When you’re heading overseas for business, the focus is often on packed schedules, client meetings, and last-minute arrangements. Between hotel bookings, transportation charges, and other essential expenses, dealing with foreign currency can become an unnecessary burden. In these situations, Forex cards can provide a more efficient and secure way to manage international payments.
In this blog, we’ll explain how a forex card simplifies business travel abroad. From helping you avoid currency exchange hassles to streamlining expense tracking, it can be a smart companion for professionals managing corporate costs on the go. Read on to learn how it works and why it may be worth considering.
What Is a Forex Card?
A forex card is a prepaid card loaded with the foreign currency of your choice. You can choose a single currency or a multicurrency forex card, allowing you to load funds in either one or multiple currencies at a fixed exchange rate.
For business travellers visiting many countries, a multicurrency forex card is highly convenient as it allows you to pay in the local currency of each destination without having to carry cash or convert money multiple times.
A forex card works much like your regular credit card. You can use a forex card to withdraw money from ATMs, shop at local merchant establishments, or make online payments abroad. As long as you’re spending in the same currency already loaded on the card, there are usually no cross-currency transaction charges.
Key Benefits of Using Forex Cards for Business Travel
Here are a few key features and benefits that make forex cards a smart financial choice for corporate travel overseas:
- Ease of Use: Forex cards offer a convenient way to carry forex cash in your wallet. You can avoid the hassle of standing in long queues at currency exchangers.
- Effortless Management: A forex card comes with a set of online tools for seamless account management. Users can check account balances and view transaction details with ease. Some banks also provide dedicated applications that offer a detailed statement and a comprehensive account overview.
- Protection against Currency Fluctuations: With forex cards, you can load your desired foreign currency at a pre-locked exchange rate. This means that when you use the card for transactions or withdraw cash from ATMs in the loaded currency, you will be unaffected by changes in international foreign exchange rates.
- Safety: Forex cards are designed with advanced safety features to enhance security against unauthorised usage. They utilise chip and PIN technology along with encryption to protect your funds from theft or fraud. In case of loss or theft, these cards can be quickly blocked via phone, internet, or mobile banking.
- Savings in Markup Fee: Credit card users typically incur a markup fee of approximately 3.5% due to currency conversion. In contrast, forex cards are pre-loaded with forex. This can lead to significant savings in international business expenses.
- Expense Tracking: Forex card management platform, if provided, can simplify expense tracking, making it easier for businesses and employees to keep a clear record of all travel-related spending. This can streamline the reimbursement process and help maintain transparency.
Forex Card – A Smarter Way to Manage Corporate Travel Expenses
Forex cards make handling business expenses abroad far more straightforward. They can be topped up as needed, and the balance is easy to encash once you’re back in India.
For those looking for a feature-rich option, get a forex card online from IndusInd Bank. The Indus Multicurrency Forex Card is tailored for professionals who travel frequently. You can load up to 14 currencies on a single card, which is ideal if your itinerary includes multiple countries.
Apply for a forex card online with IndusInd Bank and travel worry-free!
