Managing your money effectively is essential when traveling abroad, and more and more travelers are now opting for Forex cards over cash. Forex cards come preloaded with foreign currencies, providing convenience, security and cost-effective solutions compared to carrying large sums of cash. Unlike cash, these cards offer features like theft protection, lower exchange rates, and ease of reloading.

In addition, they avoid frequent trips to exchange offices and eliminate the risk of currency shortages. With the added benefit of international acceptance, Forex cards make travel smoother and safer for today’s globetrotters, making them a preferred choice for international spending.

Here are five reasons why international travelers opt for Forex cards over bank notes.

1. Real-time exchange rate without markup

“Forex cards offer dynamic exchange rates that are typically much closer to real-time interbank rates, with zero markup,” says Sudarshan Motwani, founder and CEO of BookMyForex.com. This means you avoid the large markups often associated with banknotes, which can be as high as 5%. Additionally, the availability of liquid currency may be limited, particularly for less common currencies which may not be readily available in physical form. Even if this is the case, the markup on these currencies can reach 5 to 8%. By using a Forex card, you can access competitive exchange rates and avoid these inflated costs, making it a smarter choice for travelers.

2. Enhanced security

Carrying cash presents a risk of theft or loss, which can leave travelers stranded without funds. Forex cards, on the other hand, offer greater security. They are prepaid and can be easily replaced if lost or stolen, much like a traditional bank card, providing peace of mind when traveling.

3. Ease of reloading and unloading

One of the main advantages of a Forex card is the ease with which you can reload and unload funds during your trip. “Gone are the days of relying on cash that could run out during travel. With the Forex Card, you can instantly top up funds through the app at any time, increasing your vacation budget on the go Likewise, any unspent amounts can be recharged into your account, providing maximum flexibility,” says Motwani.

4. Multi-currency compatibility

If you are traveling to multiple countries, a multi-currency Forex card allows you to load multiple currencies onto a single card. This eliminates the hassle of carrying different currencies and allows you to seamlessly manage your spending across different destinations by spending in local currencies.

5. Streamlined expense tracking and management

The Forex Card comes with an app that offers a range of convenient tools that cash simply can’t match. “Track your spending in real time, receive alerts for every transaction, locate ATMs, top up funds instantly or even access a virtual card, all at your fingertips. This means no more need to know how much money you spent or where you spent it,” says Motwani.

For today’s traveler, a Forex card combines the security and convenience of card spending with significant advantages over cash.