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Forex card vs cash vs debit card the best way to carry money overseas

May 09, 2019 Alankit

Forex card vs cash vs debit card - the best way to carry money overseas

Planning for an overseas trip calls for at least a week’s prior planning and most essentially a suitable arrangement for carrying foreign currency safely. There are a range of convenient options available now, yet many travellers are still unsure about the ideal way to carry money overseas. With the best prepaid forex card India travellers can be worry-free since these cards provide high level of convenience compared to other currency exchange modes. However, there are many who still prefer the traditional method of carrying cash or a debit card.

Here is an attempt to compare the three modes of foreign currency payments. Read further to understand which one is most suited for your needs.

Choose multi-currency travel card

Features like PIN protection, SMS alerts for each transaction, online access or internet-based transactions, all make for a comfortable experience for travellers having the best prepaid forex card India. Also, prepaid forex cards are highly reliable when it comes to carrying multiple currencies. They offer travellers protection against currency fluctuations which is a key advantage. Other benefits include cross currency transaction charges and minimum transaction charges on card usage at ATMs overseas. There is also the option available for travellers to lock-in the exchange rate before they start their journey, thus keeping any uncertainty at bay.

Alankit Forex India Limited, a subsidiary company of Alankit Group, offers the best prepaid forex card India available in multiple currencies thus enabling customers to save on cross currency conversion charges.

Pros and cons of cash

It is advisable to carry about 20 percent of the required currency in cash, depending on the total amount of money one required for the foreign trip. Travellers can avail the best prepaid forex card India to carry the rest 80 percent. Cash helps in taking care of immediate expenditure like paying for the taxi, street shops, small restaurants, etc. as there are many places where travellers cheque or forex cards are not accepted.

However, unfortunate events like theft can be a major drawback of carrying foreign currency in cash. Furthermore, the exchange fees or surcharges could be higher especially at foreign exchange outlets in airports. If kept securely in wallets or pockets, cash can be the most convenient way to make payments. Travellers must try and split their money in different places to stay safe.

Benefits of Debit / credit card

Using credit card could be quite an expensive proposition for travellers, with a cash advancement fee charged by the credit card issuer and separate withdrawing charges at the ATM.

However, travellers using debit/ credit card get an excellent interbank exchange rate when making any purchase or cash withdrawal using their card. Moreover, credit cards are the ideal payment choice for hotel bills, air tickets, car rentals & restaurant meals whereas debit cards are suitable for withdrawing cash in local currency. Cash withdrawals or transactions with debit card are subject to currency conversion fees. Travellers should inform their bank about their foreign trip in order to prevent banks to freeze the account for security reasons in case of large transactions. Just like the best prepaid forex card India travellers can find convenience with MasterCard and Visa Debit Card for carrying out transactions.

Travellers, in any case, must avoid relying on a single mode of foreign currency payment for their overseas trip. Alankit provides travellers a host of premium Forex solutions including travel insurance plans in a timely and customer-centric manner. The right mix of all the above options is always recommended to make their travel experience hassle-free and a memorable one.

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