Account Aggregator Framework: Making Managing Your Finances Simpler  

Let’s imagine this: When you started your job, you asked to open a bank account with a certain bank. You signed some sort of form and went again. You did the same for your second, third and Nth job. Now, you have multiple bank accounts to control your money. That’s where the account aggregator framework came into the picture.   

Let’s start with the definition of Account Aggregators  

RBI-regulated account aggregators collect financial data from banks, tax departments, and other financial information providers (FIPs) and make this information available to financial information users (FIUs) with customer consent. This allows investment firms and other FIUs to get the data they need to make informed decisions without having to go through each individual FIP themselves.  

Importance of Account Aggregators Framework  

With the rise of Fintech businesses that offer easy credit, it’s becoming more difficult to determine a loan seeker’s creditworthiness unless all data is readily available from every source the person has taken loans. Although the digital world has eliminated the need for physical paper workload, consumers are more likely to abandon the loan application. A recent study found that 70% of loan applications are abandoned before completion due to the time-consuming nature of the process. Additionally, scanned bank statements are more susceptible to fraud because data modifications are difficult to detect – even with a screen scraping program. This means that loan applications will require more human intervention to verify facts and weed out fraud, which will slow down the process and cause good borrowers to go elsewhere.  

To address this problem, the Reserve Bank of India (RBI) has allowed the establishment of an Account Aggregator (AA) framework. The app would collect data from all loan providers in order to evaluate the legitimacy of loan applicants, reducing the number of lending scams.   

Benefits of Account Aggregator Framework  

Here are the detailed insights on how the account aggregators framework will be beneficial to the induvial and fintech institutions as well.   

  • The Account Aggregator network is extremely helpful when it comes to sharing financial information. This includes data like transactions, bank statements, various accounts with different banks, tax data, pension data, securities data (such as mutual funds and brokerage), and insurance data. Having all of this information in one place makes it much easier to keep track of and manage.  
  • This mechanism may help financial institutions more effectively assess a borrower’s creditworthiness, making better lending decisions and avoiding bad loans and non-performing assets. This is also projected to increase the number of borrowers for these organizations.  
  • By integrating secure digital signatures and end-to-end data sharing, AA will help to eliminate fraud that is usually connected with physical data sharing. Borrowers are completely aware of what they are committing to throughout the process and can revoke their consent at any time, ensuring that data misuse is avoided on both sides. With this system in place, both parties can be confident that the process is fair and transparent.  

Anumati is the leading account aggregator- aa account app licensed by RBI that allows users to safely share the confidential data of their finances and helps to manage them properly. Download the app to learn about its fantastic features.   

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Questions to ask while buying dry fruits?

Everyone needs to keep their health in better condition. Once you lose your health, it is challenging to regain normal health. In this busy life, no one finds time to see their health. So it is better to include healthy dry fruits in their daily diet, which boosts overall health. Dried fruit is a far better option for snacking on than unhealthy snacks like chips or puffs. Dried fruits are advantageous for all people, especially for dieters. However, just like purchasing any other product, several factors must be considered. You may buy the best and highest-quality dried fruits by following some advice. Here you will see the Questions to ask while buying dry fruits:

Does the seller add any additives?

The online dried fruit store’s consumers frequently ask this question. Before purchasing dry fruits and nuts online, they suggest you always read the ingredients section. They completely use natural products to strengthen the immune system and encourage healthy snacking. Sulphites, colours, sweeteners, extra sugar, and inorganic preservatives are not used in online dry fruit products. For nut spreads and mixes, they only use certified class 1 preservatives created from 100 per cent natural ingredients at their online dried fruit store. 

Why are dry fruits soaked in water overnight?

When consumed on an empty stomach, healthy dry fruits can give you a great start till you have breakfast, as well as several advantages. The antioxidants in dried fruits will strengthen your immune system, keeping you healthy and free from diseases and other disorders. For example, almonds and cashews that have been soaked can prevent breast cancer. They aid in weight loss and fitness when consumed in moderation. Regular consumers of dry fruits are known to consume fewer fats, sugars, and essential elements for a healthy metabolism.

Where does an online store get its products from?

