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October 28, 2021 Forex Card
6 minutes, 25 seconds Read

How to Use a Forex Card: Tips on Daily Usage, Stolen Card & Hidden Charges

BookMyForex Forex Card


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Important Tips for Using a Forex Card While Travelling

A forex card is a godsend for those looking for a quick and secure way to make payments when traveling abroad. Although forex cards are secure to use and offer a range of benefits, there are a few items that applicants should be aware of when using one.

  • After each payment, do not forget to check the balance on the forex card. It is extremely important that you keep a check on the transactions made via the card so that there is no discrepancy on the amount that was deducted for your expenses. Most forex card vendors have a separate mobile app as well that can track your transactions just like a mobile banking app.
  • Take a backup card in case your forex card is lost, stolen, or fails. Usually, a replacement card is always given in the welcome kit alongside but in case the forex card vendor has not provided it for some reason, you should definitely ask for a backup card so that in case anything goes wrong, you are not left stranded on a foreign land.
  • Before leaving on your adventure, change your PIN at a nearby ATM. It is highly recommended to do this without fail.
  • Look at the card’s expiration date to see if it’s still valid. This is another thing to watch out for
  • before you head off to your foreign destination. There may be a few cases where the vendor might have provided forex cards whose expiry date might have passed, so it is very important to keep an eye.
  • When travelling abroad, never use a forex card to reserve a space or pay a deposit for a rental home, vehicle, or room. This is one of the tips given by regular travellers.
  • Do keep in mind to use the forex card only to pay in the currency that is loaded on the card. In case it is a single-currency forex card loaded in USD and you try to make a payment in CAD, it might fail and in case it’s successful, you might have to bear a number of unnecessary charges.
  • When travelling abroad, do not use the forex card to pay tolls at toll booths because it will not operate.

Also Read: What is Forex Card? Complete Guide

Hidden Charges to Watch Out While Using a Forex Card

As easy as it might seem, there are numerous hidden charges that play a critical role when using a Forex card in a foreign country. These charges for Forex cards are not readily apparent to the customer, and when compounded over the course of your international travel, they can be very surprising.

It’s also possible that you didn’t read the guide or documents that came with the Forex card for a long time, and so you blame the people who issued the card. It’s also very likely that those in charge of issuing the forex card would tell half-truths as well.

Here’s a rundown of some of the hidden fees you may face when using your forex card abroad:

  • Fees for withdrawing cash from an ATM: If you use your Forex card to withdraw cash from an ATM machine in another country, you might be charged a hidden fee. Please check that before withdrawing cash.
  • Cross-currency markup fee: If you find yourself in a situation where you need to make a foreign currency purchase using your Forex card, you will be able to do so, however you will be charged a cross-currency markup fee.
  • Forex card activation fees: When purchasing a Forex card, you might be required to make a preliminary payment before the card is delivered.
  • Charges for a lost or stolen travel card, as well as an application for a replacement card: If you lose your forex card, you’ll have to have it replaced. You will have to pay an extra hidden foreign exchange charge if it was substituted in your home country or a foreign country.
  • Charges for performing a balance inquiry: While travelling abroad, you can feel the need to keep track of your card’s balance to help prepare your budget. You are free to check your forex card balance at any ATM; but, even for a simple balance inquiry, a service fee of approximately 0.5 US Dollars will be added.
  • Charges for obtaining a transaction slip: You will have the option of obtaining a transaction slip when withdrawing funds from an ATM machine using your Forex card. If you’d like to print a withdrawal slip, you should be mindful that there will be a hidden charge applied to your card.
  • Charges for a card that has been inactive for a certain amount of time: If you do not use your forex card for 180 days after purchasing, loading, and using it, it is considered inactive. The consumer would be responsible for the inactivity fine.
  • Fees for receiving transaction notifications via SMS: Having an SMS alert associated with your banking transaction is always a plus. In the case of a Forex card, however, any time the card is used to make a purchase, a monthly fee is deducted to cover the cost of the service.

You can purchase a forex card from BookMyForex. Unlike banks, we do not charge any fees for issuing a forex card. Also, our platforms allow you to reload or unload your forex card for free, which is fantastic and can save you a lot of money. Along with these, the BookMyForex travel card comes with a slew of other great benefits, so it’s a smart option.

What to do in Case Your Forex Card Gets Stolen?

You should not worry; we will now tell you the things to keep in mind in case your forex card gets misplaced somewhere or stolen in the worst case scenario.

  • As soon as you realise the card has been lost, you must try to contact the forex card’s provider. Many of the providers are also available through WhatsApp, so you can contact them 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. If you are using Bookmyforex’s Forex Card, you can login to the Forex Card management portal (https://cards.bookmyforex.com) and lock the card to prevent it from further usage. Alternatively you can call us on our customer care hotline: +91-80-45651100 mentioned on the back of the Card and we will do the same for you
  • When you buy a Forex Card, a replacement card is usually included in the Welcome Kit. You can use this replacement card if your main Forex card is missing or stolen. You must unlock this card and transfer the remaining funds from your missing forex card to a replacement card, which you must then use.
  • Some Forex Card providers offer an emergency cash assistance functionality. Customers can use some emergency funds if their forex card is lost on a foreign land (most of this is dependent on the forex card vendor). It can be delivered globally or picked up at your local address from a designated pickup location. Whatever the forex card provider sends will be deducted from your forex card’s main balance.
  • Check the balance on your forex card to see if your funds are secure. In the case of a discrepancy, the customer’s forex card provider will be made aware. You should also have the phone number for the banking department that handles all forex card issues so that you are not concerned when your card is lost or misplaced on the spot.

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