7 reasons to use a forex card for business trips.
There are always expenses to think about on business trips. It’s important to consider how travellers will pay for these outgoings while they are away, which is why businesses often turn to corporate forex cards.
There are different types of foreign exchange cards in the market, covering a variety of needs. Features that will influence what solution your company uses, and the decisions you make for your expense card policy, include:
- Foreign exchange fees.
- Which currencies it can be used for.
- How cards are loaded.
- Compliance and security features.
These are some of the benefits of setting up forex cards for your travellers.
1.Safer than cash
Swapping cash for a card removes several risks. There’s less chance of theft, less chance it’s lost and fewer chances to misuse the money. It’s also easier to issue, use and reconcile especially when you have several travellers on work trips at once.
2.Set budgets
Forex cards allow the user to load the card with the required currency and top up when needed. Because you control of how much is pre-loaded onto the card, you can set the budget for that work trip. You need not worry about the traveller spending more per day than they are used to, and you can set the parameters about how much is issued. For more flexible spending, you can use card products that work like a debit card.
3.Multi-currency
Forex cards go beyond INR and can be issued in various currencies. These cards are also accepted all around the world.
4.Protect against currency fluctuations
When you’re buying currency on a Forex card, the rates are locked in at time of purchase. That’s full transparency for you! No rate changes to think about while the trip is taking place. Otherwise, with a traditional card you’ll see rates fluctuate and can be as high as 1-3%.
5.Reload anytime and anywhere
Should your travellers find themselves in a serious incident and need funds, with Forex cards it’s easy to get more money to them. Simply load the card with more of the currency they need.
6.Keep payments secure
With Forex cards, no individual bank accounts are needed to set up the cards, and travel documents are mandatory to issue a card. With RBI licenses in place and your own settings, you can be confident of secure and protected processes.
7.Watch out for delivery charges
Cards can be delivered from the company running the Forex card, to the bank you’ve chosen to work with. Look at the fees – sometimes there is no fee and no cap to the amount of cards issued; others will require minimum amount to deliver a card.
FCM Forex Cards are a secure and efficient payment solution for your travellers.
Prepaid.
Multi-currency.
Locked-in rates.
No cap on delivery.
RBI Licensed.