If you are travelling abroad, you already know that you must carry foreign exchange along to pay for your expenses during your trip. But how should you carry your foreign exchange? What’s the best and cheapest way to pay? Forex Card or cash? Which is better when it comes to a Forex Card or a Credit Card? Or should you pay with a Debit Card?
Cash is the default option. It is the most liquid and convenient way to pay. But cash comes with problems. If you are travelling to multiple countries, you must carry multiple currencies. It is not easy to carry lots of cash, and you must be extra careful with it. If it is lost or stolen, you cannot recover it. So, carry some cash for convenience and emergencies, but don't carry all the forex you need in cash.
This is the most popular way for travellers to carry currency nowadays. It is widely accepted and almost as good as cash. And, when you need to, you can withdraw local currency from an ATM. With a card like the HDFC Bank Regalia ForexPlus Card, you can spend on your travels worldwide with a single card without paying any cross-currency charges. A Forex card has many benefits. It is safer – you can block it if you lose it and get insurance bundled with the card. Besides theft, you are protected against forex fluctuations because the rates are locked when you load the card.
Read more about why a ForexPlus card makes a great travel companion.
Keep these as your backup options if you run out of cash or have exhausted your Forex Card and cannot reload it. Credit and Debit Cards are accepted worldwide and are a convenient way to pay, but your payments and withdrawals will attract conversion charges.
TCs were once a popular way of carrying currency but are no longer as popular as cards because they are not as seamless and convenient as cash or cards. TCs are also a more expensive option than cards. You can opt for TCs only if you travel to places where using cards or ATMs is not prevalent.
Ideally, carry most of your foreign currency on a Forex Card that meets your needs. Keep a percentage of it in cash. And use Credit and Debit Cards as backup.
Looking to apply for a ForexPlus Card from HDFC Bank? Click here to get started.
* Terms & conditions apply. Credit Card, Debit Card and ForexPlus Card approvals are at the sole discretion of HDFC Bank Ltd