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Some Important Questions About Forex Cards Answered

Overview

Prepaid travel cards, also well known as currency cards, allow you to load them before you travel abroad. You can use these cards as a debit card for making a purchase or withdraw cash. Since they can be preloaded, it allows you to keep a control of all your spending. You can also lock in a rate beforehand.

How Are These Better Than Others?

Debit and credit cards levy a service charge of three percent every time you use it. Withdrawals at ATM’s would lure an extra fee. You would be billed at the exchange rate prevalent on the date of transaction and charged a currency conversion rate accordingly. Any delay in bill payments will impose a penalty. Travelers cheques are only accepted at selected outlets and consumers are charged an encashment fee of three to six percent. The forex one currency card is cost effective, since the exchange rates are locked whenever you make a transaction.

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Do Exchange Rates Influence Usage?

Yes, while using forex cards, be certain of the exchange rate you are spending at. You would be saving on expenditures if the international money transfer rates upsurges as against the rupee and vice versa.

What If I Have To Reload The Card?

You can top-up your forex one currency card out of the country, even if the bank is not present there. You will have to contact the center that issued the forex one currency card. Indicating the bank beforehand and leaving necessary documentation is an option that will facilitate better convenience. Unused balance in your card can be credited on return as well.

What Happens If The Card Gets Misplaced?

Intimate the centre or bank that issued the card. Notify them about your location after 48 hours; since this is the time the bank will take give you a replacement card. Moreover, these cards are zero margin travel cards. This can be a great benefit for many people.

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