FOREX CARDS, DONE RIGHT

HERE ARE SOME OF THE CHEAPEST WAYS OF USING FOREIGN EXCHANGE ABROAD

- BY TEENA JAIN KAUSHAL

WELL-HEELED INDIANS planning their next international vacation have their taks cut out. Flight booking? Check. Hotel booking? Check. Making an itinerary? Check. But what comes after could be the most crucial part of planning an international getaway—how to carry money abroad.

This might seem like a mundane detail but can significantly affect how much you end up spending on your trip. With fluctuating currency rates, transaction fees, and various payment methods—forex cards, credit or debit cards, UPI, or even cash—it’s easy to get overwhelmed. Each option comes with its own pros, cons, and hidden charges.

Whether you're shopping in Paris, dining in Dubai or sightseeing in Singapore, how you carry and spend money can have a big impact on your budget.

FOREX CARDS

A forex card is a prepaid travel card that lets you load foreign currency before your trip. It’s one of the most cost-effective ways of carrying money abroad as it locks in competitive exchange rates and protects you from currency fluctuations. These cards allow payments in the local currency of your destination, helping you plan and manage expenses better.

However, the rate offered is usually higher than the interbank rate (IBR), which is the realtime rate at which banks trade currencies with each other. Since IBR reflects movements in the open currency market, it’s crucial to check how much your bank or forex provider is charging above this.

Sudarshan Motwani, Founder and CEO, BookMyForex, a foreign exchange operator, says, “Our Global Forex Card, a USD-denominated card accepted in over 200 countries, is available at up to 2% below interbank rates—the same rates that you see on search engines. That makes it one of the most transparent and cheapest ways of carrying money abroad.” The card comes with no cross-currency fees, no ATM charges and no issuance or reloading fees.