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Forex cards, a great alternative to carrying around a bundle of cash and too many debit or credit cards. It can be loaded with the currency of your choice, and it is a traveling essential especially for those who travel frequently to different countries.
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Forex cards • Forex cards, a great alternative to carrying around a bundle of cash and too many debit or credit cards. • It can be loaded with the currency of your choice, and it is a traveling essential especially for those who travel frequently to different countries. • They are two main kinds that can be availed: Multi-currency forex cards and Single currency forex cards. • Apart from these, there are forex cards that are customized for people for different needs such as students, frequent flyers, etc.
Forex cards • The cheapest way to carry foreign currency, forex cards are gaining popularity and gradually becoming the most sought out choice to carry foreign currency by travelers.
Foreign Currency Exchange • Banks and authorized foreign currency exchangedealers make available these forex cards and can be purchased from them. • There is a prescribed form or application which is required to be filled out by the traveler. To avail one you do not require an account with the bank you are purchasing from, this adds to the convenience. • When purchasing one, you will come across two broad costs that you will have to incur, the currency rate and the other charges.
Foreign Currency Exchange • The rate of the currency you require in your card is the currency rate. • These other charges include the margin the sellers charge on the conversion costs and others such as the card cost, transaction costs, etc.
Foreign Exchange • While banks are considered safe havens when it comes to money, an increasing concern has been observed in relation to the margins charged by them during foreign exchangeconversions. • Now if you are a frequent flyer, you are likely to notice there is a hike in the rates charged by the banks. • Are you one among those who carry out your foreign exchange transactions with a bank? • Then you too may be a victim of this well-orchestrated plunder.
Foreign Exchange • Banks exchange money with other banks and the rate at which these transactions take place is called the inter-bank rate. • This rate is the closest to the accurate exchange rate. • However when this transaction shifts hands and take place between a bank and a customer, the banks charge a margin over and above the true rates for their benefit, and you end up with high costs to incur.
Foreign Exchange • Although a report on forex trading, Financial Times, on the substantial rates charged, stated, “A bank typically makes a profit from the spread it charges and carries the risk of a lower price than expected on the other side of the trade.”
Overseas Money Transfer • “It’s a massive consumer rip-off”, Taavet Hinrikus, an Estonian tech entrepreneur, commented in his interview with The Guardian, on the huge profits earned by big banks on overseas money transfers. • If you are planning on a holiday or have a business trip scheduled, research and weigh in your options to get the most out of what your money is worth.
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