It's a new year, and that means it's time to make another set of promises to better oneself.
Many people decide to improve their health and see the world by making commitments to exercise more or take more trips in the new year. Going on an international vacation is likely on the wish lists of many Indians. Have fun with your world-hopping ambitions! But have you settled on a method of payment before you pack your bags and travel to your destination? Will you be making all of your purchases using a foreign currency card or will you also be carrying cash?
What Exactly is Niyo Global Travel Card?
It is just like a forex card, often known as an international travel card, that may be filled with any currency you desire and used like a debit card. As an example, if you plan on spending time in Australia, you may prepare for your trip by loading Australian dollars (AUD) onto a global card. Moreover, if you want to visit numerous countries, you may load the currencies of each of those nations onto your global card. You may get these cards via your bank or from several financial service providers.
Which Is More Convenient: A Global Card or Cash When Traveling Abroad?
Up to the 2016 demonetisation, India's economy was entirely cash based. Because of this, online purchases became a possibility. However, many Indians still like paying with cash at the register than using a credit card or other digital payment method. When there's certainly no issue with paying for things with cash while abroad, it may be a hassle and a security concern. Let's compare the advantages of a foreign exchange card to cash.
- Absorbing the Impact of Volatile Exchange Rates
A dollar won't buy the same thing it does now. To a similar extent, the exchange rate between the Indian rupee and the currency of the nation to which you want to go will change overnight (INR). If you need to convert Indian rupees for foreign currency while abroad, for example because you ran out of money and want to keep travelling, you will have to do it at the market exchange rate.
For this reason, the 70 INR that a dollar is now selling at may be closer to 75 INR by the time you book your trip. When money is placed into a global card, however, the exchange rate is locked in at that time. Prepaid travel cards, sometimes known as forex cards, shield its users from the risks associated with dealing with fluctuating currency rates.
- Extremely Safe and Guarded
Carrying large amounts of cash through a foreign nation is a very dangerous proposition. Warnings concerning pickpockets are sent to all tourists going to Italy. The old adage about Italy being full with pickpockets is, unfortunately, not far from the truth. You'll be broke and miserable in an unfamiliar nation. That's why it's preferable to avoid health problems in the first place.
Keep a currency card with you at all times instead, and use that for all your purchases while overseas. It has stringent security measures in place, including a password. If your card is lost or stolen, the only person who can use it is you since no one else knows the PIN. In addition, several financial institutions and credit card issuers provide backup cards alongside the primary card to help in such emergencies. If you lose your card and are worried about your money, you may call the issuer's toll-free number straight away to get it blocked.
- Allows Users to Save Multiple Currency Types
Some of us have a wacky travel schedule that will take us to many different places. Carrying and managing several currencies in cash is becoming a hassle. It's possible that your excessive spending could leave you vulnerable to theft or that you'll just spend all your money too quickly. You can load different currencies onto certain bank and card businesses' products.
- Lower than average costs and fees
When exchanging Indian rupees for another currency, you'll have to pay a ridiculously high commission. However, there are no fees associated with making a conversion or withdrawing funds while using a global card. There is just a little cost due at the time of issuing. Fees associated with maintaining a forex card are about 500 Indian Rupees (INR).
Using a foreign exchange card when travelling is far more handy than carrying around cash. If you're looking for a safe and affordable way to travel internationally you must have it.