INDIVIDUALS who travel abroad and use prepaid cards have found it a convenient way of dealing with the hassles of foreign exchange. The amount of foreign exchange that an individual wishes to carry is loaded on to the card at the initial stage itself and, hence, there is no problem at a later date about carrying cash or dealing with the foreign currency. This is suitable when travelling to a single country where there is a single currency that will be encountered.

However, in some cases, there is more than one currency used in a country, which requires a different approach to be adopted.

Change: In the coming days, Indian travellers will experience a new offer that they can utilise in the form of foreign exchange prepaid cards with multiple currency option. This means that the card can be used in more than one currency and it will be possible to use it in more than one country. This makes the process easier for individuals because they do not have to go around looking for different currency cards. There is also a lesser effort involved because there is no need to constantly change the amount present with an individual into different currencies as per the requirement.

Mode of working: This kind of card will be suitable for a range of currencies that are present within a specific geographical location. While the exact details about such cards will depend on the entity that is issuing the card, it could include coverage of geographical areas like Europe and West Asia where many countries are located close together. This makes the process of dealing with the card easier.

Take a situation where there is a foreign exchange card for West Asia and a person is going to say two or three of these countries. In this case the traveler would be able to ensure that there is a single card through which all their requirements are being met at the same place. The other thing is that there could also be a choice available for individuals in terms of a menu of currencies from which they can choose a few that they would want loaded on their card depending on their requirement.

Coverage and rate: A couple of factors are important in dealing with the card because this will be the determinant of the actual situation at the ground level.

The first one deals with the extent of usage of the card in terms of the coverage that an individual will get.

The number of places where the card would be accepted also has to be taken into consideration.
The larger the coverage, the better it is for the user.

The other point is the rate at which the expense will be charged to a cardholder. This can be either at the time of making expenses, where the rate prevalent at that point of time would be charged, or individuals also could be able to lock into a rate at the time of purchase of a card, which will provide a relief in the form of a known cost at the time of the purchase itself.

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