Forex or debit card

A forex card is a type of prepaid card in which you can load money in foreign currency. It is globally accepted, and you can either pay for your expenses using your forex card or withdraw cash in foreign currency at an ATM. Forex cards are largely divided into two types — single currency cards and multicurrency cards. A forex card is your best friend when you are travelling in a foreign country.

Keep the following documents ready

There are several benefits of carrying a forex card over travelling with wads of cash or looking for places to convert currencies. They are globally accepted and are a safer alternative to cash.

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But how does a forex card work? It works exactly like a credit or debit card. You apply for a card. Once your application is approved, you receive the card with a pin. Change the pin. Use internet banking to load the card with your desired amount and currency.

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Visiting new places, experiencing new cultures and tasting new food is sure to drive up your wanderlust. But travellers often forget a crucial aspect in their plans — foreign exchange. When you go abroad, you need local currency. Here're some tips on getting money abroad with the ideal exchange rate. Using your credit card for your expenses can be very convenient, but beware of international transaction charges. Some cards have processing fees for transactions you make abroad while some don't.

If you're a frequent traveller, always find a travel credit card with low or even zero international transaction fees. While it's one of the better ways to spend while travelling, places like taxis, street vendors or amusement park stands may not accept credit cards. In those cases, you'll need currency in hand. This is one of the easiest ways to exchange currency.

Many authorised dealers sell foreign currency, so you can place an order and pick it up from your local branch.

You can use your debit card to withdraw from ATMs at international locations for local currency, but it might cost you extra. You also need to activate your debit card for international usage beforehand.

Contact your bank to know more about the availability of such feature and related charges. Tip: minimise the transaction fees charged by withdrawing larger amounts in one go, instead of making smaller, frequent withdrawals.