Travelers' checks in the 21st century? Are you still carrying travelers' checks abroad?
Today, Forex cards have become travelers' currency of choice. They are evolving as a sound option in terms of rates and a hedge against depreciation for those travelling to foreign countries. Indian travelers, who have been traditionally using travelers' checks for international transactions, have recently started carrying Forex cards. With these cards, you can attend to your business, enjoy the delightful tourist spots, dine out, and take in the breathtaking landscape and exotic culture of the country.
Even with the growth in usage of credit and debit cards, international Forex cards are turning out to be a more viable option for Indians travelling abroad. The real advantage of these cards lies in their ability to pack multiple currencies onto a single card.
Features of Forex solutions
- Works across the globe: Forex card is available in various denominations such as US Dollars, Australian Dollar, Great Britain Pound, Canadian Dollar, Euro, Japanese Yen, Singapore Dollar, Swiss Francs, Swedish Kroner, Emirati Dirhams, etc.
- Wide acceptance: These cards are accepted at all Visa/ MasterCard enabled merchant outlets. With the travel currency card, you can pay directly at shops, restaurants, hotels, grocery stores etc.
- Cost-effective: In terms of cost, these cards are almost identical to buying foreign currency from a bank. The conversion charges while loading a Forex travel card are much lower than what are charged by some of the foreign exchange houses. It is much economical than credit cards, which have a loading of 2.5-3.5 per cent on the conversion charge
- Convenience: With travel currency cards, travelers don't need to waste precious time looking for money changers to encash their check. Also, one can use an international Forex card in the same way we do our debit cards in the home country
- Security: Forex card comes with a security code to secure all your cash withdrawal transactions abroad. Further, if your card is lost or misplaced, you just need to call the company's customer care number and your card will be immediately blocked to secure your money and a replacement card will be sent to you upon request
- E-commerce transactions: These cards also provide online purchases facility outside India. The card is accepted at most of the e-commerce web sites. There are no charges for using your Travel Card for online shopping and you can easily track your expenses using our Internet Banking facility.
- 24*7 support: Forex cards come with 24*7 customer care support. Travelers can contact anytime on company's customer care number for any queries or questions
Increasing demand for Forex cards
The use of Forex solutions in international transactions is expected to pick up as the Reserve Bank of India (RBI) has asked banks to disable debit cards for international use. Banks can activate debit cards for overseas use only if there is a specific request from the customer.
Around 90 per cent of the demand for Forex travel is from corporates. Companies increasingly prefer these currency cards for their employees travelling overseas.
Providers of Forex cards in India
In India, Forex travel solutions are offered by dozens of providers such as banks, travel agents, retailers and foreign exchange firms. To get your travel currency card, select the top service provider who can offer you the great deal. One can also search on the internet for these service providers and select the best by viewing the services, benefits and reviews of the product.
Top service provider
Matrix cellular is the leading provider of international Forex solutions in India. The company offers great foreign exchange deals to Indians travelling to a foreign country.
Martin Wynn
