RegBro 20th November 0 Blog , Forex. In the recent years, Forex brokers have attained a lot of growth especially when it comes to the financial products and services they offer their clients. The introduction of forex debit cards; specifically Visa powered debit cards is one of the best examples of the technological progress and maturity achieved by brokers in the forex market. For a number of years since its inception Visa Inc. Contrary to common belief, Visa Inc.
Through these products, the institutions can then provide their clients with debit, credit, prepaid and cash access programs. The Visa branded credit and debit cards have gained extreme popularity because their use is widely spread among millions of people all over the world. Visa offers two kinds of debit cards; these are the Visa Debit and the Visa Electron.
The Visa debit is issued by various financial institutions through Visa. With the Visa debit, one can access funds in their current accounts with the convenience of a credit card due to the overdraft allowance offered.
You can use the Visa debit cards in purchasing of goods or getting cash in all the kinds of merchant environments which range from the usual retail transactions to transactions in online trading platforms. Cardholder authorisation is usually done using a PIN personal identification number and the point of sale authorisation which is usually not a must.
Another advantage of having a Visa debit card is that you can get cash from ATMs even when you have travelled out of the country which eliminates the worry of having to carry huge amounts of cash when travelling to foreign countries. It is however advisable that you first check with your bank on the charges you will incur for having to use your card abroad.
The Visa Electron was introduced in and since then it has garnered a lot of popularity among forex traders. This unique debit card can be used anywhere in the world apart from Australia, the United States, Ireland and Canada. Depending on the region, the Visa Electron is issued with different specifications. For instance in Europe the card is issued as only a debit card but in all other areas of the world it is issued as a credit card which ensures that the user does not exceed their credit limit.
Usually in the United Kingdom the Visa Electron is issued by banks to persons under the age of 18 as a debit card. Under no circumstance can a person make an overdraft using the Visa Electron because every time that the card is used funds must be checked to confirm if enough funds are available to cater for the transaction. The Visa Electron is thus issued by banks to persons with a poor credit history or those who fall under the age of The only difference between the Visa electron and Visa debit is the overdraft allowance of the visa debit.
The benefit of linking a visa debit card to your online trading account is that they are supported by almost all forex brokers.
The taxes, charges and fees applying to the Visa debit cards are also very reasonable. Furthermore, with the Visa debit card a trader is given instant access to their forex trade earnings. An advantage that comes with using digital wallets is that re-entering of the credit card number and the address is not required for subsequent transactions.
The use of bank wire is another alternative to the use of the Visa debit cards. Although with the bank wire, one needs to exercise some patience because it normally takes a couple of days for the funds to reflect in the trading account. When a trader gets to cash out earnings with their forex debit card, it is more than enough prove to anyone that the money in the trading account is really there and can be accessed at any time.
Using a Visa debit card, money gets to the trader quicker for use because the need of having to wait for some days for money to reflect in trading account after requesting for withdrawal is eliminated. The popularity of the visa debit cards in the US alone is enough proof that they definitely work and a trader will have made the wise decision by choosing Visa debit as a payment option.
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