It is impossible to locate a specific supplier where you can get all the dry fruits and nuts. A lot of nuts also grow in various regions and temperatures of the nation. Dry fruits and nuts online promise unrivalled quality, an online dry fruit retailer brings the dry fruits from their original land. They obtain their cashews from many countries. Purity and quality are maximized at their online dried fruit store in this way.

Bottom line

The individual can keep the most fantastic dried fruits for a long time. Dry fruits have numerous health benefits, which keeps you active. If you have questions about buying dry fruits, read the above points, which will guide you through buying the right one.

Also read: Best Christmas gifts for employees

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Useful tips to know about GST for Businesses in 2023

Goods and Services Tax (GST), an indirect tax for the whole country, ensures that all indirect taxes are replaced throughout the country, making India a single unified market. The Goods and Services Tax Act, which was signed into law on March 29, 2017, is a comprehensive and multi-stage tax that is charged on all value additions. 

Types of Goods and Services Tax

There are 4 types of GST levied on goods and services. Listed below are the four forms of GST you must know about:

  1. The State Goods and Services Tax (SGST)

One of the two taxes levied by every state on the exchange of goods and services is known as the SGST. To replace all current state taxes, including sales tax, entertainment tax, value-added tax, and entry tax, the SGST is levied by each state’s state government. It is possible for the State Government to claim money received under the SGST.

  1. The Central Goods and Services Tax (CGST) 

The Central Tax on Goods and Services Transacted Within a State (CGST) is what is known as the CGST. CGST is imposed by the central government and replaces all other central taxes, such as State Tax, CST, SAD, and so on. In the case of CGST, prices are levied according to on the current market price of the product or service.

  1. Integrated Goods and Services Tax (IGST)

The IGST is levied on transactions involving the exchange of goods and services across states. Imported commodities intended for distribution among the several states are subject to IGST as well. There is an IGST charged on goods and services that transfer from one state to the next.

  1. The Goods and Services Tax in Union Territories (UTGST)

The purpose of imposing UTGST on intra-UT sales of goods and services is to collect tax to give the same advantages as SGST. Only Lakshadweep Island, Damn and Diu Island, Dadra and Nagar Haveli, Andaman & Nicobar Islands Islands, and Chandigarh are exempt from the UTGST

Why Goods and Services Tax Is Beneficial 

GST is a win-win situation for the government, businesses, and consumers alike. In this article, we’ll go through the advantages of the Goods and Services Tax (GST).

  1. Easy compliance

The cornerstone of the GST analysis regime in India will be a powerful and comprehensive IT infrastructure. Taxpayers would be able to register for, return, and pay their taxes online as a result of this, making it easier and more transparent for taxpayers.

  1. Uniformity 

Because the GST would guarantee that indirect tax rates and structures are consistent throughout the nation, businesses will have more confidence in doing business with the government. Taxes would be neutral regardless of where a company chooses to do business in the nation if the GST were implemented.

  1. Improved competitiveness

As transaction costs are reduced, the commerce and industry will be better able to compete in the global marketplace. As a result of India’s decision to impose the Goods and Service Tax (GST), the World Bank thinks that this change would have the greatest impact on the country’s manufacturing sector’s competitiveness.

  1. Profit for manufacturers and exporters 

A reduction in the cost of locally produced products and services would be realized as a result of the elimination of the Central Sales Tax (CST) and the inclusion of key Central and State levies in the GST. Exports from India will benefit from the increased competitiveness of their products and services on the global market. Compliance costs may be reduced by ensuring that tax rates and processes throughout the nation are consistent.

  1. Easy to manage 

GST replaces a number of other indirect taxes at the federal and state levels. IT-enabled GST would be easier to manage than any other indirect tax that has been imposed by the federal or state governments so far. GST would result in improved tax compliance owing to a solid IT infrastructure. 

  1. Better controls 

As a result of the seamless transfer of tax credits from one step to another in the chain of value addition, GST has built-in mechanisms to encourage tax compliance by tradespeople.

  1. GST’s consumer-friendly features

As a result of several indirect taxes charged by the Centre and the State, with partial or no input tax credits accessible at successive levels of value addition, the cost of most products and services in the nation today are burdened with numerous hidden taxes. GST eliminates the need for several taxes throughout the supply chain, making taxes paid by end-users more transparent.

