All You Need to Know About Using a Forex Card
Are you traveling abroad anytime soon? Looking for a way to ensure instant and secure payment as you travel abroad? Forex cards are great tools to help you ensure the same. While forex cards are immensely secure to use and deliver a lot of additional benefits, you should be aware of important terms like forex card charges and others.
If you wish to use a forex card, here are some pointers to keep in mind:
After every payment, do not miss out on checking the balance on your forex card. It is immensely crucial that you are keeping a check on the transactions made through the card. This will ensure that there is no discrepancy on the amount deducted for your overall expenses. Most vendors for forex cards feature a dedicated mobile application to maintain a track of your total transactions.
Always take along a backup card in case your primary forex card gets stolen, fails, or lost. Usually, a replacement card is provided featuring a welcome kit. However, in case your forex card vendor does not provide the same, you can ask for a backup card to help you out when something accidental takes place. This will ensure that you do not remain stranded on some foreign land.
Look at the expiration date of the card to ensure whether or not it is valid.
Hidden Charges to Look Out for While Using a Forex Card
As simpler as it might appear, there are several hidden charges that play a vital role while using a forex card in some foreign nation. These forex card charges are not usually apparent to the end customers. still, when they are calculated across a specific period of time, they can turn out to be quite surprising.
There is also a possibility that you must not have gone through the guide or instructions in detail that came along with the forex card. Some of the common forex card charges that you should know about are:
Cross-currency markup fee: If you end up in a condition in which you are making a foreign purchase with the help of your forex card, you can easily do so. However, you might be charged some cross-currency markup fee. Most reputed vendors like Niyo Global Cards offer access to zero forex markup to enhance your overall experience.
ATM cash withdrawal fees: If you are using the forex card to withdraw cash from ATMs abroad, you might have to incur some hidden fee. You should check the same before withdrawing cash.
Charges for balance inquiry: As you travel abroad, you might have the need to keep a check on the card’s balance to help you with your budget. You can check the forex card balance at any ATM. However, a service fee might be charged in some cases.
While using a reliable forex card like Niyo Global Card, it is important to know about common forex card charges to maximize your savings.