Prepaid Forex Card - The Smart Traveler's Product Of Choice
Prepaid Travel Forex cards (also known as prepaid cards, prepaid travel cards and forex cards) are Visa/ Mastercard cards, similar to debit cards but with certain added advantages. Prepaid travel cards have become the forex product of choice and they have gained extensive popularity growing at an average of over 40% over the past few years. In 2012, the travel cards market increased by more than 50%.
Forex Cards offer so many advantages to the modern day traveler as compared to any other foreign currency instrument. Prepaid travel cards are loaded with a certain amount of foreign currency and they can be used at all international stores and retailers that accept Visa/ Mastercard. Prepaid cards can also be used at ATMs to withdraw cash. Even if one prefers to use cash, prepaid cards can still save you money since prepaid cards are generally available at better rates than cash. Customers have the option of withdrawing this entire foreign currency amount in cash from an ATM. Listed below are some of the most salient features of prepaid cards:
- Safest form of carrying foreign currency. Prepaid cards are pin protected and have configurable spending limits
- Travel cards (VISA or MasterCard) are accepted at most foreign establishments (hotels, stores etc.) without any charge.
- Usually available at better rates than currency notes (cash) and traveler's cheques
- Always available - unlike foreign cash and traveler's cheques, which are subject to availability, prepaid cards can be loaded with any amount of foreign currency at any time
- Better than credit/ debit cards - With Prepaid Travel cards you avoid paying the 2% to 5% transaction fee (Visa/ MasterCard, Issuing bank fees) that is charged when you use your international debit/ credit card. Also unlike credit, debit cards you aren't susceptible to variable rates as forex loaded on your prepaid card is loaded at a fixed rate.
- Flexible and convenient - can be re-loaded anytime. 24x7 customer care service.
- Comes with a free insurance cover
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