations if not all have discerned that tourists prefer using travel cards over cheques and currency notes, which is comparatively unsafe. Besides convenience, a major instrument that convinced travelers to opt for these cards was that one could pre-load foreign currency while favorable rates of exchange are prevalent. This proves beneficial because it allows the cardholder to load money when exchange rates are favorable along with the assurance that its value would remain the same later. Ergo, if you are dependent on currency notes and traveler cheques you might plan your vacation taking into account, the prevailing exchange rates which might suit your budget. However, with these rates being varying in nature they might be unfavorable during the time of excursion. In such a scenario, a travel card proves beneficial while other arrangements of carrying currency would render a decreased value.
Moving towards a digital economy
Leading the global economy towards cashless and digital transactions, a travel money card was introduced to make life easy for frequent travelers. Furthermore, getting a travel card is a hassle free process. You can apply for such a card via mobile applications or on websites and get it delivered to your doorstep. You could visit a forex office and get one on the spot as well. Loading cash on your card is again a simple procedure, as it can be done with the use of internet and mobile or a computer even while traveling. Providing users with the ease of access to load funds earlier (at a favorable exchange rate), along with wide acceptance has made it replace paper currencies as the frontrunner among foreign currency tools.
A handful of Indian entities provide travel cards, though more and more are aiming to penetrate the market. One can compare one with another and then decide on the card that offers the greatest benefits in regards to your expenses.