Can Forex Cards Help Travelers Save Money

Outlook Money

Forex Cards

When travelling abroad, there are several ways one can carry money. While one can convert cash into the currency of the country, one can also use credit or debit cards. Forex cards can be the best option as they can help travellers save money.

Forex Cards

Locked Exchange Rates

Currencies constantly fluctuate in value. When one exchanges cash or regular card abroad, the exchange rate one gets may not be the most favourable. Forex cards allow to lock in an exchange rate when one loads money onto the card beforehand.

Exchange Rates

Fixed Currency Rates

The prepaid Forex cards have fixed foreign currency rates, with no additional charge fluctuations during transactions, unlike debit and credit cards that factor in the current date conversion rate.


Lower fees 

Forex cards offer lower transaction fees than using a regular debit or credit card abroad.


Regular Debit And Credit Cards

Regular cards often tack on a foreign transaction fee, typically a percentage (around one to three per cent) of each purchase made abroad. This fee is charged by the issuing bank for processing the transaction in a different currency.

credit card

Keep In Mind

It is important to compare card fees like foreign transaction fees, reload fees, ATM withdrawal fees, exchange rates, etc.



Don't load too much currency at once, especially if the exchange rate isn't ideal.

Compiled by Syed Muskan