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It is no doubt how much finances matter while you are traveling and while doing so, there is no harm in having some extra funds along the way. While choosing a credit card to take with you while traveling is a good decision but using it along the way for everything might not be wise. This is due to a rather very particular reason Forex charges on your credit cards can occur, but the same will happen with every type of method you will use to make the payment. But Forex Cards might be able to help you avoid a part of those charges.
Sure, it is no doubt that while traveling in a foreign country and making payments with the help of credit cards, and debit cards, you will be charged the foreign exchange markup fee which usually fluctuates often. Depending on the fact that the charges are certainly unavoidable, with credit cards your forex might not fluctuate at all because the credit card issuers already have a pre-determined fee that they will charge in order to make an international transaction. Forex cards help especially in this case.
Forex Cards are one of the most popular ways for travelers to carry currency nowadays. These cards are prefilled and can hold more than one currency at the same time. The forex is usually taken ahead at the time you load the card. The amount you deposited can be used as the currency you converted it into and they can be withdrawn to make transactions. This will help you get relieved of the continuous fluctuations of the forex. There are enough reasons why it is advised to keep a Forex Card along with you while you travel.
Reasons to choose Forex Card over Credit Cards
There are many reasons why one with a decent knowledge of Forex will be able to choose a Forex Card over Credit Cards, and here are some of them –
1. Protection from fluctuating forex rates
This is the main reason why an individual who tends to travel a lot should choose a Forex Card over any other form. The Forex Card is as good as the cash when you see it this way, just like once the cash is withdrawn into the local currency, you do not need to pay extra over your actual amount needed. The same goes for Forex cards, once the amount is been credited to the card in the form of the currency and the forex at that time has been paid, you need not pay anything else after that. This is a fail-safe to avoid fluctuating Forex rates.
2. Minimal Forex fee
Usually, Forex Cards come with a very minimal fee for Foreign Exchange as well. Apart from keeping you safe from any kind of fluctuations of the foreign exchange, the card also comes with its pre-determined forex fee which is charged, regulated, and can be changed according to the bank only. The fee can usually fall from 2% to 3.5% of the total transacted amount which is a lot less than the actual fluctuation.
3. Lower ATM withdrawal expenses
To accrue less forex, people tend to use ATMs to withdraw cash and then use it to further their cause. Where one or two withdrawals might not do much harm to you but having to withdraw more than that will cause you a high withdrawal fee. The fee can be different based on which bank ATM you are using to withdraw the cash,
Forex card can help you relieve this charge as well. This is because with the Forex Cards being used, you do not need to use any other form of payment. Here, you do not need cash anymore.
4. No Late Charges Applied
Since with Forex Cards, the transactions are made from your money, there will be no late payment charges applied. The Credit Cards might accrue these late charges when you do not pay your bills on time but the same does not go for Forex Cards.
5. Forex Cards are cost-effective
The Forex Cards are best and most effective as well because you do not get charged an issuance fee which can be charged if you wish to get a credit card. There are many types of extra fees and unnecessary charges you can avoid just by using a Forex Card. This Forex card also does not have any joining fee or annual fee which needs to be paid every year and can accrue with a credit card.
Credit Cards are great be it for shopping and even for traveling but apart from just being a good way of transaction, there is not much to their usage and the reason you would choose it rather than forex. Where Forex has tons of reasons to have opted as the winner if it was a battle between Forex and Credit Card.
Conclusion
Credit Cards are great financial tools that can help you get through any type of transaction without causing you much trouble. But as compared to a Forex Card for traveling purposes, it might not come in that handy. Let alone the forex markup fee, the other reasons like the late charges, ATM withdrawal charges, joining fees, and annual fees, etc are also something that a credit card can push you under making you deal with a sum of money you never really used. But with Forex charges you will not face any of these unnecessary fees and can keep yourself safe from the same.
