How to use forex cards in your visiting country

by Pooja Late so cut

We all want to go on a Euro trip at least once in our life and why shouldn’t we? Europe has so much history and so many beautiful places to visit and as all of us know that you need only one visa (Schengen) for most of the countries. The long summer break for schools and colleges means it's time for families to plan their annual summer vacation. Today, more and more Indians are traveling overseas to spend their holidays.

Are you travelling to Europe from India? More specifically, are you travelling through Schengen states? Are you confused about how to use your home (India) bank credit card or debit card there? Well, don’t be because here you will find answers to all your questions. We will inform you which cards to use, how to use them and what to do in countries where the currency is not Euro. Yes, many Schengen countries have their own currency other than Euro.

Why not to use home (India) bank Debit Card or Credit Card?

If you use Indian Credit Cards or Debit Cards they will charge you almost as high as 15% surcharge on each transaction. Why would you want that when the forex card charges nothing extra for swiping and paying or charges just 3.5% for ATM uses but only after first few free usages (depending upon the bank and the currency you are withdrawing)?

How to use a multi-currency or forex card?

It's very easy to use a forex card just like any other credit card or debit card. You get your bill, swipe your card and if you get an option in the card machine to choose the currency, always and always choose the local currency (or the currency that you have loaded in the forex card with) otherwise you will be charged around 10-15% extra. There you go your payment is done.

Benefits of multicurrency forex cards over traditional options:

· There is no need to search for outlet/ branches to encash the amount loaded or convert currency.

· Swipe the card at merchant outlets as well as for e-commerce transactions like a regular debit/ credit card.

· If you lose your wallet, get the card hot-listed to secure the balance amount on the card.

· You can withdraw cash from any Visa/ MasterCard ATM with minimal charges.

· Wide acceptability among merchants and ATMs

· Offers cards for dining, entertainment

While the above gives us some of the direct benefits, usage of multicurrency forex online cards has some commercial benefits also when compared to usage against a credit or debit card used overseas.

· While using debit/credit cards at merchant outlet/ATMs, you will be charged with cross-currency transaction charges additionally.

· You are exposed to exchange rate fluctuation as the prevailing exchange rate is applicable at the time of the transaction, while in a forex-prepaid card, you can lock the exchange at the time of purchase.

· ATM-based transactions costs are higher as compared with minimum transaction charges on forex prepaid cards. At the same time, on the forex-prepaid card, there are no transaction charges for transactions done at merchant outlet and for e-com transactions.

Author’s Bio

Normal Tammy in this article educates his reader on the benefits of musing multi forex online cards. Finally, he highlighted how to use forex bank for trading.