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June 28, 2017
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Why Carry Money in a Forex Card When Travelling Abroad- June 2017 edition

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Why you should carry money in a forex card when you travel abroad this year?

If you are travelling abroad this summer for any reason, you would probably have everything planned. You will have arranged your airline ticket, hotel room and visa etc. You will have done everything after a careful and extensive research online. However, there is one thing that you may not have given much thought – foreign currency. You may research about it online to see who gives best exchange rates but how will you carry that money? In cash or in a forex card? Would Travellers’ Cheque be better or should you use your debit card? We, at BookMyForex, always advise our customers to take money in a forex card and carry a little in cash. Unless they are going to an African Safari, then cash will be handy. Let us walk you through the reasons why a Forex card is the best option to carry money during your foreign holiday.

Forex card: Convenient and inexpensive

The most convenient and inexpensive way to carry money abroad is in a forex card (also called Prepaid Travel Card or Travel Card). It is a smart, cost-effective, convenient and secure alternative to carrying foreign currency while travelling abroad. It offers instant loading and activation, enabling you to start using the card immediately after purchase for your international flight and hotel bookings.

Most of the leading banks and non-banking players like BookMyForex offer Forex Cards. Some might charge you a nominal fee of Rs 100-150 for issuing the card, while as BookMyForex Forex Cards are free of cost. We, at BookMyForex, receive a lot of queries on how to apply for a Forex Card. The answer is simple.  You have to fill a form and submit your Know Your Customer documents, and then you will have to remit an amount (equivalent to the sum you want in foreign currency) to the card provider. You will get the exchange rate that is prevailing on that day and if you buy a BookMyForex forex card, you will get a guaranteed best exchange rate. Once the documentation process is over, an equivalent amount of foreign currency is deposited into your card.

Avoid using credit and debit cards abroad (Use Forex Card)

Our advice is never ever to use your credit or debit card abroad because there are too many charges involved. You may get points etc. but the charges will be too many to be compensated by few thousand points.

There are basically three types of charges involved:

—Foreign Currency Conversion fee -The Fee that Visa and Mastercard charge

—Foreign Transaction Charge-Your Debit/Credit card provider’s charge

—Cash Advance/Withdrawal Fee -1-4% additional fee by the bank that owns that ATM (Comparison of charges done here)

Features and Benefits of BookMyForex Forex Card

–Buy/Reload Travel Card online

–Guaranteed best exchange rates

–Available in 24 currencies

–Real-time account management

–Secure and Safe

–Free Replacement Card and emergency cash

–Ease of usage at every corner of the world.

–Free Comprehensive Travel Insurance

–Emergency Travel Assistance

–24×7 customer service available and in multiple channels like Social Media, call or email.

MONEY TIPS FOR VACATIONERS

¤ Carry only a small portion, 20 percent or less, of your total money in cash

¤ The conversion rate for higher denomination bill could be lower than for smaller denomination notes

¤ Carry most of your money in prepaid travel cards

¤ Keep one card with yourself and one with your spouse. That way you can both go around independently

¤ You also have a back-up if you lose one card

¤ Don’t store your card and PIN together

¤ Don’t share your Personal Identification Number and card with anyone

What are the USPs of a Forex Card purchased from BookMyForex?

—You carry forex at fixed rates – no need to worry about exchange rate fluctuation or from heavy charges of 3-6% levied by the banks.
—Zero Issuance or reload charge.
—Safe and convenient to use.
—Can be reloaded at any time and from anywhere.
—Cash assistance in case of the loss/theft of the card.
—Add on card facility available which makes it absolutely safe as the lost card can be blocked and balance transferred to the new card.
—You get foreign currency cash at a discount when bought with Forex Cards.

 

You can buy India’s No. 1 Forex Card* here

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