  1. Tax proportionate 

Input taxes paid at each level of value addition will be recouped at the succeeding stage of value addition, making GST basically a tax exclusively on value addition at every stage. The total tax burden on most goods will be reduced as a result of efficiency improvements and leakage prevention, which will benefit consumers. With set-off advantages at all earlier levels, the ultimate customer will only be responsible for the GST that is levied by the last dealer in the supply chain.

Useful features of the GST Calculator

The CGST, SGST, and IGST calculators assist in determining the appropriate tax rate for a given transaction. Use a GST calculator to see where your transaction falls on the spectrum of taxation and how much tax you’ll owe on the products or services you’re buying or selling. When calculating the entire cost of products and services, it also saves time and decreases the likelihood of a human mistakes.

By now, most firms are familiar with the essential facts they need to know about their products and services under the GST regime that began a few years ago. GST rates, HSN codes, and other tax-related codes are all included in the data, and they’ll be used to speed up tax calculations, produce tax invoices, and do business more efficiently.

It’s possible for a company owner to be confronted with either a sum that excludes GST or a sum that includes GST. You need to know the fastest way to calculate both GST-exempt and GST-inclusive costs in order to make swift sales and purchase choices in today’s fast-paced business environment.” 

A GST calculator is a beneficial tool for many nations in this situation, and India would be no exception. Excel may be used to develop a GST tax calculator, and it’s easy to have a copy on hand. Knowing the GST rates is necessary before you can set up and utilize a GST calculator.

The formula for calculating the GST

A simple example of how GST is calculated might be used to demonstrate it: If a product or service is sold for Rs. 1,000 and the appropriate GST rate is 18 percent, then the net price will be computed as Rs. 1,000 plus (1,000 x (18/100)) which will be Rs. 1,000 plus 180, which will equal Rs. 1,180.

Conclusion 

Because of the way GST is set up, a credit for taxes paid at each step of the value chain, from production to consumption, may be claimed at a later time. In essence, GST is a value-added tax, and input tax credits are seamlessly transferred throughout the value chain. The indirect tax system in the nation would be streamlined and harmonized as a result of GST.

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The role of online platform for buying snacks

In this competitive world, everything comes easy with the help of the online purchase. Most people likes online shopping rather than other type of shopping. In the online platform, there are plenty of items there. You need to select from those items. While in ordinary shopping there will be few items. You can also see the reviews before ordering something. Are you missing a crunchy and delicious treat? If yes, you can buy snacks online from the large set of varieties, which is also good quality. Below, you will see about the role of online for buying snacks:

Everything at one click

Online shopping for snacks allows you to find everything in one location. Everything is available in the internet store, including chocolate, cookies, and cereal. It has several benefits, one of which is that you can find all the delicious snacks you want. A candy store online should have all the necessary flavors and brands. There is also no need to go out and get many additional things. Everything will be delivered to your doorstep.

Saves money and time

The chance for cost benefits and the value of your time are advantages of shopping online. Typically, candy shops are affordable, and sometimes the products are also affordable to buy. In addition, snacks online shopping provides customers with special offers, discounts, and buy-one-get-one deals. You can save money by buying your products from an online retailer.

Can find all varieties

Due to their society and habit, online candy stores are primarily chosen by most people. Having all kinds of food in chocolate stores is crucial. Customers buy snacks online, which have different varieties of snacks. Candy shops make it simple to find treats like candies, cookies, breakfast cereals, drinks, and other items not typically seen at markets. Buy snacks online also provide a wide selection of flavors which has good taste.

No impulse buying

When you are at the snack shops, impulse buying may happen to you. The significant sales are displayed on pallets or in the shop’s center. This ends up making unnecessary purchases of snacks. These carefully placed promotional displays in snack shops aim to draw customers. They frequently give discounts and are in prominent areas. Snacks online shopping results in less impulsive purchases, which is simpler to follow your shopping list and avoid unnecessary purchases.

Final words

Over the past few years, there has been an increase in demand for online snacks shopping. More shops began to giving home delivery options, which benefits many people. Hopefully, you have learned the role of online for buying snacks.

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The innovative lending concept to look forward in 2022

Since many potential customers want innovative, tailored solutions, banks and financial institutions have strived to provide unique services. One such emerging concept in the banking landscape is Consumer Lending.  

