Benefits of Buying a Forex Card via an Online Forex Platform

A trip overseas offers an opportunity to explore a foreign culture and indulge in some carefree shopping. Carrying foreign currency notes, however, can dampen this excitement. It was once common for frequent travellers to carry traveller'scheques or currency notes, but now there are several other better options available. For international travellers, forex cards are an excellent choice due to their convenience and safety. Furthermore, forex cards can be purchased online easily.

When buying a forex card, some online forex platforms like BookMyForex are definitely a better option, as they offer more benefits compared to banks.

Want to know the benefits of buying a forex card via an online forex platform? Here are a few reasons why you should consider it:

Interbank Rate Advantage:

A trip abroad is an expensive endeavour, so saving money is a priority for every traveller. Many people prefer heading to banks to buy forex cards, but little do they know that they are charged exorbitant markup of around 3-5% over the interbank rate. INTER-BANK Rates are the rates that are used when banks deal amongst each other. They are the same rates you see on search engines/ business news channels etc. To avoid hefty charges that can drain your wallet without you even realizing it, you should opt for a multi-currency forex card via an online forex platform as they offer forex card at exact interbank rates with zero markup.

Online Booking Process:

Getting a forex card through a bank is not easy, however, getting it online is relatively simple. In the first instance, you will have to visit the branch that deals in forex transactions and open an account with them. Also, buying forex from a bank is generally a lengthy paperwork process. Some online forex platforms offer multi-currency forex cards with a quick booking process, which is their biggest advantage. Forex cards can be booked online in five minutes and there is no need to open an account. You only need a few travel related documents to be uploaded online, and you're good to go.

Same-day Doorstep Delivery:

If you are travelling abroad on short notice and need a forex card, you no longer have to worry as some online forex platforms provide forex cards with same-day delivery. Instead of going out in the sun to the bank, you can simply book an order online and it will be delivered to your doorstep. Moreover, the Forex Card bought via an online platform can be activated within 4-5 business hours, making it a convenient choice for foreign travel.

Issuance, Load & Reload Charges:

Some online forex platforms offers forex cards without any issuance fees, while most banks charge anything between Rs. 500-1000. A forex card purchased online can also be reloaded on the go, making it paperless and fast. When your forex card is about to run out of funds while you're abroad, this feature comes in handy. Additionally, there are no charges associated with loading/reloading when you buy a forex card via an online platform. There are no annual maintenance charges as well.

New Age Integrated Mobile App:

Some online forex platforms also have a mobile app integrated with the platform. There is no doubt that keeping an eye on your foreign spending is crucial. With real-time tracking of your expenses and balance across multiple currencies, plus fast currency reloads, the mobile app ensures absolute peace of mind when travelling abroad. Your card can be instantly locked from the app if you have lost it and are unable to find it. You can unlock it back on once you find it. With the mobile app, you can also locate ATMs near you without having to ask around.