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How Forex cards Help You Mitigate Financial Risks

July 09, 2018

How Forex cards Help You Mitigate Financial Risks

Holidaying in an international destination is like a dream come true. The countless travel check-ins and photos of friends and acquaintances on social media certainly get you excited, urging you to catch the next flight to your dream destination. However, before you rush with your travel plans, it’s important to understand that everything good comes with a disclaimer – and so does your international trip.

Traveling abroad can become an expensive affair, very quickly. Hence, most people avoid international trips due to the financial burden it may turn into. Fortunately, the emergence of forex cards has helped minimize several financial risks associated with international traveling.

Let’s understand what is the financial risk.

Once in a while, you face situations when you have to part with your money, unexpectedly. And when this happens while holidaying abroad, it’s a nightmare.  Though there are several types of financial risks, the most common ones faced by international travelers are foreign exchange risks, overseas transaction risks, fraud, and medical expenses due to health issues or accidents. Thus, before traveling abroad, you must ensure that you have an effective risk management strategy in place to avoid any disastrous experiences.

A forex travel card is the most efficient and reliable risk management tool while traveling away from home. It is a pre-paid travel card that can be loaded with single or multiple currencies to initiate overseas financial transactions. But how do forex cards safeguard you against financial risks?

  • Currency fluctuations: Forex exchange rates keep fluctuating every minute. In such an uncertain scenario, carrying cash or debit/credit cards to take care of your overseas expenses wouldn’t be a wise move. But with a forex card, you can block the currency exchange rate at the time of purchase, if it looks favorable. Thereafter, any future exchange rate changes will not impact your transactions. This helps you avoid major financial losses in the event of extreme fluctuations.
     
  • Transaction risk: With increasing thefts and cybercrimes across the globe, security of your forex is a major concern. While cash transactions are susceptible to risk, and the use of debit/credit cards imposes a threat on your bank account, a pre-paid travel card is the only forex instrument that offers you convenience with security. A forex card is not linked to any bank account. Instead, it is connected to a secured network which in turn is protected by a chip and pin technology. In case your travel card is stolen, you can immediately block it to save your money and request for a quick replacement.
     
  • Medical emergencies: The global acceptance of a multi-currency forex card has made it convenient for travelers to initiate transactions from any corner of the world. This is very helpful during medical emergencies. You can head straight to any hospital or health care center without being worried about the mode of payment for your treatment because your forex card can either be swiped directly or used at an overseas ATM machine for cash withdrawal.

Alternatively, most forex cards come with complimentary travel insurance, that save your back in the event of unfortunate occurrences such as accidents, natural calamities, etc. You would otherwise have to break your bank in order to cater to such financial needs in a foreign land.

In short, forex cards are the guardian angel for any international traveler, protecting them against several financial risks in a foreign land. So, if you wish to enjoy your next international trip without any financial crises, please visit www.buyforex.com and get hold of the best forex card for yourself.

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