A Currency card is just a platform to load your money and spend it as you like, especially when you are visiting different countries. Major prepaid currency cards are issued by Maestro, MasterCard and Visa which comes mainly in US Dollars and Euro.
Use of Prepaid Currency Card?
Prepaid travel card is also known as traveller card which is most useful when you are out of state. At the time of visiting a foreign country, you can’t use home currency in a foreign country. Traveller must need that foreign currency to spend on his tour days in foreign country.
- First option: is to do currency exchange at airport, so he can start spending money right away. This is not really a bad option to choose but real problem is that you have to carry the physical money all the time. No matter which country you are visiting, carrying too much money in streets & local roads will lead you to dangerous situations. So the first choice is feasible but not practical.
- Second option: is to take a travel currency card from any of the leading brands. Company produces a plastic card looks similar to debit cards. Currency card follows the same procedure of debit card, money can be withdrawn at any ATM centre from country which the card provider is offering their service. No handling of physical money so no life & death situation. Feasible & practical.
Companies Issuing Prepaid Currency Card
Banks & financial institutions are providing prepaid currency cards or traveller cards. Which is mainly issued by
Advantages of Prepaid Currency Card
- Prepaid currency cards are developed for easy use, no need of doing foreign currency exchange. This helps to avoid your cash worries.
- Currency card reduces the use of physical cash so it will be easy to pay hotel bills, travel expenses and food expenses.
- If the card is lost, you must contact the concerned office. Card will be blocked within minutes after that it’s just a useless piece of plastic. So currency card is totally safe and easy, don’t need to worry about losing your money.
- You can set/limit a budget for your travel and add money to prepaid currency card. Card helps to limit the expense, so no worries on extra spending.
- Most of the forex companies provides offers & discounts for new registrations. Some of them offer traveller card discounts on tour packages. So it’s Nice & Easy.
- You can easily add money into prepaid currency card from your credit card or debit card. Each company have their own mobile app which even simplifies the process. All you need is internet and a mobile phone.
Traveller Card in India
In India, most of the banks & Forex companies are providing their traveller cards with lots of offers. Main travel brands also providing traveller cards for promoting their international tour packages. As advantages, traveller card also have some disadvantages which are listed below,
- You must pay fees at the time of purchasing the card. Company may offer some packages or discounts but the fee structure might be complex. This will ultimately leads customers to confusion.
- You have to study & research about a card before purchase. Sometimes you have to pay a small amount as a service charge for availing certain services.
Most of the companies are targeting on metro cities like Mumbai, Delhi, Bangalore and Chennai for new card registrations. You will get money according to the exchange rates which are provided by your company. You could get dollar currency card with best rate delhi, Delhi is often known as a digital city where a major share of transactions are taken place by the means of digital.
Important Glossary terms used in Currency Cards
- Account Number
- Acquiring Financial Institution
- Adjusted Balance
- Authentication Code
- Authorisation Code
- Balance Transfer