Is Credit card better than a debit card? Or is a Forex card better than cash?
These are some common questions in the mind of anyone who is planning to fly on their first trip abroad.
So what is the best way to carry money abroad?
Here is a list of things you must consider before coming to any conclusions about carry money overseas.
1. Acceptance depends on the brand!
Cards are widely accepted in our country, but the same is not the case everywhere. Acceptance depends on brands, some businesses will only accept debit cards, the official currency for the country, or local checks. For example, many cut-rate grocery stores do not accept credit cards of any kind.
2. Unavoidable Foreign Transaction Fees
A wide variety of credit card companies charge foreign transaction fees somewhere ranging from 1 to 3 percent, on the price of every purchase you make internationally. Hence, you pay for the extra amount on everything you use your credit card for.
3. Currency Conversion Rates
There is a high possibility of various stores showing you the price in your currency or U.S. dollars for that matter. This may sound really beneficial and easy for you but it is not really a good idea! The reason being, stores add an unfavourable exchange rate to the amount which adds up to the cost without you even noticing it.
4. Advance Fees on Cash
If you are planning to rely on your credit card for withdrawing cash at the ATMs you must be aware of the extra charges. The fees are usually 2-5% along with usage fee for withdrawing money from a bank you don’t have an account in.
With Prepaid Travel cards you avoid paying the 2% to 5% transaction fee (Visa/ MasterCard, Issuing bank fees) that is charged when you use your international debit/ credit card. Also unlike credit, debit cards you aren’t susceptible to variable rates as forex loaded on your prepaid card is loaded at a fixed rate.
It is always suggested to opt for a prepaid Forex Card as they do not involve any transactional fee. Overseas Travel Forex Cards are preloaded with a certain amount of currency and they do allow an easy access to cash in the required foreign currency.
Another advantage is easy to top- up or reload facility whenever you need more money as per your requirement. Weizmann Forex provides hassle-free doorstep delivery at the best possible rates. To buy your Overseas Travel Forex Card, visit- www.weizmannforex.com, or click here.