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WeizmannForex makes carrying foreign currency easy with the prepaid travel card and help you complete transactions abroad with ease.
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Are you looking to go abroad for your higher studies? Just get the Student travel card and use our Student forex services to tackle all expenses, including your fees, rent & more incurred in a foreign country instantly.
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Carrying Forex When Travelling Abroad
A traveller may need to carry a single or multiple currencies when travelling overseas for work or leisure. This article looks at how forex can be carried overseas in cash, traveller’s checks, and prepaid cards in India.
People travelling abroad for work or leisure may need to carry the currency of the country of travel on their trip. This forex can be used to pay for hotels, meals and more. Although many would suggest the use of debit and credit cards, experts suggest that the cards add to the costs of foreign expenses owing to the high processing fee and poor forex rates offered. However, to meet the need of foreign exchange for travel, there are a few means of carrying forex in India, such as,
Cash
Many people opt to buy Foreign Currency in Cash as a convenient way of carrying one or more currencies for travel. This makes it easy to meet expenses without incurring any transaction fee during a journey. However, there is a huge risk associated with travelling with large denominations of Foreign Currency in Cash.
One can buy Foreign Currency online through many reputable providers of forex in India at competitive forex rates.
Travellers Cheques
Travellers Cheques issued by banks or online foreign exchange in India are a safe and simple way to avail foreign exchange in India before travel. Traveller's checks need only be encash when needed. Moreover, an authorised signature is required to encash forex through traveller's checks. Thus, unlike cash which can be stolen and misused. Traveller checks can be reported stolen and blocked in a single phone call. Moreover, the amount is refundable in case stolen. Traveller's checks are accepted worldwide.
Prepaid Cards
A forex card or prepaid card allows the user to electronically store and transfer money when travelling overseas. It is most commonly used for making payments or to make purchases when travelling abroad. In addition, forex cards can also be used to withdraw foreign currency that has been pre-loaded onto it from ATMs located in the foreign locations of travel. For all practical purposes, forex cards can be thought of as very similar to debit cards in terms of how they are used. They are usually registered either with the MasterCard Network or the Visa Network and therefore, this makes them an acceptable form of payments all around the world.
Multicurrency Forex Card
A forex card can either be a single currency card or a multi-currency card. With a single-currency card, only one type of currency can be loaded and stored in the forex card at a given time. On the other hand, multi-currency forex cards support multiple currencies to be loaded and stored on them. This offers travellers, who wish to visit multiple destinations to pre-load and store the currencies of different countries in a single forex card, without the hassle of carrying multiple cards.
For instance, if the user is travelling to both England and France, he/she can load both the Euro and GBP (Pound) on to the forex card through a foreign exchange in India, if the forex card is a multi-currency card. The forex card is also able to automatically detect which country the user is in and to pay in the local currency of that country from the amount that has been pre-loaded on to the card
Prepaid forex cards can be availed from banks, high street forex brokers and foreign exchanges online with ease. The choice amongst the providers must be based on the forex exchange rate offered, the card activation fee and the transaction costs associated with using the forex card. When a prepaid forex card is purchased from a bank or money changer, funds are loaded onto the card after the forex card issuer receive the funds from the user that need to be loaded on the card, including the card activation fee (When using the forex card, a one-time initial activation fee may be charged.).
The currency of choice is loaded on to the card at the exchange rate that is prevalent on the day that the forex card is purchased. To check that the exchange rate on the day of purchasing the forex card is not too high, one needs to check the foreign exchange online to have an idea of how the exchange rate has been fluctuating over the recent past. To buy foreign currency from a foreign exchange in India is not difficult, but one needs to ensure that they do not perform the exchange when the Forex rate is not favourable.
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What is a Forex Pre-Paid Card?
A forex card or forex pre-paid card is a type of currency card in which foreign currency is loaded to be spent in a foreign country. This article looks at some important details and features of a forex prepaid card.
Forex prepaid cards are used to make payments when one is travelling overseas. These cards are pre-loaded with currency and enable the user to access his/her money in the required regional currency. Some forex prepaid cards also function as a multi-currency card, meaning that multiple currencies can be loaded onto a single forex prepaid card. It is important to check the forex card rates when getting a prepaid forex card.
