A forex card comes in handy when traveling abroad. This card helps you carry foreign currency and make quick payments with its tap feature. You can consider it a prepaid travel card that you can load with any foreign currency you need – such as dollars, yen, or pounds. And with its help, you need not take a heap of cash along as you enjoy local sightseeing or shopping.
However, there are some points that you need to be aware of before or while using a forex card abroad.
- Ensure that you check the expiry date and confirm if your forex card is valid throughout your international trip.
- In an emergency situation where you lose or have your travel card stolen, carry a backup card to avoid difficulties.
- Change your PIN at a local ATM before embarking on your next trip.
- Remember to check the balance on your forex or travel card after every payment you make with it. It is crucial to keep track of all your transactions to ensure that the amount debited is correct.
- A forex card may not work at some toll booths, so carry some cash with you during the trip.
- Before heading off to a foreign destination, check that the details on your forex card are correct and valid for your trip.
What should you do if your forex card is stolen or lost?
If you find yourself in a situation where your forex card is stolen or lost, you need not worry. We have the tips and advice to help you deal with such incidences while travelling abroad.
- Usually, you’ll get a backup or replacement card when you purchase a forex card. If your forex card is lost or stolen, you can use the backup instead. You’ll need to transfer the balance from your lost card to the replacement card.
- You can also utilize the emergency help feature some forex card companies provide. So if your forex card goes missing in a foreign country, they will assist you with emergency cash. The company will deliver the amount to you.
- You must call the forex card’s issuer when you realize your card is stolen or lost. Many providers are available 24/7, so you can contact them and seek help right away. The customer care team will promptly freeze the card so that it’s not used by the wrong person.
- Keep an eye on your forex card balance to determine if your currency is safe. Also, keep note of the bank that takes care of your forex card concerns so you can reach out to them for any help.
How to avoid hidden charges on your forex card?
As simple as it may appear, there are hidden charges involved in using a forex card abroad. This fee is not usually evident at first, but it can pile up over the course of the international trip.
You can find yourself with hidden charges if you overlook the instructions with a forex card. Or your provider can leave out important details about using one while issuing the card. Here’s a list of some of the hidden costs you can encounter with your forex card.
- You can feel compelled to check your card’s balance while traveling overseas. You can do it through an ATM near you. However, even a basic balance inquiry can include a service cost.
- You can be charged a hidden fee if you use your forex or travel card to withdraw money from an ATM in a foreign land.
- When getting a forex card, you may be asked to pay a deposit before you receive the card.
- It’s always an advantage to have an SMS alert feature for every financial transaction. But with a forex card, a monthly fee is withdrawn when you use it.
- A forex card is considered inactive if you do not use it for a certain number of days. The fine for the inactivity would be borne by the consumer.
- You’ll have to replace your forex card if it’s misplaced. You’ll have to pay an additional concealed foreign exchange charge for it.
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