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What is a forex card? Here's how you can use it for your next trip abroad! - Prune



A forex card is handy while travelling internationally. With the tap feature on this card, you can quickly make payments and carry foreign currencies. It functions like a prepaid travel card that you can load with any foreign money you require, such as euro, dollar, or yen. Additionally, you won't need to bring a tonne of cash to enjoy local tours or shopping as it's so convenient to use.


But before you decide to use a forex card, here are some points to keep in mind.



·  Make sure that you check the expiration date of your forex card and that it is eligible to use for your entire overseas journey.

·  Before jetting off on your journey, change your PIN at a nearby ATM.

·  After every purchase with your forex card, don't forget to check the balance and that it's accurate. It's essential to keep an eye on your transactions.

·  Get a backup card to avoid problems if your forex card is lost or stolen.

·  Take some cash on the journey as some toll booths may not accept a forex card.

·  Verify that the information on your forex card is accurate before heading to another country.



What steps should you take if you lose your forex card?



You need not be concerned if your forex card is lost or stolen. We can provide you with the guidance and tips you need to handle these situations while travelling overseas.



·  When you buy a forex card, you typically get an additional card as a backup. You can use the backup card in case you lose your forex card. You must transfer the balance on your lost card to a new card.

·  When you become aware that your card has been lost or stolen, contact the card issuer. You can reach out to them for assistance as most are available round-the-clock. The customer service team will immediately freeze the card to prevent unauthorised use.

·  Additionally, you can use the emergency assistance option that currency card providers offer. So they will provide emergency money if your forex card is lost, and you will receive the emergency cash from the company.

·  To check if your money is safe, monitor the balance on your forex card. And keep the contact information of the bank with you so you can contact them if you need assistance.



How can you avoid paying hidden fees?



As straightforward as using a forex card overseas might seem, there are hidden fees involved. The cost typically doesn't become apparent right away, but it can add up during the length of your international vacation.


If you ignore the instructions when using a forex card, the hidden fees might pile up without you being aware. Or when giving the card, your provider can omit crucial information about using one. Here is a list of additional fees associated with using your forex card.



·  When travelling abroad, you might feel prompted to check the amount on your card. You can do so using an ATM nearby. But a service fee may be charged even for a balance inquiry.

·  It is beneficial to have an SMS alert feature on your device for every financial transaction. However, when you use a forex card, a fee is deducted.

·  If you use a forex card to get cash from an ATM abroad, you can be subject to a hidden cost.

·  You might need to pay a deposit before receiving your forex card.

·  If a forex card is not used for certain days, it is deemed inactive. The consumer would be responsible for paying the cost of inactivity.

·  If you lose your forex card, you'll need to get a new one. There will be a hidden fee added for that.




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