Info on how Forex card differs with Credit card and how you will affected when you spent in foreign.

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Deal Subedar
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Info on how Forex card differs with Credit card and how you will affected when you spent in foreign.

A forex or prepaid travel card is a pre-loaded card that allows you to access money in a foreign currency. The card can be loaded with one or multiple currencies; some let you load up to 15 currencies. It allows you to withdraw cash in foreign currency, check your balance and pay for shopping in foreign currency. You can also top up the card depending on your requirement. These cards are offered by banks and even companies like American Express and UAE Exchange and Financial Services.

1. Protection from volatility in forex rates

2. Minimal foreign currency mark-up fee

3. Lower ATM withdrawal expenses

4. No late payment charges applied

5. No need to pay forex conversion charges

6. Forex cards are cost-effective

https://economictimes.indiatimes.com/wealth/spe...

5 Comments  |  
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Deal Cadet
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Some pro tips:

  • Always carry cash, do not rely on forex card and atm; not a good combination.
  • Do not use prepaid/forex card for initial holding charges during hotel check-in, takes hell lot of time to credit back once released.
  • Most forex cards do not work on uber in US, not sure of other countries.
  • Visa/Master/Amex cards do not work in China region 99% of time, unless the establishment is a bigger one.
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Deal Cadet
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better to go with niyo card without any markup charges..also for new accounts from referral u will get 300 balance..i just got 1 for me..

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Deal Subedar
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desisam wrote:

better to go with niyo card without any markup charges..also for new accounts from referral u will get 300 balance..i just got 1 for me..

Wow first I heard about it. Can you comment more on how to get it 

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Deal Cadet
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Best card is niyo with zero markup fees. PM me for referral.

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Deal Newbie
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Do not rely on card alone while travelling abroad. Some cards work on some POS and don’t on others therefore, if possible, keep more than one card and always carry some cash.

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