A bank forex card (or multi currency forex card) is simply a prepaid card issued by a bank on which multiple currencies can be loaded. This is sort of a single currency denominated travel currency card that can be used in specified parts of the world without the need to convert money from one currency to another. The bank forex card is quite useful to people that travel a lot to different countries and do not want to bother themselves with the hassles of changing money every time they travel to a new country. This card is also useful to forex traders, especially those of them that trade a host of currencies in the forex market.
BENEFITS OF THE BANK FOREX CARDS
Asides the benefit has been mentioned earlier about the bank forex card, there are a lot more that users stand to benefit from using it. Some of them are
- MULTICURRENCY FUNCTIONALITY:
The bank forex card can serve its user in different currencies. One can load up to twenty different currencies in one card without any hassles. Making a transaction (like paying for a purchase) with the card in any currency at all is also as easy as it is to load. Among the currencies that can be loaded in the bank of forex card are the major currencies as well as others.
- EASE OF USE:
The bank of forex cards are so easy to use that it does not need to be swiped to make a payment. It makes use of a very recent technology where all that needs to be done is to wave the card over a machine, and payment is made.
- INSURANCE COVER:
With the bank of forex card, one is covered against theft, misplacement, and death. Such things can happen to anyone at any time, and it will be good to know that your money is safe should such thing happen to you.
- EASY RELOAD:
Loading or reloading of the bank of forex card is an easy task. Seeing that this method of money management is the new age type, there are other new age services designed to make it work efficiently. Like the online portal designed to enable users easily reload their cards from anywhere at all in the world.
This card is no doubt one good thing for people that have to deal with different currencies every time. It is important however to check with the issuing bank to make sure you are in agreement with all terms and conditions before subscribing for this service.
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.