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Forex Card and its Hidden Charge

Forex cards or travel cards are God-send cards that make your travel easier and lighter! But one must be careful while using these cards. Customers find comprehending these Forex card costs challenging, which may be shocking when added up over time!!!

This blog explains everything about Forex cards, their charges and some valuable tips while travelling abroad.

What is a Forex card?

Forex or a travel card is just like a debit/credit card. It is convenient for travellers to carry money in a foreign country with the use of this travel card. Here are some important tips for using forex card while travelling abroad.

  • Convenience: Forex cards are highly convenient as they can be used like any other debit or credit card. They can be used to withdraw cash at ATMs, purchase at shops and restaurants, and even pay for online transactions.
  • Security: Forex cards are safer than cash as they come with a PIN and a chip, making them more secure. The card can be easily blocked and replaced in case of loss or theft.
  • Currency conversion: Forex cards allow you to carry multiple currencies on a single card, so you don’t have to worry about currency conversion when travelling to a different country.
  • Competitive exchange rates: Forex cards offer competitive exchange rates, which means you get more value for your money when you exchange currencies.
  • Budgeting: Forex cards allow you to budget your expenses as you can load a fixed amount of money on the card, which helps you avoid overspending.

Hidden charges while using a Forex card

Before having a forex card, you should always check the additional charges associated with it.

  • ATM Withdrawal fees: When you draw money from another country, you might incur some charges. When withdrawing money from an ATM, be careful to ask about any fees or charges that may apply. Please verify with the bank connected to the ATM since the ATM vendor may also impose a withdrawal fee.
  • Issuance Fee: This is the fee the bank or financial institution charges for issuing the forex card. This fee can vary depending on the type of card and the issuing bank. 
  • Reload Fee: A reload fee may be charged if you need to reload your forex card with additional funds. This fee can be a fixed amount or a percentage of the loaded amount.
  • Currency Conversion Fee: A currency conversion fee may be charged if you use your forex card to make a purchase in a currency different from the currency loaded on your card. This fee can range from 1% to 5% of the transaction amount.
  • Inactivity Fee: An inactivity fee may be charged if you don’t use your forex card for a certain period. This fee can be a fixed amount or a percentage of the remaining balance on your card.
  • Cross-Currency Mark-up Fee: A cross-currency mark-up fee may be charged if you use your forex card to make a transaction in a currency different from the currency loaded on your card. This fee can range from 3% to 5% of the transaction amount.
  • Balance Enquiry Fee: A balance enquiry fee may be charged if you check the balance on your forex card at an ATM or through a phone banking service.

What happens when your forex card gets stolen?

Do not get panic when you lose your card in between a journey.

  • Contact your service provider: As soon as you realise the card has been lost, you must try to contact the forex card’s provider. Many providers are also available through WhatsApp, so you can get and inform them of the situation. The customer service team will block it immediately, and they can also freeze the amount available on your forex card.
  • Get a replacement card: Once you report losing your forex card, the issuer will block your existing card and issue a replacement card. The replacement card will be loaded with the remaining balance on your lost card.
  • Use backup options: In the meantime, you can use backup options such as cash or a backup credit card to meet your immediate expenses. Carrying some cash as an emergency backup is always a good idea.
  • Take steps to prevent future losses: To avoid future losses, keeping your forex card and other important documents in a safe place is essential. You should also be cautious when using your card in public places and avoid sharing your card details with anyone.
What does a Remitforex-Unimoni Forex Card offer?

Unimoni Forex or Travel card provides some of the most impressive features ever. Some of the features include:

  • Unimoni Forex card allows you to load 9 different currencies at a time. So your card can hold up to 9 currencies at a time. It works like a debit card. You can use the forex card as a debit card at different POS by preloading money.
  • Unimoni Forex card is not linked to your bank account, so there are no worries of losing or unknown money deductions from the account. 
  • Unimoni Forex card can load up to 2,50,000 USD/year. 
  • With a Unimoni Travel card, you will never be charged extra at POS & online shopping.
  • The card is embedded with a microchip for the highest level of security and can be managed online. 
  • Customers get instant loading and reimbursement in case of a cash emergency, and the card gets replaced in case of theft or loss. 
  • Unimoni Forex card gets insurance coverage up to USD 10,000 and emergency cash up to USD 500/day.

Worry less with the Unimoni Travel card, as there is 24*7 customer service support with which they can contact whenever needed. 

Epilogue

When choosing a forex card, comparing the fees charged by different issuers is important. Some cards offer lower fees, while others offer additional benefits such as travel insurance or airport lounge access. It’s also essential to understand the terms and conditions of the card to avoid any surprises when using it abroad.

Remitforex, powered by Unimoni, offers a free travel card for customers. Our 24*7 customer support desk provides the best assistance to get better exchange rates  at the right time. For more information, please visit our website or your nearest branch.

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