Multi – currency cards are known to be pre-paid cards that one can opt for when travelling to various countries at the same time. Banks generally allow one to load major world currencies like the US or the Canadian dollar etc. These cards do not work in India, Bhutan and Nepal.
Multi – currency cards can be extremely beneficial for business travel and even holidaying at various exotic destinations. Here are a few uses of such cards that one should be aware of-
Easy access to various currencies
One can load Multi – currency cards with a number of foreign currencies depending on the various currencies that their respective banks allow. For example, 16 currencies are allowed to be loaded in Multi – currency cards offered by Axis Bank Ltd, while ICICI Bank Ltd allows about 15 currencies and HDFC bank allows 20 currencies. These currency cards can be used at outlets to make payments or at the ATM for cash withdrawal.
Transactions are straightforward and simple
While international credit cards involve transactions fees as well as high maintenance fees that is generally paid on a yearly basis, there is no such hassle involved with Multi – currency cards. With Multi – currency cards, one will only have to pay the expenses that they clear with the help of the card.
Fixed rate of exchange on purchase
While the rate of exchange keeps changing on a day to day basis, it will remain fixed in your case at the time of purchase of the card. Thus, one may enjoy a cheaper rate of exchange even if it has increased substantially.
Multi – currency cards are well protected, thus they offer security of money. In case of card loss, just inform the bank and the card will be blocked immediately. Moreover, a replacement card will be issued in the next 48 hours.
Avail great deals
There are a number of Multi – currency cards that also offer great discounts and benefits on flight travel and holiday packages. Most cards also offer travel insurance, which include situations like a lost card or insurance on delayed baggage.
One can easily avail Multi – currency cards through their bank. Just submit a copy of the flight ticket, an A2 form, PAN card information and a valid passport. On the basis on these documents the travel card will be issued in a short period of time.
Multi – currency cards have made it extremely convenient for business men and corporate companies to undertake exchange and payment in foreign countries. All details should be read and understood before availing a travel card.