What is consumer lending? 

The financial industry is changing to keep up with the changing trends in consumer lending. Lending isn’t a new concept. However, the digitized consumer lending industry is very appealing to startups. Consumer lending is a type of lending that focuses on individuals and household customers. It includes home and auto loans and personal loans that are given to individuals or families for personal or family purposes.  
 

The growth of lending companies in India has been sparked by a large portion of the population being internet users, the rapid proliferation of smartphones, and changes in consumerism. There has also been a rise in the usage of consumer lending software and tools.  
 

Where are consumer lending services available? 

Consumer lending companies make financial services affordable to most people, promoting financial inclusion and broadening the financial system’s capital base. Consumer lending is used to fund personal, family, or household needs. Loans can be obtained from various sources, including financial institutions and online lending platforms. 

Many of these loans are unsecured, meaning they don’t require any collateral, but some, such as auto loans, do require some form of collateral to guarantee loan repayment. 
 

Among the various types of consumer loans available are: 
 

Personal Loans: 

This type of loan usually only requires the customer’s signature on a promise to repay the loan. To determine eligibility and the applicable interest rate, the lender considers the consumer’s credit score, among other things. Unsecured loans are the most common type of loan on this list. 

Home and equity loans: 

The consumer receives the loan in one lump sum with a fixed interest rate. To secure the loan, the borrower’s home equity is used as collateral to secure the loan to secure the loan. This is one of the most frequently availed loans. The consumer lending software and tools hold the database for interests and collateral. With this database, organizations can manage tasks.  

Auto loans: 

These are a type of consumer loan that can be used to buy a new or used car. A lien is placed on the vehicle being purchased to secure these loans. The loan’s interest rate is determined by various factors, including the borrower’s credit score, and the loan term can range from 12 to 72 months. 
 

Bottom line: 

Banks serve a large portion of the global population with various services. A typical bank setup has evolved far ahead of just providing deposit services and loan facilities with innovative tools and consumer lending software.

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Eight Tips for Choosing a Tax Preparer

Right now, many people are looking for a tax preparer to assist them with their annual tax returns. The people in question should exercise caution when selecting a tax preparer. This is due to the fact that taxpayers must take full accountability for the accuracy of their tax returns. That holds true regardless of who handles the paperwork for the refund.

You may find 08 things to consider while choosing a tax advisor Vienna below.

  • Verify the Expertise of the Preparator. To find a tax preparer that meets your needs, go through the IRS’s Credentials and Select Qualifications Directory. In this way, taxpayers may locate a tax preparer who meets their individual needs. You may use the directory to find a tax preparer by name or speciality and even sort the results.
  • Find out how much money you’ll need to pay for the service. When choosing a tax preparer, stay away from those that charge a portion of your return or who claim to be able to get you a larger refund than anybody else. Don’t offer a tax preparer your tax records, Social Security number, or any other personal information when inquiring about their services and rates.
  • Query the possibility of electronic filing. It’s the responsibility of the taxpayer to ensure that their tax preparer supports e-filing with the IRS. E-filing and direct deposit are the two fastest ways to get a tax refund from the federal government.
  • Verify that the preparer is Available. After the year’s tax deadline, taxpayers may choose to speak with their tax advisor Vienna. Stay away from last-minute planners.
  • Detailed documentation and receipts are requested. The best tax preparers will always want to view their clients’ documentation. To determine items like gross income, deductions, and credits, they will provide inquiries.
  • Do not ever sign a blank tax return. Avoid hiring an accountant who requests you to sign a blank tax form.
  • Please Read Before Signing. Be sure to go through your tax return before signing it. If you have any doubts or queries, just ask. Before signing their tax return, taxpayers should be confident in its correctness. 
  • Be sure the preparer signs and includes their PTIN. A Preparer Tax Identification Number is required of all paid tax preparers. Professional tax return preparers are required by law to sign and include their Preparer Tax Identification Number (PTIN) on all client returns they prepare for compensation.
  • Do not hesitate to contact the IRS about abusive tax preparers. The vast majority of tax preparers are trustworthy professionals who excel at meeting their customers’ needs. However, not all cooks are trustworthy. It is important to notify the IRS of any tax preparer misconduct or suspected tax fraud. File your complaint about your tax return.
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The advantages of taking TOEFL over IELTS

