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Forex cards

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The best feature of the forex card is that this is easier and convenient to operate

FOREIGN exchange cards have been around for quite a while and are proving to be popular with travellers going abroad.

 

These cards surely have their advantages, but they can play a very specific role in the current economic scenario that is witness to a sharp movement in the rupee-dollar exchange rate. These cards, used well, can also provide the traveller peace of mind.

Here are some points the user would do well to keep in mind: Lock in: The first thing happening if you take a foreign exchange card is that there is a lock-in of the cost of the purchase of the currency. There have been a lot of movements in the forex market recently with the changes quite sharp on several days. If there is no rate that is locked in or if the expenses are made using the credit card then there is a risk that some of the expenses could end up at a higher cost and this would be known only when the bill comes to the individual. On the other hand, carrying large amounts of cash is not possible and hence in this situation using these preloaded cards becomes a good option. The user can then ensure that he is able to lock in his entire risk and this can give him peace of mind.

Estimation: There is also an element of estimation of the foreign exchange expense that has to be done by the individual because he has to ensure that the amount loaded on to his card lasts him for the duration of the trip.

This will be possible only when he has worked out the details and loaded the required amount, which will then fix the cost in rupees for him. This is essential, because the amount on the card must to his card lasts him for the duration of the trip.

This will be possible only when he has worked out the details and loaded the required amount, which will then fix the cost in rupees for him. This is essential, because the amount on the card must not run out at a critical juncture.


Easy to operate: The best feature of the forex card is that this is easier and convenient to operate. The amount is loaded on to the card so this can be swiped at the foreign outlets. This lets the traveller make his required spends without carrying a lot of cash.


No worries: There are worries when other means of finance are used during travels abroad.


Credit cards are now a preferred way but the charges can sometimes be a factor to consider. More important is the fact that the exchange rate that has been taken for the transaction. When one is abroad, one does not look at the daily rate fluctuations before making an expense. This could prove to be extremely expensive in the final analysis.

Happy Investing!!

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