When travelling to a country abroad, there are plenty of financial expenditures you will end up making. Be it a business trip or a financial one; you will be required to make small or medium expenditures from your pocket. This can include purchases for general items, food items or even travelling requirements.
Opting for cash for these instances may seem like an ideal solution. However, you may not have sufficient cash to spend on all requirements, without risking of spending it all. You also risk carrying an immense amount of funds least you become a target for the local thieves. Furthermore, if you opt to use your banking cards, you risk incurring high fees in terms of service charges or high conversion rates.
So what is the alternate tool for your financial requirements? This is where the forex travel card will be useful. This foreign exchange card functions like a pre – paid banking card, which can be loaded with a fixed amount of funds in the local currency. To access the funds on the card, it must be swiped.
But unlike the other banking card, the forex card comes with plenty of benefits. They include:
Direct access to your bank account: One of the most important features of the forex travel card is the direct access to your bank account. Once you have completed using all the funds on the card, you can contact the lending bank and ask them to transfer a sufficient amount of funds onto the card. This can be done by directly contacting the bank, or even emailing an application for it. You can even have someone from your family make the transfer request on your behalf.
Hold multiple currencies: Another important benefit of the forex card is the foreign currency. Most lending banks offer forex cards that can hold multiple currencies. This makes it beneficial if you will be travelling to multiple currencies in one trip. Rather than carrying multiple currencies in physical cash, you can easily carry the card and access the required local foreign currency when required. Furthermore, when you load the card with your local currency, the conversion rates are fixed. Therefore, when accessing funds in the foreign currency, you will get financial protection against fluctuating financial conversion rates.
Withdraw funds when required: As previously mentioned, you can easily access funds on the card with just a swipe. This makes it useful if there is a swiping machine at the point of sale. However, in the event you need to access physical cash, you can easily use this card at the local ATM and withdraw funds. A small service fee will be levied to withdraw the funds from your account.
While there are plenty of other benefits to this card, you must ensure that the card fits your financial requirements before you apply for it.