Nowadays, students can access educational options outside their town, city, state, or even country. Both undergraduate and graduate degree candidates choose to pursue their education abroad. Studying abroad is now simpler than ever, thanks to the internet’s wealth of alternatives. The essential requirement for students who wish to pursue their education overseas is to pass the required entrance tests. It is a requirement for international students from non-English-speaking nations who wish to enroll in universities overseas to submit their results from an English language competency test. Many of you doubt which is best? When it comes to TOEFL vs IELTS both are good, but among them TOEFL offers more benefits. Here you can see the advantages of taking TOEFL over IELTS:

Improve your English skills

One of the most effective strategies to raise your English proficiency is to prepare for the TOEFL exam. Your ability to read, write, listen, and talk in English will be tested in a variety of topics of the exam. By preparing for these exams, you will improve your English communication skills, pick up new terminology, and feel more at ease while speaking and writing in the language. Good English communication skills will be required if you want to work or study at an English-speaking institution. You can develop the English abilities required for success with TOEFL instruction. Many of you don’t know about the TOEFL vs IELTS. Compared to IELTS, TOEFL aids in the development of effective communication skills.

Globally Recognized 

Many universities and colleges accept the TOEFL test, recognized in more than 130 countries worldwide. The top English-speaking nations require a minimum TOEFL score for visa applicants. Your chances in the English-speaking world grow when you take the TOEFL. The ability to communicate effectively in English is essential for success in any company, and admissions officers and employers worldwide are aware of this. Regarding TOEFL vs IELTS, the TOEFL test score is accepted by many countries.

To get a good score

Students will get good scores in TOEFL compared to IELTS. Fair scoring on the speaking exam is one feature of the TOEFL that distinguishes it from other exams. A single examiner typically grades other speaking assessments in an informal interview setting. However, when taking the TOEFL, you will hear recorded questions and answer them by speaking into a microphone. As many as six different raters will grade your comments. Many test-takers favor this objective scoring system. You may wonder why this TOEFL vs IELTS debate is happening over the years. But the truth is both has its own advantages.

Most preferred score

Since the TOEFL exam is much more accessible than the ILETS, taking it is quite convenient. Over 165 countries offer the TOEFL, with 4,500 testing locations worldwide. The test can also be completed in a single day, making preparation simple. Given the popularity of the TOEFL exam, there are a variety of courses you may take to help you get ready. You may finish your TOEFL preparation in the top institute, where you will get the kind of instruction required to earn a high score.

Multiple choices of questions

The questions on the reading and listening parts of the TOEFL are another feature that distinguishes it from other exams. Related to ILETS most of the questions on the TOEFL are multiple-choice. This implies that you won’t have to come up with your solutions. Instead, you will pick your response from a menu of alternatives.

Good opportunities available after TOEFL

You will have a better chance of getting admitted into the English-speaking university or college of your choice if you have a strong TOEFL score. A high TOEFL score demonstrates to admissions officers that you have the potential to thrive at your university. Enhancing your professional options is another beautiful reason to take the TOEFL. To be considered for job openings, many firms and corporations around the world demand that applicants have a strong TOEFL score. Relate to ILETS that taking the TOEFL exam will help you if you wish to improve your opportunities in the English-speaking world.

Home test options

To improve the overall test experience, the TOEFL test has undergone a number of improvements in the last year. When taking the TOEFL iBT special home edition, students can take advantage of all of them. It now takes less than three hours to finish the test after it was initially cut by 30 minutes. Although there are fewer questions in each test segment, the test structure is unchanged.

Summing it up

Hopefully, you will learn about the advantages of taking TOEFL over IELTS. IELTS and TOEFL scores are both significant however, TOEFL scores have many advantages over IELTS and are accepted in more countries.

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STEM Learning Toys- Benefits, and Tips to Select the Right Toy

Kids love to play with toys, and there is hardly any house with children that do not have toys in it. Play is a remarkable exercise for kids, and it can be made even better if your kids will develop some significant skills all through play. That is where STEM learning toys come into the picture because they are helpful for your kids in developing additional skills when playing.  

What Are STEM Learning Toys and their Benefits?  