Some prepaid forex cards allow the user to load a single card with up to 16 currencies and therefore, allow the user to enjoy a hassle-free journey around the world. In addition, users can use just a single ATM pin to access their accounts online or to withdraw funds. Some of the most commonly used currencies in multi-currency cards include the USD (United States Dollars), GBP (Great Britain Pounds), EUR (Euro), SGD ( Singapore Dollars), CAD (Canadian Dollars), AUD (Australian Dollars), JPY (Japanese Yen), CHF (Swiss Franc), HB (Thai Baht), SEK (Swedish Krona), AED (UAE Dirham), HKD (Hongkong Dollars), SAR (Saudi Riyal), NZD (New Zealand Dollars), ZAR (South African Rand), and DKK (Danish Kroner).
Prepaid forex cards or multi-currency card also allow the user to top up the card as and when required. These cards allow users to withdraw cash in the foreign currency, check their balances, and shop around in multiple locations in multiple countries.
How to avail a Forex Card?
To get a prepaid forex card, one needs to submit FormA2 and any other necessary forex documents (as required under the Foreign Exchange Management Act regulations of India), proof of passport, and the number of required funds. Once the funds are cleared, the prepaid forex card will get activated. Users are usually allowed to load prepaid forex cards for a leisure trip with a maximum of $10,000 (Rs 4.5 lakh); $25,000 (Rs 11.25 lakh) is usually allowed to be loaded for business trips. Issuers usually charge between Rs 100 and 300 per prepaid forex card.
Why are prepaid forex cards better than debit or credit cards?
Prepaid forex cards are better than debit and credit cards on international trips owing to the following reasons,
High Transaction fee - Debit and credit cards usually attract a service charge of around three percent for each time that the card is used to make any payment or to purchase any good or service. In addition, debit and credit cards attract an extra fee if they are used to make withdrawals of cash at ATMs. Cash withdrawals through forex cards are cheaper than through debit or credit cards.
Subject to exchange rate fluctuations - Debit and credit cards are billed at the exchange rate that is prevalent on the day that the transaction takes place, and a currency conversion rate is also charged accordingly. Forex cards, on the other hand, are more economical since the forex card rates are locked-in at the time the forex card is loaded with currency.
Forex cards are designed specifically keeping in mind the needs of customers who travel the globe for work or leisure. Using forex cards can help one keep track of their expense through SMS alerts, safely carry currency without the need to risk carrying cash, along with optimal savings owing to the locked currency rates on the cards.
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When is the Best Time to Send Money Home?
Summary –
Many people who leave their countries to work and reside in foreign countries, often have the need to send money home to their family or acquaintances. This article evaluates the best time to send money back home using money transfer services.
Most Migrant workers periodically have a need to send money back home to help with their families’ expenses, finance endeavours or make payments for services. Widely available money transfer services can be used to transfer money from the migrant’s country of residence to their home. Common money transfer services are wire transfer or fund transfer through a bank or money transfer service provider, however, online money transfer is fast gaining popularity with people with periodic needs for transferring fund abroad.
How to Transfer Money Online?
Online money transfer is a popular means of making swift transfer online, using apps or web portals of money transfer providers. One can easily send money across the globe from the comfort of home, office or even on the move, by using online money transfer services. All one needs is a smart device with an active internet connection. Log in to the website of a well-selected money transfer service provider, transfer as a guest or register an account (highly convenient for periodic transfers), enter the transfer details (which include amount, recipients name, mobile number and bank details), and hit send transfer! That’s it. Online money transfer in this digital and inter-connected age, has made it possible for people to transfer money anytime, anywhere at their convenience.
The Best Time To Make A Money Transfer
One must be aware that sometimes are better suited than others to perform a money transfer and one can also save some money when choosing the right time to transfer money. Some tips to help people send money back home at the most opportune moment are:
1. Opt for mid-month transfers
Most people tend to send money back home as soon as they get paid. Some surveys indicate that as much as 75% of all transactions take place during the last five days of the month and the first ten days of the next. The spike in traffic during this time means that banks and other outlets are busier during this time. It might be worth waiting for the middle of the month to send money back home since this is when queues and waiting times are shorter.
2. Weekends are a good time
Quite a lot of customers believe that remittance outlets are busier and crowded during the weekends as compared to the weekdays. However, surveys show that a large chunk of people actually requests money transfer services during the working week, thus making weekend a quitter time to send money and avail fast processing when making a money transfer online or offline.
