Know the Transaction Charges for Using your Forex Card Internationally

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When you’re planning an international trip, it’s essential to have a reliable and secure way to carry money. While credit cards and cash are both options, a Forex card can be a convenient and cost-effective alternative. However, it’s crucial to understand the transaction charges associated with using your Forex card internationally. In this article, we’ll explore what Forex cards are, the transaction charges you can expect to pay when using them, and how Thomas Cook can help you minimise these charges and get the most out of your travel budget.

What is a Forex Card?

A Forex card is a prepaid travel card that allows you to carry multiple foreign currencies in a single card. It’s a convenient and secure alternative to carrying cash or using credit cards abroad. You can use your Forex card to withdraw cash from ATMs or make purchases at merchants that accept Visa or Mastercard. The card is loaded with the currency of the country you’re travelling to, and the exchange rate is locked in at the time of purchase. This means that you don’t have to worry about fluctuations in exchange rates during your trip.

Transaction Charges of Using Forex Card Internationally

While Forex cards can be a convenient and secure way to carry money abroad, there are forex card charges that you need to be aware of. These charges can vary depending on the provider, currency, and type of transaction. Let’s take a closer look at some of the most common transaction charges associated with using your Forex card internationally.

• ATM Withdrawal Charges: When you use your Forex card to withdraw cash from an ATM, you may be charged a fee by the ATM provider, in addition to the transaction fee charged by your Forex card provider. This fee can vary depending on the country you’re in and the ATM provider you’re using.

• Card Issuance Charges: Some Forex card providers may charge a fee for issuing the card. This fee can vary depending on the currency you’re using and the provider you’re working with.

• Reload Charges: When you reload Forex card with additional funds, you may be charged a fee by your card provider. This fee can vary depending on the amount you’re reloading and the currency you’re using.

• Currency Conversion Charges: When you use your Forex card to make purchases in a currency that’s different from the one loaded on your card, you may be charged a currency conversion fee. This fee can vary depending on the currency you’re using.

• Inactivity Charges: If you don’t use your Forex card for an extended period, you may be charged an inactivity fee.

Credit Card International Transaction Charges

Using a credit card can also be a convenient way to make purchases while travelling internationally. However, there are international charges on the credit card that you will face for your usage abroad. These charges can vary depending on the card issuer and the country you’re in. Some of the most common credit card international transaction charges include:

• Foreign Transaction Fee: When you use your credit card to make a purchase in a currency that’s different from your home currency, you may be charged a foreign transaction fee. This fee is usually a percentage of the transaction amount and can range from 1.5% to 3%.

• Currency Conversion Fee: When you use your credit card to make a purchase in a currency that’s different from your home currency, the transaction may be subject to a currency conversion fee. This fee is usually a percentage of the transaction amount and can range from 0.5% to 1%.

• Cash Advance Fee: If you use your credit card to withdraw cash from an ATM, you may be charged a cash advance fee. This fee can be a percentage of the amount withdrawn or a flat fee and can range from 2.5% to 3% of the withdrawal amount.

• Overlimit Fee: If you exceed your credit card limit while travelling, you may be charged an over-limit fee. This fee can be a percentage of the amount over the limit or a flat fee and can range from $25 to $35.

Which currencies are available for the Forex Card?

When you’re considering a Forex card, especially from a provider like Thomas Cook, it’s essential to know which currencies are available. The variety of currencies you can load onto your Forex card is impressive and designed to meet your global travel needs. Let me give you the lowdown on what to expect:

 

1. Major currencies: You can recharge the Forex card with many of the world’s major currencies, such as USD, EUR, GBP, and AUD. These are good for most of the major tourist destinations in the world.
   
   
2. Emerging Market Currencies: For those who travel along lesser travelled paths, the currencies offered by Thomas Cook’s forex card often include even the South African Rand (ZAR), UAE Dirham (AED), and Hong Kong Dollar (HKD).
   