STEM (Science, Technology, Engineering, and Math) toys are meant to be informative, supporting children to think differently and be more innovative. These toys are made to increase your kid’s curiosity and provoke his creativity. There are many factors affecting growth and development in the child, and STEM toys help develop several skills in them. 

Benefits  

Experts and child psychotherapists believe that the earlier kids come into contact with STEM toys, the better. Some of the benefits are:  

  1. When your kids play with these toys, they learn to overcome diverse issues by thinking and using their intellect. As the games provide many challenges that will support kids to find solutions to win, they understand to confront struggles and become more self-reliant in their thought.  
  1. Since STEM educational toys help kids build thinking, they are also useful in learning creativity. It needs creativity and intelligence to get a solution that is straightaway when resolving problems.  
  1. When children play with STEM toys, they will never see Science, Technology, Engineering, and Maths as tough subjects.  
  1. Parents should put efforts into making learning a fun experience. STEM toys make their task easier in this sense, and the skills developed during these learning sessions will be retained for a whole life.  
  1. STEM toys help kids with growing their motor coordination skills. If you give these toys to children, they will become very competitive and attain more confidence.  

Selecting the Right STEM Toys for Your Kids  

There are various types of STEM toys available in the market. So, you need to make sure that the toys you choose for your kids are age-related. All STEM toys should be interdependent and something that your kid is concerned with. If your kid is not interested in a definite toy, he will never play with it. When this takes place, the learning possibility is lost.  

Conclusion  

STEM toys provide all-round growth in your kids and improve different skills. With various STEM learning toys for all ages of kids, you would not get it difficult to provide a toy that matches your child’s requirements and age. 

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Understanding Card Charges While Traveling Abroad – How to Minimize Them?

Most international travelers face card-specific charges while traveling abroad and look for ways to minimize or eliminate them. As you travel abroad for a holiday or work, you might have pre-booked your hotel stay and flights. Still, a myriad of additional expenses keeps coming up throughout your trip -whether it is dining out or a visit to the local museum.

It is imperative for any traveler to be aware of card-specific charges while traveling abroad. Thankfully, there is a wide range of debit as well as credit card options that offer the perks of minimizing your overall expenses. 

Travel Cards

Tips to Avoid Charges for International Transactions

One of the most convenient options for international transactions is using the credit cards or specialized global cards. However, these can help in measuring up to only a sizeable amount on the total transactions fees if you are not smart enough. Would you not like to spend that amount on that mesmerizing experience on your trip? 

Here are some tips that can help you avoid or minimize overseas transaction charges as you travel abroad:

Make Use of Credit Cards

Credit cards are highly convenient options to ensure payments abroad. Most leading issuers offer access to dedicated credit cards with reduced mark-up exchange rates. For instance, Niyo Global Cards offers Zero Forex Markup to minimize the overall risks of overspending on transaction fees abroad. 

You can avail the wide range of benefits and features of these global cards to ensure maximum savings and enjoyment throughout your international trip.

Withdraw Cash Out of ATMs

Most bank nowadays feature alliance partnering banks in nations abroad. If you are not able to locate a local ATM from the network of your bank, then you can utilize the partner ATMs to ensure cash withdrawals. When you are the customer of one bank and withdraw cash at its partner bank ATM, you will not be charged any ATM charge. 

Avoid Using Home Country Currency

There are some establishments that offer you the chance of ensuring transactions in the local or home currency. Ensure that you are making all payments in the form of local currency. It is because conversion in the home currency will only end up attracting a higher international transaction fee. 

Avoid Buying Travel Money at the Airport

Travel exchange bureaus at the airport offer around 10 percent markup on the exchange rate. Unless there is some urgent requirement, it is recommended to exchange the currency at the local bank. On the other hand, you can also think of carrying the currency of the foreign nation you are visiting to be at peace of mind.

Avoid Traveler’s Checks

If you are looking for a relevant alternative to carry cash, traveler’s checks are great options. However, they tend to be outdated and will require your signature for use every time. 

Conclusion

It is imperative to understand common card-specific charges while traveling abroad. With Niyo Global Card, you can minimize transaction fees as you travel abroad. 

You can also check Top Tips for Card Charges While Traveling Abroad

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