Do you want to get out of the hassles of carrying traveler’s cheque and worries of losing cash while traveling abroad? Now say goodbye to all these problems by carrying a travel currency card with you.
With a travel currency card you can load your foreign exchange and use it just like your credit or debit card abroad.
You are not required to have an account with the bank to get a travel currency card. You can just walk into any authorized bank and purchase it from there.
Documents like passport copy and photos are required. It comes with a default PIN which can be changed only from that bank’s ATM.
Before you travel make sure that you have changed you travel currency card PIN.
In this article we have listed 5 major benefits that you can get by having a travel currency card with you.
Saving in Forex
Your currency rate will be determined when it is issued to you or loaded with foreign exchange. Due to this you are protected with the future fluctuation of foreign exchange. You can take advantage of lower rate and load your card for future use.
In case of losing your card, you have an option of deactivating it by calling 24/7 customer care office of the bank. Some banks are also providing insurance coverage in case of such losses. You can avail those benefits.
With a traveler cheque or having Indian currency, every time you have to search for a money changer and pay them their transaction charges. With this travel currency card you can avoid such issues and save lots of money.
Tracking your balance and expenses
Banks are providing online facility to track your expenses and balance from anywhere in the world. Whenever required, you can know deposits to your account, withdrawal and all other transactions online. Any suspicious activity can be reported to your bank. At the end, you can surrender it and withdraw the balance amount in your account.
Easy deposit and withdrawal
You can use your currency card in ATMs for withdrawal of cash in their local currencies. After your travel, if you need money from India then any of your authorized relative or company representatives can deposit money into your card for your use. It’s irrelevant from which bank’s branch office you have purchased it.
These cards have a validity period of using and keeping foreign exchange in it. While using you have to keep this thing in mind. Another drawback is; it cannot be used in India so to withdraw money from your travel currency card; you need to apply to the concerned bank.
After returning return home, you can retain the unspent foreign exchange in your travel currency card for future trips or have this reimbursed in Indian rupees. However, as per FEMA you cannot carry more than $2000 in your card for 6 months. If you have more than $2000 in your card then either surrender the card or before traveling to India, withdraw certain amount to make it below $2000.