Do you know the fees and charges associated with a forex card?
Every person who is traveling abroad for a vacation or any other purpose will have a headache dealing with the cash he is carrying abroad. But now you have got a better way to carry it up there.
What is that better way? The plastic way. Wondering what was that? You can now carry cash abroad with a debit card, a credit card, and a travel card. The credit card and debit card will cost you more when you use them internationally. So, the travel card is the best option to carry cash abroad.
A travel card is a prepaid forex card. You can buy a forex card from any foreign exchange dealer who gives the best rate for a travel card. You can find it by comparing the exchange rates of different forex dealers. It is cheaper to use when compared to credit and debit cards. The charges that will be attracted by the forex card after you own it are.
- Cash withdrawal charge when you swipe it in ATMs abroad. But it will be very less when compared to debit and credit cards.
- Balance inquiry charges may differ based on the dealer you are dealing with. Can be avoided by checking online
- International SMS alert charge, is charged for the debit and credit SMS you receive when you are abroad.
- Replacement fee, when you request another card in case you lost or damaged your card.
- Cross currency charge, when you use it countries whose currency is not loaded into the forex card: The fees mentioned above may differ concerning the forex service providers and so it is important to have a detailed query with your dealer about the charges and fees for their service.