A forex card is a prepaid card that you load with foreign currency before you travel. It works just like a regular debit card — you can swipe it at stores, restaurants, and hotels abroad, or use it to take out cash from ATMs in the country you’re visiting.
But instead of using your local bank card and paying extra fees for every transaction, you load the currency you need ahead of time and spend from that balance.
“For international travel, a prepaid forex card offers better control over spending and fewer unexpected charges compared to standard bank cards,” says Clive Gray, from London Review of Suit Tailors. “It also reduces the risk of card blocks due to overseas use, which is common with domestic debit or credit cards.”
And there are two main types of forex cards. One is a single-currency card, which holds just one type of currency — like dollars or euros. The other is a multi-currency card, which lets you carry money in several currencies at once. This is useful if you’re visiting more than one country on the same trip.
Once the card is loaded, you can use it anywhere that accepts Visa or Mastercard, just like your regular bank card. You can also check your balance, track your spending, and reload money using an app or online portal, depending on the provider.
