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Forex (Ex)plained: Your Quick and Easy “NRI” Guide to Forex Cards

Published On: April 01, 2019

Gone are the days where you need to fill your wallet with multiple currencies. A sleek prepaid travel card can end your woes about conversion rates and international transaction fees!

Forex cards can be broadly classified into two types: single-currency and multi-currency Forex cards. As the name suggests, a single-currency Forex card can be loaded with only one type of foreign currency, whereas a multi-currency Forex card is a unique product wherein multiple currencies can be loaded on the same card. For instance, the Multi-Currency Forex Card offered by Axis Bank can be used to make payments in 16 currencies, including USD, EUR, GBP, SGD, AUD, CAD, SEK, JPY, CHF, AED, SAR, THB, HKD, DKK, NZD, and ZAR. Thus, you don’t have to worry about carrying multiple cards if you are traveling to different destinations.

Whether you are an NRI or are traveling to various countries for business or leisure, here is what makes a Multi-Currency Forex Card your best travel companion.

It is accepted around the globe

If you are an avid traveler, a Multi-Currency Forex Card would be the most appropriate choice for you, as it allows for hassle-free payments and purchases overseas. This card can be used like your International debit or credit card, enabling you to avail ATM services abroad to access your account online or withdraw funds.

It allows for secure transactions

Forex cards are clone proof and enabled with secure PIN protection, so you can be stress-free when swiping your card at any merchant outlet or e-commerce website. With an embedded chip, an inbuilt safety feature that stores information in an encrypted format, Forex cards offer protection against card frauds and thefts. In case of loss or theft, you can avail immediate assistance to block the card. With Axis Banks TripAssist feature ,you can get prompt assistance to block the card or even receive an emergency cash delivery.

It is inexpensive

Unlike credit/debit cards, funds loaded onto a Forex card are immune to subsequent currency fluctuations; this means you won’t be paying cross-currency charges. Moreover, with a Forex card, you pay no additional costs such as foreign exchange mark-up fees. Thus, it is an inexpensive option compared to buying foreign currency cash or using an international credit/debit card.

It comes with insurance coverage

Forex cards often come with benefits of insurance coverage. Various schemes include protection from loss of baggage at the airport, personal accident, ATM assault or loss/theft, and credit fraud.

Forex cards are a convenient and inexpensive means to carry money on international trips. Moreover, they're designed to allow safe and secure transactions, providing you a hassle-free experience. If used wisely, Forex cards can significantly reduce your travel expenses through free travel vouchers, discounts, reward points, complimentary air tickets, and much more. Travel light and effortlessly with a prepaid Forex card!

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