   
3. Asian Currencies: If you travel to any of the Asian destinations, you are glad to know that you can load currencies such as the Japanese Yen (JPY), Singapore Dollar (SGD), and Thai Baht (THB). It is very convenient to travel across the continent.
   
   
4. Multi-Currency Option: The best feature of a Thomas Cook Forex card is that it can hold at one time multiple currencies, which makes handling the charges of currency conversion easy, thus keeping you free from the hassle of constantly paying international transaction charges on your Forex card.

 

Table for charges and limits for different currencies 

Traveling with your Thomas Cook Forex Card? Here are the charges to withdraw cash from forex card and the limits on your Forex card, so you’re better prepared and don’t face any shocks while roaming around with it. Here’s a neat table that gives you a detailed breakup:

 

Currency	Forex Card ATM Withdrawal Charges	Charges to Withdraw Cash from Forex Card	Forex Card Currency Conversion Charges	Daily Withdrawal Limit
US Dollar (USD)	$3 per transaction	3% of the amount withdrawn	3.5% of the transaction amount	$2,000
Euro (EUR)	€2.5 per transaction	2.5% of the amount withdrawn	3.5% of the transaction amount	€1,800
British Pound (GBP)	£2 per transaction	2% of the amount withdrawn	3.5% of the transaction amount	£1,500
Australian Dollar (AUD)	AUD 3 per transaction	2.75% of the amount withdrawn	3.5% of the transaction amount	AUD 2,200
Japanese Yen (JPY)	¥350 per transaction	2.5% of the amount withdrawn	3.5% of the transaction amount	¥200,000

• Things to keep in mind

1. Forex card ATM withdrawal fee: This is the fee you pay whenever you withdraw cash from an ATM outside your country. Though it is small, these can often add up if someone withholds frequently. In that case, you should always plan your Forex card ATM withdrawal charges withdrawal wisely.
   
   
2. Cash Withdrawal Limit per Day: For each currency, there is a daily cash withdrawal limit per card, that the card can do on a particular day. Knowing this helps stay away from multiple withdrawals, meaning a lesser number of cash withdrawal forex card charges.
   
   
3. Forex Card International Transaction Charges: Cross-border transactions come with their own set of charges, typically around 1.5% of the transaction amount. This is important when you’re using your Forex card in a different country than where it was initially issued.

Make sure to be aware of these Forex card cash withdrawal charges and the Forex card international transaction charges when using your card abroad. Each currency has its specific limits, and these fees can differ, so it’s always good to know exactly what you’re dealing with.

Keeping a close watch on the forex card currency conversion charges can help you avoid unnecessary expenses and get the most out of your travel funds. Knowing these details helps you stay in control, so you’re not surprised by hidden fees when you’re enjoying your journey!

How Can Thomas Cook Help?

Thomas Cook is a leading provider of Forex cards and travel services, and they can help you minimise the forex card charges associated with using your Forex card internationally. Here are some ways that Thomas Cook can help:

• Zero Issuance Fee: Thomas Cook offers Forex cards with zero issuance fees, which means that you don’t have to pay anything to get your card.

• Zero Reload Fee: Thomas Cook also offers Forex cards with zero reload fees, which means that you can add funds to your card without paying any additional fees.

• Competitive Exchange Rates: Thomas Cook offers competitive exchange rates on Forex card transactions, which means that you can get more for your money.

• Worldwide Acceptance: Thomas Cook’s Forex cards are widely accepted at merchants and ATMs around the world, which means that you don’t have to worry about finding a place to use your card.

• 24/7 Customer Support: Thomas Cook’s customer support team is available 24/7 to help you with any issues you may encounter while using your Forex card abroad.

By choosing a provider like Thomas Cook, you can minimize both the forex card charges and international charges on credit cards and get the most out of your travel budget. With zero issuance and reload fees, competitive exchange rates, and worldwide acceptance, Thomas Cook’s Forex cards are a smart choice for international travellers.

In addition to these benefits, Thomas Cook also offers a range of travel services, including flights, hotels, and travel insurance. This means that you can plan your entire trip with Thomas Cook and enjoy a hassle-free travel experience.