Are you planning to go abroad soon? For studies, a job, or just for travel? Going abroad can mean always getting bottlenecked for transferring money from India to abroad.
According to the latest World Bank report, Indians transferred a mind-boggling USD 79 billion home in 2018. In 2017, this amount stood at USD 65.3 billion, while in 2016, it stood at USD 62.7 billion.
Each year, it’s a struggle for Indians to transfer their hard-earned money home. There are some hurdles when engaging in international money transfer online, international money transfer via cheques or international fund transfer. Currently, the best way to transfer funds abroad or send them home is via a Forex card.
Consider the following reasons for opting for a forex card.
1.Ease of Use
An international traveller’s card, also known as forex card works the same way as a debit card. You will get a MasterCard or a visa card, which will draw funds from your bank account in India. Since, your bank will usually be the mediatory for transferring funds, compatibility with retailers, and coordinating during emergencies will be a lot easier.
Obtaining a traveller’s cheque can be hard in many cases. It may require you to have a long banking history with the bank, among many other requirements. Additionally, it will provide several advantages during short stays. A forex card is like a pre-paid card. It is readily available for travel, business, higher studies, among many others.
3.Fixed Exchange Rates
You can get pre-paid forex cards, which have fixed interest rates. Or, better – you can forget about all the worries about dealing with interest rates. The issuer will take care of this hassle for you. With wire transfers, you may worry about exchange rates far more often than usual. While exchange rates can seem mind-boggling in countries like the US, these don’t undergo drastic changes overnight. So, let the bank worry about these while you enjoy your new destination.
In a new country, there will be plenty of uncertainties in your mind. From finding a new place to eat, to a peaceful place to travel can seem like challenges at times. The last thing you will need is worries about a large amount of cash in strange places. Forex cards can carry the money for you while you withdraw only the amount you need from ATMs.
Forex cards sometimes get a bad rep for high costs. However, this is entirely untrue. If you undertake a wire transfer from popular options like Western Union, or others, the prices are significantly higher. While forex cards will cost you USD 2-4 per ATM transaction, there are virtually no costs for directly swiping your card at completely random stores. Additionally, most places now accept digital payments. Hence, you can pay for major expenses like hotels, shopping, and college fees, using the forex cards.
So, are you ready to call a new place home for a short duration? Check out the full range of travel cards offered by Muthoot Fincorp. Their attractive pricing and convenience are sure to add another reason to smile before you take off.