Of all the aspects of planning an international tour, organising your overseas funds is possibly the most confusing and most likely to incur unexpected

fees. But, with a little bit of research and planning you can choose the right travel money option for you.

For Indians visiting overseas, while

debit/credit cards are the most preferred modes of payment, forex cards are turning out to be a more viable option nowadays. These cards are emerging as a

sound option which insulates you from currency fluctuations when you are in a foreign country. Thees card works just like a debit/credit card to

withdraw foreign money from ATMs and for purchase transactions in a foreign country.

Travel currency card market in IndiaIndian overseas

travellers, who have traditionally been using cash and travelers' cheques, have recently started using forex currency cards for payment. Around 90 per cent of the

demand for forex cards is from companies. Companies increasingly prefer the prepaid currency card for employees travelling overseas.

Thees card market, estimated to be worth US$ 1.9 billion in India, has grown at an annual clip of 15-18 per cent in the last couple of years, primarily driven by the

retail segment comprising leisure, medical and student travellers.


The use of prepaid currency cards in international transactions is further expected to pick up as the Reserve Bank of India (RBI) has asked banks to disable

debit cards for international use. Banks can activate debit cards for overseas use only if there is a specific request from the customer.

What

are the benefits provided by forex cards?

• Convenient source of money while travelling overseas


• Ability to pack multiple currencies onto a single card


• Widely acceptable


• Safe and secure transactions with pin number access


• Avoid foreign exchange fluctuation


• Reloadable anytime, anywhere


• Online access to your card account


• International e-commerce transactions: The card can be used for online purchases and transactions


• Great currency exchange rates: One can also choose the best time to purchase foreign currency to take advantage of great currency exchange
  
  rates

What are the charges associated with these cards?
Initially you have to pay the cost of purchasing the forex card. Often the card

providers will offer the incentive of refunding this fee when you load the card with the foreign currency.

The conversion charges while loading a

prepaid forex card are much lower than what are charged by some of the foreign exchange

houses. Therefore, these cards are much economical than using credit cards overseas.

How will I know which ATM accepts the Forex Card?

/>If your card is MasterCard enabled then All ATMs displaying the MasterCard logo will accept the forex card. If your card is Visa enabled then All ATMs

displaying the Visa/Plus logo will accept the forex card.

What if my card gets lost/stolen?
Generally, these travel currency cards

are issued in pairs. If your first card is lost/stolen, report immediately to the company by calling on the 24*7 customer care number to deactivate the

card. After deactivation, you can access your second card, which has a different PIN number.

Enjoy peace of mind the next time you travel

overseas with the new Matrix Forex Card. The company provides great foreign exchange

deals to Indians travelling to a foreign country.