The card is in, and cash is out. This is especially true when you are traveling abroad. Researchers and market experts are continuously suggesting travelers to carry forex credit card instead of carrying cash as it makes their journey more comfortable and worry free. Not only this, it is much cheaper and safer than buying currency against huge fluctuations.
Are you planning to go on a holiday soon? Thinking about whether you should buy a forex card or not? Well, here you will get a good number of reasons why should you opt for forex credit cards to bear your expenses while traveling abroad. Let’s have a look at them.
Reasons to buy forex credit cards
- Safe to carry
The first and the foremost reason is that it is much safer to carry. Talking from security point of view, credit cards reduce the chances of theft or loss of a wallet. Just like debit cards, you can block your credit cards if somehow it gets lost. This ensures that your amount in the bank account will remain safe. Moreover, most forex dealers offer a secondary card along with the original one. You can activate the secondary card by calling your agent.
- Accepted worldwide
These forex credit cards are accepted worldwide. They are not only accepted in shopping malls and restaurants but also you can pay your taxi fare with these cards. If you are going to visit a single country then buying a single destination currency makes sense. But when your aim is to visit more than one country, then opting for forex credit card seems to be the best option as there is currency exchange cost involved in every conversion of foreign currency to local currency.
- Save your money against currency fluctuation
The best thing about forex credit cards is that it protects card holders from currency fluctuation instability. The reason behind this is that the value of forex amount is determined based on the exchange rate. Therefore, customers can load the forex value on their credit cards when rates are quite favorable.
- Cheaper than buying currency
It is always good to buy credit cards than buying foreign currency as it is much cheaper. Reason being, there are different logistics and cost dynamics involved.
Along with these reasons let’s check out the salient points of Forex credit cards. Have a look at them –
- Reloading currency: If the balance of your card gets exhausted, you can reload your credit cards to generate more funds. A very minimum charge is applicable on each reloads.
- Charges: The amount of initial charge may differ from issuer to issuer. However, charges for reloading are included within it.
- Currencies: Forex credit cards support multi-currency. For example, if you are traveling to Europe, your credit card supports the currency of Europe while traveling in multiple cities.
- Regulations: The usage of forex credit cards should be in accordance with the regulations of Foreign Exchange Management Act.
Thus, from the above discussion, you can rightly draw a conclusion here that buying forex credit card for foreign holidays can make your journey hassle-free and worth enjoying.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.