Forex cards are the latest entry into the travel currency market. These cards have seen a steady increase in their popularity over the past few years. Forex cards are an easy way of carrying currency from country to country. They are easy to buy and load with money for your next trip abroad.
Uses
Forex cards are useful financial instruments for anyone that is traveling abroad. Forex cards are a great option for invdividuals that lack access to a credit credit or banking services. You can use the forex card at lots of different retail stores, merchants, hotels and business establishments.
Definition
A forex card is a type of prepaid debit card. They are issued by banks such as HDFC Bank, Visa, Bank of America, Fairfx, and ICICI Bank. Since the user has already prepaid for the card, funds are issued in the local currency of the country. This saves forex cardholders from having to convert their currency.
Advantages
Forex cards are safe, convenient and cost-effective. These cards save cardholders money because banks typically charge fees ranging from 2 to 3% for overseas transactions on credit and debit cards.
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