If you are a frequent traveler and constantly worry about foreign exchange rates, buying a multi-currency prepaid card can be your best alternative to carrying liquid cash. It is the most effective cashless way to carry foreign currency on your travels abroad.
A multi-currency prepaid card is like your credit card. It is preloaded with multiple currencies to make all your travel-related transactions seamless. The best thing about it is that it is accepted almost anywhere you go. You do not have to incur currency conversion charges after loading your card with your destination currencies.
Advantages of using a multi-currency prepaid card
● It can be loaded with multiple currencies
It is ideal when you are traveling to more than one country on a single trip. When you buy a forex card online, it allows you to load as many as 15 foreign currencies in a single card as at foreign exchange rates that your preference. The number of currencies permitted to load in a multi-currency forex card depends on your card issuer’s policy.
● Locked-in exchange rates
Another benefit of buying a forex card online is that you can avail of a locked-in foreign exchange rate feature thatit protects you from fluctuating foreign currency rates. asTthe value of the loaded currency remains unchanged,once loaded, irrespective of the foreign currency rate on a given day during your journey.
● Hassle-free foreign currency exchange
After arrival in a foreigna foreign country, you do not need to run to money changers to purchase destination currency notes. Your multi-currency prepaid card comes preloaded to make international bookings and payments for hotels, restaurants, and stores at no extra charge.
Furthermore, loading your preferred foreign currencies into a multi-currency forex card can cost you less than visiting money changers.
● Unlimited shopping
A multi-currency forex card makes shopping easy for you. You make purchase transactions at merchant outlets through PoStTerminals. You can visit international e-commerce sites and use your forex card to shop your favorite products and the process of making online payments is similar to your normal credit card. Unlike your credit card, you will not be paying any extra charge for PoS or online transactions.
● Easy cash withdrawal from ATMs
Visit any visa-enabled ATM and withdraw cash from the loaded amount in your multi-currency prepaid card. When you swipe or dip in your card, it will automatically detect the countrycurrency you arehavein and dispense cash in local currency. You will not be charged currency-conversion fees for pre-loaded currencies. However, you will have to pay a flat ATM withdrawal fee per transaction.
● Safety and Security
All multi-currency forex cards come with embedded chip and PIN technology that guarantees the safety and security of your hard-earned money. It is more secure than the magnetic stripe technology used on regular debit cards. The chip stores your sensitive information in an encrypted format, canceling out any chance of security lapse.
● How to buy a forex card online
You can purchase a multi-currency forex card from the comfort of your home. Both banks and non-banking financial companies offer quick and easy processes to get a forex card.
Follow the underlying steps to get a multi-currency forex card online:
1. Visit your card issuer’s web portal.
2. Select the forex card that you wish to buy.
3. Fill in your details and submit the requisite documents
4. Book your foreign exchange rates.
5. Allow the bank to verify your details and documents.
6. Get your forex card delivered to your preferred location domestically.
What are the requisite documents to apply for a multi-currency prepaid card?
When applying for a multi-currency forex card, you will need to submit the following documents to the bank, financial institution, or travel agency.
● A forex card application form.
● Self-attested copy of passport.
● Self-attested copy of travel visa.
● Copy of airline ticket.
● Aadhaar Card or PAN Card
In a nutshell
There can be no option to carry foreign currency on your travels abroad better than a multi-currency prepaid card. It enables you to get the most affordable exchange rates and protects you against foreign currency fluctuations.