3. Check that exchange rates are favourable
It is worth reiterating that money transfer service providers, including online money transfer services, have no control whatsoever on the exchange rate fluctuations. Further, the exchange rate does not vary depending on how busy a particular money transfer service operator may be. The exchange fluctuations are influenced by international money market movements. It is always best to check that when one is transferring money back home, the exchange rate is favourable to receive the most for their transferred sum.
4. Fee Matters
Many money transfer services charge a fees on remittances based on the amount transferred. This fee is usually higher for smaller denominations and smaller for large transfers. It is best to choose a money transfer service, that charges the lowest money transfer fees and also provides the most favourable exchange rate. Usually, online money transfer service charge lower transfer fees than traditional means of money transfer.
We all have a time in life when we send money to a friend, family member or acquaintance using money transfer services. Knowing the best time to make a transfer can help save money and get the most for one’s transferred amount, making the money transfer beneficial.
#MoneyTransfer#OnlineMoneyTransfer#MoneyTransferOnline#HowToTransferMoneyOnline#WireTransfer#FundTransfer
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Factors That Influence Currency Exchange Rates
Summary
Currency exchange rates are dynamic and fluctuate over time, however, they it is vital to find the best currency rates to make the most of a currency exchange. Thus, this article looks at the factors that influence currency exchange rates.
Most people know that live forex rates in India and across the world fluctuate on a daily basis, based on several contributing factors. When performing currency exchange, one needs to check these live forex rates to know the current forex rates being offered by banks and forex companies and ensure they find the best currency exchange rates for the most benefit.
It is important to perform a currency exchange when the live forex rates in India are favourable. Most people are well aware of the benefits of getting currency exchanged at the best forex rates. Live or Today forex rates in India, displayed on the portals of forex companies, must be checked to track the current forex rates for their currency of choice, to ensure one receives the most for their money’s worth. Here are few factors that influence the live forex rates,
Factors that influence currency exchange rates -
Currency rates are constantly changing, owing to several factors, such as,
1. Inflation Rate
It is a general thumb rule that those countries with lower inflation rates, such as Norway, Switzerland, and Germany, have currencies that are valued higher. This is because the currency’s purchasing power increases relative to other currencies. Similarly, countries witnessing higher inflation generally see currency depreciation relative to the currencies of countries they trade with.
2. Interest Rates
Higher interest rates generally correlate with higher-valued currencies. High interest rates in a country indicate that investors can obtain better returns on their investment in that country as compared to a country with lower interest rates. Higher interest rates attract capital from overseas, resulting in an increase in demand for one currency relative to the other and thus causing the exchange rate to also increase.
3. Current Account Deficits
The current account of a country is the balance of trade between it and its trading partners and reflects all payments between the countries for goods and services as well as interest and dividends. A current account deficit indicates that the country is spending more on goods through foreign trade and imports than it is earning through exports. Therefore, the country will have to borrow from other countries to make up for the deficit and this demand for foreign currency lowers the exchange rate of that country.
4. Public Debt Level
Countries that have a high public debt level tend to have a currency that is valued lower. A country with a high deficit resulting from having to pay for public projects or government spending may need to print more money to pay off the debt, causing a rise in inflation, and therefore, the debt will be paid off with even cheaper real currency notes in the future.
5. Terms of Trade
The phrase “terms of trade” refers to the difference in the price between a country’s exports and its imports. A positive ‘terms of trade’ for a country means that the country gets higher prices for its exports than imports, and this results in a higher-valued currency.
6. Economic Performance and Political Stability
Stable countries that have strong economic performance attract more investors than countries with political and economic uncertainty.
The above-mentioned factors have a great influence on the current forex rates in India and globally. Thus, individuals seeking to exchange currency can find the live currency rates online through trusted currency exchange websites. Many sites also allow guest to set alerts to track the rise or fall in the live forex rates for a particular currency.
Finding the best currency rate is vital to get the most from one’s money in foreign currency, thus, a bit of research and observation of the live forex rates can prove highly beneficial.
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WeizmannForex multi-currency forex travel card is a safe and convenient way to transact aboard on business or pleasure, without having the need to pay using cash.
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