Does a forex card charge for ATM withdrawal?

Forex Card: ATM Withdrawal Fees and Transaction Charges

Forex cards are a convenient and secure way to make international payments. They allow you to load multiple currencies onto a single card, eliminating the need to exchange currency at unfavorable rates at the airport or local exchange offices. However, it’s important to be aware of the ATM withdrawal fees and transaction charges associated with forex cards.

ATM Withdrawal Fees

Most forex card issuers charge a fee for ATM withdrawals. This fee is typically a fixed amount plus a percentage of the transaction amount. The ATM withdrawal fee varies depending on the issuer and the country where you’re withdrawing money.

In the case of the forex card mentioned in the provided information, there is a 3.5% cross-currency fee plus GST on ATM withdrawals. This means that if you withdraw $100 USD from an ATM in a country that uses a different currency, you will be charged a fee of $3.50 USD plus the applicable GST.

Point-of-Sale and Online Transactions

Point-of-sale and online transactions made with a forex card are typically free from transaction fees. However, the cross-currency fee still applies. This means that if you make a purchase in a currency that is different from the currency loaded on your forex card, you will be charged a fee of 3.5% plus GST on the transaction amount.

Impact on Transactions

The fee structure of forex cards impacts all transactions involving foreign currencies. This includes ATM withdrawals, point-of-sale purchases, and online transactions. It’s important to consider these fees when determining whether a forex card is the right option for your international spending needs.

Conclusion

Forex cards offer a number of advantages for international travelers, including convenience, security, and the ability to avoid unfavorable exchange rates. However, it’s essential to be aware of the ATM withdrawal fees and transaction charges associated with these cards. By understanding these fees, you can make informed decisions about how to use your forex card and minimize unnecessary expenses.