Forex Cards

Using your regular credit card for international spending may not be the wisest decision. International transactions, which are in a foreign currency, attract an additional forex markup fee, which, for most credit cards, is somewhere around 3.5% of the transaction amount. That is when forex cards come in handy. Banks offer forex cards tailored to the needs of customers who make frequent international transactions. Choosing the right forex card is similar to choosing the right credit card. With the best forex card, a person can get the most out of their foreign transactions.

Forex cards are like prepaid cards; you will need to load a balance onto these cards before you can actually use them. Most forex cards in India support multiple currencies, which allows users to load the card in more than one currency at the same time. Spending in the currency loaded on the card does not attract any foreign currency mark-up fee. Therefore, it’s a good idea to carry a Forex card on an international trip, packed with the home currency of the country you are visiting.