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RBI bats for retail users of forex trading. Choose your reason below and click on the Report button. This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. NIFTY 50 10, Drag according to your convenience. Plastic is in and cash is out. This holds true even when you are going on a foreign trip. Experts are Increasingly recommending travellers to go for a prepaid forex card while buying foreign currency.
It is safer and cheaper than buying currency and a good hedge against currency fluctuation. Here are some reasons why you should buy a prepaid forex card to fund your expenses in your foreign holiday: If you are visiting a single country it makes sense to buy a single destination currency.
At every stage, there will be a cross currency exchange cost because the operator will charge a margin to convert the foreign exchange to the local currency. From a security point of view, card mitigates the risk of losing cash in case of theft or loss of wallet. Also certain forex dealers such as Centrum Direct, give a secondary card along with the original forex prepaid card. So a customer can actually load the forex value on the prepaid card in advance when forex rates are favourable," says Navtej Singh.
Any debit or credit card issued in India carries currency in INR denomination. Whenever you use such a card outside the country, the transaction takes place in the foreign currency and not in INR. Hence, you have to bear a currency conversion charge known as cross currency mark-up for every transaction. Since the prepaid forex card is loaded with the local currency, you can save on this mark up cost. The difference is usually 50 paise to Rs 2.
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