Ok, so you’re planning to go abroad for the holidays this year and you’re a bit worried about carrying foreign currency. Well, it shouldn’t be a problem, since the main solution is having debit and credit cards that work overseas or exchange the cash you carry in the local currency.
However, the latter is far from being the optimal choice, as carrying big amounts of cash is both inconvenient and unsafe. On the other side, cards are safer but let’s not forget that most of them charge around 5 percent for each transaction done overseas.
But this is where a forex card comes in, helping you get rid of all these problems! But is it really worth it? Let’s find out how you can get one and discuss its pros and if there is such thing as the best option.
What’s a forex card and how can you get one
Simply put, we’re talking about a travel card that is convenient, safe and, of course, cheaper. Therefore, we can call it a better alternative to pretty much any other card you have, credit or debit, when it comes to going abroad.
Since it’s a prepaid card, loaded in a foreign currency of your choice, before leaving the country, you don’t pay any conversion fees when making payments.
“There are absolutely no charges on a forex card if you swipe them at merchant locations because the card is pre-loaded with foreign currency of the destination country,” reveals Nitin Motwani, BookMyForex.com founder and CTO.
You can get a forex card from any bank, as well as from authorized forex dealers, usually for a small fee, while some issuers don’t have any fees at all.
The process of getting one is easy, as everything you need to do is apply online. You provide some documents, so the issuer can verify your identity, a process that usually takes just a few minutes, then you’re done. In most cases, you will receive the card in your mailbox.
Which forex card is the best?
This can be a pretty difficult question, even though, at the core, they are all the same. However, we believe that cards issued by fintech companies might have a slight advantage, as they work alongside a complex app, which allows you to do multiple operations, directly from your phone.
Revolut, N26, Monese or Bunq are just a few names we can mention here. Still, we’re not recommending anything specific because, once again, there’s no such thing as the best forex card. It takes some time to do a bit of research and see which one of them suits your needs.
What are your thoughts on forex cards? Have you tried one until now? How was the overall experience? Let us know, by dropping a few lines in the comments section below!