With the post-pandemic revival travel revival dawning, many of us are planning trips: both international and domestic. The UNWTO reports cite that international tourism increased 182 percent in the first three months of 2022 compared to 2021 levels. From leisure to ‘bleisure’ and study abroad, the reasons facilitating the upturn of global tourism are many. So, if you are envisioning an international trip soon, then now is the time to opt for a zero Forex markup card. So, what are they, and how can they help globetrotters of the 21st century? Let us find out!
WHAT IS A ZERO FOREX MARKUP CARD?
To understand a zero Forex markup card, we must first skim through the meanings of foreign transaction charges levied by Debit or Credit card issuers. When you visit abroad, there exist various methods of making transactions, such as Debit or Credit cards, traveler’s cheques, physical money, and more. Needless to say, Credit cards are reputed to be the most convenient; however, they are expensive because of Forex markup charges.
Simply put, when you use an India-based Credit card in the USA, the currency loaded in the card (INR) is converted automatically into USD during the transaction at the spot exchange rate. Your Credit Card’s network (VISA or Mastercard) exacts a ‘network fee’ of 1 percent for the conversion. However, on top of the network fee, your Credit card Company levies a convenience fee known as issuing or markup fee, which ranges from 3.50 percent to 5.00 of the entire transaction.
At face value, a 3 to 5 percent surcharge may not seem too cumbersome. However, these pesky charges add up and may even touch the three/four-figure threshold. To avoid such overhead expenses, you can opt for a zero Forex markup card. They are prepaid electronic cards, similar to your Debit or Credit card, but sans the FX fees. You can load multiple currencies (up to 22) in these dynamic financial instruments and use them for purchases abroad via PoS counters. In a nutshell, you save hundreds of dollars in Forex markup with the help of zero forex travel cards.
TOP THREE BENEFITS OF USING A ZERO FOREX MARKUP CARD
Good For Your Pocket – Owing to features such as Exchange rate lock-in and no foreign transaction fee, you save a lot of money on your international trips when using a travel card without markup charges.
You Achieve Travel Security – International Forex cards offer travel protection to customers through travel insurance, luggage loss reimbursements, emergency evacuation, and more. So, if you have to hop on a plane for multiple international trips, then a travel card with zero Forex markup can ensure better security.
Global Acceptance – The best part about a Forex card is that it is accepted in 100+ countries. Thus, you do not need to fumble with multiple electronic cards on your next overseas trip, as a single zero markup card does the trick. Therefore, such cards are optimal for avid journeyers whose bags are always packed for the next transnational trip.
So, a zero Forex markup card is one of the best tools that travelers can possess in today’s day and age. From money-saving to top-notch security, such cards, indeed, offer the best of both worlds.
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