Mar 18 2020 2
If you want to go abroad, you will definitely need that country's foreign currency to buy goods or use of services. The Forex Card is the best solution for you on these occasions. The Forex Card will bring you lots of benefits in terms of foreign currencies. Today we will talk about the most talked about forex cards in the market: XM Mastercard, HotForex Mastercard, and Axis Bank Forex card. Let’s find out who is the best forex card.
The benefits of a Forex card
- To mention the savings when using the card, the automatic foreign currency exchange service fee when you use the Forex card is only 1-2%.
- You will not need to put a lot of cash in your wallet because the Forex card can replace cash to pay your expenses - safely.
- When using the Forex card, you have the opportunity to receive discounts wherever you go.
Now let’s go to our best forex card comparison.
Just like credit cards, XM Mastercard is the type of card that you need to deposit money in first to use. In this case, the money is your win money from forex trading. There are 3 types of XM cards: XM USD MasterCard, XM EUR MasterCard, and XM USD Shanghai (used for China UnionPay)
Advantages of XM MasterCard
- With XM USD and EUR MasterCard, you can use it anywhere that has the Mastercard logo. On the other hand, with XM USD Shanghai, you can use it anywhere that has the UnionPay logo.
- You can transfer any amount of money between your XM MasterCard and your MT4 trading account.
To open an XM MasterCard, your trading account must have at least 2000 USD. The fee to open your card is $10, which will be taken directly from your trading account once you register for a card.
If you have at least 2000 USD in your account balance, you can look for the button “Register for XM card”.
Your card is connected to your HotForex account. Withdraw trading profits on your card easily. When withdrawing money from Hotforex, your money will be transferred to the card immediately Online statements give you complete control of your account.
Benefits of Hotforex Mastercard
- Globally accepted, where the MasterCard logo is located
- Online statements for free
- Free SMS notification service for transactions
- 24/7 customer support
- ATM withdrawal fee (maximum of $400 each withdrawal): Withdrawal fee is $3. If withdrawing in a currency other than USD fee is 2%, the minimum is #3
- Non-financial transactions, balance inquiry, PIN incorrect: 0.4 dollar
- Monthly card management fee will only be charged if: 12 months of inactivity fee is $5
- Annual fee: $5
- Minimum balance: $10
- Request a balance check or online statement and SMS to notify the transaction is free.
How to get a Hotforex Mastercard
- Login to your myHotforex account.
- Click on "Funding" and select "Apply For HF MasterCard"
- Complete the registration form and click Submit
- The card issuing bank will send you instructions and email information you have registered.
Axis Bank forex card
- Your balance won’t be affected by the fluctuation.
- This card also lets you encash the balance transfer on your card on returning from the trip.
- Moreover, this card has a feature called contactless reader. Any machine with a scanner can read this card. You just need to wave it before the machine.
- You can use as many as 16 currencies, including the most common.
Fees and Charges:
To open a card, you just need to pay a little over $4. For every time you want to reload the card, the fee is 1.3 dollars. Pretty cheap.
Now after reading this, I’m sure you know which one is the best forex card.