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Buying a forex card is a great way to avoid the hassle of carrying cash or exchanging currency at unfavourable rates while traveling abroad. However, it’s important to be aware of the charges associated with forex cards.
In this blog post, we’ll discuss the different types of charges you can expect when you buy a forex card, including purchase fees, ATM withdrawal fees, and inactivity fees. We’ll also share some tips on how to save money on your forex card. We’ll also let you know the best forex card available with maximum benefits.
Forex Card Charges
The following are some of the most common forex card charges:
- Purchase Fee: This is a fee that is charged every time you use your forex card to make a purchase.
- ATM Withdrawal Fee: This is a fee that is charged every time you withdraw cash from an ATM using your forex card.
- Inactivity Fee: This is a fee that is charged if you don’t use your forex card for a certain period of time.
- Foreign Transaction Fee: Forex transactions in a country are subjected to an additional fee.
The amount of each of these charges varies depending on the forex card issuer. It is important to compare the charges of different forex cards before you buy one.
How to Save Money on Forex Card Charges
Here are some tips on how to save money on forex card charges:
- Use your forex card for large purchases. The purchase fee is usually a flat fee, so it’s more cost-effective to use your forex card for large purchases.
- Limit your ATM withdrawals. The ATM withdrawal fee can be high, so it’s best to limit your ATM withdrawals.
- Avoid using your forex card for small purchases. If you’re only making a small purchase, it’s probably not worth using your forex card. Use local currencies for these transactions.
- Choose a forex card with low fees. There are a number of forex cards that offer low fees. Compare the charges of different forex cards before you buy one.
Here’s a snapshot of the best credit cards and their features:
| Card | Benefits |
|---|---|
| Revolut | Zero fees for card payments and ATM withdrawals. You get great interbank exchange rates with Revolut. |
| Wise | Offers the real mid-market exchange rate with only a small, transparent fee. |
| Monzo | No ATM withdrawal fees. |
| Curve | Connect multiple cards and spend from the best one for each transaction. |
Image: www.myforexeye.com
Buy A Forex Card Charges
Conclusion
Before using a forex card, ensure that you consider the details, especially the charges that come with getting one. Using your forex card wisely can help you save a lot of money while traveling abroad.
Do you have any questions about forex cards? If so, please leave a comment below.
